Morning Minutes

Stocks Rebound To Start The Week




Clawing back most of Friday’s declines of 1.0%-2.5%, US index futures are on the rebound this morning with gains of 0.8% for Dow Futures and 1.5% for NASDAQ futures. Overseas bourses have also started off the week on a positive note with the Hang Seng rallying 2.7% and the Dax plus the FTSE both up about 1.2%. Commodity action is mixed with WTI and Brent Crude oil flat and trading just below $120.00/bbl, while Copper is down 0.6%.

With the US 10-year treasury note yield levelling off near 2.95% the US Dollar has backed off a bit, enabling Gold, the Pound and the Loonie to gain 0.3% to 0.5% against the greenback. In another sign that recent fears may be easing a bit, cryptocurrencies are recovering with Bitcoin up 4.6% and Ethereum up 5.1%.

The economic news calendar starts off very quiet for the first half of this week then picks up in the back half with China trade numbers, US and Chinese inflation and Canadian employment reports due over Thursday and Friday. Also the European Central Bank meets on Thursday where investors may look for hints of whether the ECB may hike rates this year and if so, how many times? We are still between earnings seasons, so the scheduled corporate news calendar is very quiet.

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Colin Cieszynski, Chief Market Strategist

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

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