Morning Minutes

Stocks Slide, Gold Climbs as Investors Remain Cautious

Share:

Facebook
Twitter
LinkedIn
Email
Print

With the impact of the Omicron Wave on the world economy still uncertain, and economic news winding down heading into two holiday-shortened weeks, investors continue to retrench, with capital leaving risk markets and moving toward defensive havens.

Defensive havens like gold, up 0.9% and trading back above $1,800/oz, and the Japanese Yen, up 0.3%, have been attracting renewed interest. On the other hand, Bitcoin is down another 2.0% and trading below $47,500. Also, NASDAQ futures are down nearly 1.0% compared with a 0.4% retreat for Dow futures, indicating that traders’ appetite for risk has declined. Overseas, the Dax is down 1.0%, the Hang Seng fell 1.2% and the Nikkei dropped 1.8% overnight, while the FTSE is steady. Commodity action is mixed. Energy contracts remain under pressure with WTI crude oil down 1.5% and natural gas down 0.5%, while metals are bouncing back, led by a 1.3% gain for platinum and a 0.3% bounce for copper.

It’s one of the last days of the year for earnings reporting and results have been mixed. FedEx is up 5.9% premarket after the company beat the street on earnings ($4.83 vs street $4.28), and noted that it has been able to pass through rate increases to cover higher costs. US Steel, on the other hand, is down 4.5% premarket after the steelmaker issued guidance that was below expectations.

SIA Wealth Market Outlook Webinar Tuesday December 21st, 2:00 pm EDT

Please join us on Tuesday, December 21 @ 12pm MT / 2pm ET for our Market Outlook Webinar with Colin Cieszynski, Chief Market Strategist. We will be answering questions by advisors related to holiday seasonality, central banks, consumer confidence, cryptocurrencies and energy.

The link to register for the webinar: https://register.gotowebinar.com/register/1932267860406120205

After registering, you will receive a confirmation email containing information about joining the webinar.  A replay will be available and sent to all registrants after the webinar.

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
ccieszynski@siawm.com
+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.

INTERNET EXPLORER NOTICE