Clawing back some of yesterday’s losses, US index futures are up 0.2%-0.4% this morning. European market are generally trading flat to a gain of 0.4% for the Dax. Commodities are bouncing back after taking losses yesterday with Copper and Platinum both climbing about 1.25%, and WTI Crude Oil gaining 0.1%.
Retailer earnings season continues this morning. Target has beaten the street on earnings ($2.05 vs street $1.77) with same store sales flat and management indicating consumers continue to focus spending on staples products. Discount retailer TJX Companies also beat expectations on earnings ($0.76 vs street $0.72).
Tech giant Cisco Systems reports results after the close today. Tomorrow morning focus turns back to retailers and consumer spending with Walmart and Canada Goose reporting results.
The focus of economic news now shifts to North American housing market data. US housing starts at 1.40M were in-line with analyst estimates. Yesterday, the NAHB housing market index came in well above expectations (50 vs street 45). Tomorrow Canada new house prices and US existing home sales are due.
SIA Wealth In The Media:
Chief Market Strategist Colin Cieszynski appeared on BNN Bloomberg recently where he spoke about differences in relative strength between sectors and large cap stock performance year to date.