Morning Minutes

Stocks Rebound as Investors Await Month-End




US index futures have been bouncing back to start the week with gains of 0.4%-0.6% for the main contracts, clawing back some of Friday’s US major index losses of 1.0%-1.7%. Overseas action has been mixed. European indices are in the green with the Dax gaining 1.5% and the FTSE rising 0.75%. Asia Pacific markets started off the week in the red, led by declines of 1.1% in Sydney and 0.9% in Seoul.

The US 10-year treasury note continues to climb, inching above 3.95% and approaching the big 4.00% round number barrier. Currency markets have been quiet on this development, while commodities are mixed. WTI Crude Oil is down 0.4%, while Natural Gas is up 3.9% and Copper is up 0.5%.

US durable goods orders came in worse than feared (-4.5% vs street -4.0% and previous +5.6%). US Pending Home Sales (street -37.5%) are due at 10:00 am EST. With the turn of the month coming on Wednesday, it’s a busy week for economic news. Tomorrow brings US house prices and Chicago PMI, Wednesday is headlined by Manufacturing PMI reports, followed by Service PMI reports from around the world on Friday. Investors should note that North American employment reports are NOT coming out this week.

The earnings calendar for this week is dominated by Canadian banks. Following Friday’s stellar numbers out of CIBC, which featured an earnings beat, strong capital markets results and lower loan loss provisions, the rest of the Canadian banks are set to report results between Tuesday and Thursday. In the US, retailer earnings continue including Lowes on Wednesday, and Costco on Thursday.

Subscribe to the Morning Minutes:

Today's earnings reports and market activity, delivered right to your inbox.

Colin Cieszynski, Chief Market Strategist

Colin Cieszynski, CFA, CMT
Chief Market Strategist
+1 (647) 282-4428

Read More

Legal and Regulatory Disclosures

Terms and Conditions:
This information is for Investment Advisors only. The website is for informational purposes only and is not intended to provide a complete description of SIA Wealth Management’s products or services. Past performance is not indicative of future results. It should not be construed as investment advice or relied upon in making an investment decision. Products and services of SIA Wealth Management are only offered in jurisdictions where they may be lawfully offered for sale. The information contained in this Website does not constitute an offer or solicitation by anyone to buy or sell any investment fund or other product, service or information to anyone in any jurisdiction in which an offer or solicitation is not authorized or cannot be legally made or to any person to whom it is unlawful to make an offer of solicitation. All products and services are subject to the terms of each and every applicable agreement. It is important to note that not all products, services and information are available in all jurisdictions outside Canada.

SIA Wealth Management Inc. (SIAWM) specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investor’s investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, Advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIA Wealth Management Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.