Morning Minutes

Stocks rise with Inflation and Earnings in Focus




US index futures are up 0.2% to 0.5% this morning, clawing back some of yesterday’s US index losses of 0.2% to 0.8%. European markets are slightly positive for the most part with a 1.0% gain for the CAC leading the charge. Commodity action is mixed with WTI Crude Oil down 0.4% and Copper up 0.9%. The US Dollar continues to retreat with Gold rising 1.0%, Bitcoin gaining 1.25%, and the Euro, Pound and Loonie all climbing 0.2%-0.4%.   

US producer prices fell faster than expected (2.7% vs street 3.0% and previous 4.9%), but this appears to mainly be due to commodity prices as Core PPI (3.4% in line and previous 4.8%) did not drop as quickly. US weekly initial jobless claims (239K vs street 232K) were worse than expected and more troublingly, the last two month of reports were revised upward from the 190s to the 215-245 range. Bank of Canada Governor Macklem speaks this morning, and may give more color on yesterday’s stay the course decisions on monetary policy. Tomorrow brings US retail sales and industrial production reports.

US earnings season started this morning with results from Delta Air Lines, which is up 2.6% in premarket trading. Delta’s earnings fell short of expectations ($0.25 vs street $0.29) but investors have responded favorably to reports of strong bookings for the summer travel season and better than expected Q2 guidance ($2.00-$2.25 vs street $1.66). Earnings season starts to really ramp up tomorrow with results due from JPMorgan Chase, Citigroup, Wells Fargo, Blackrock, UnitedHealth, and others.

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.