Morning Minutes

Stocks Slide into Month-End As Investors Digest News, Votes and Speeches




US index futures are in moderate retreat this morning, with the three main contracts down 0.2%-0.4%. In Europe today, the FTSE is down 0.1% and the Dax is down 0.4%. Commodities are under pressure with WTI Crude Oil down 2.75% and Copper down 0.8%.

A number of factors appear to be weighing on sentiment this morning. There could be some trepidation with the US House of Representatives set to vote on the debt ceiling deal later today.

Overnight China announced mixed PMI numbers with Service PMI beating expectations (54.5 vs street 50.7) but Manufacturing PMI disappointing (48.8 vs street 49.4). US Chicago PMI (street 47.0 v s previous 48.6) is due at 9:45 am EDT today,

Canadian Q1 GDP (3.1% vs street 2.5%) has come in well above expectations.  In the US there are three Fed speakers today plus the Beige Book regional economic report. June kicks off tomorrow with Manufacturing PMI reports from around the world and US ADP payrolls.

In earnings news today, Advance Auto Parts is down 28.3% in premarket trading after earnings came in well below expectations. ($0.72 vs street $2.56). Salesforce reports after the close today. Tomorrow’s headliners include Broadcom*, Macy’s, Gamestop, and lululemon.

*Shares of Broadcom are held in some portfolios managed by SIA Wealth Management.

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Colin Cieszynski, Chief Market Strategist

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

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