Morning Minutes

Stocks Slip As Investors Await Inflation and Earnings News




Coming off of a mixed Monday for US indices, US index futures are down 0.4%-0.7% this morning, while in Europe, major indices are all in the red as well with the Dax down 0.5% and the FTSE falling 0.3%. Commodity action is all over the place with Natural Gas dropping 3.6%, WTI Crude Oil rising 0.5%, and Copper and Platinum down 0.4%-0.5%. Gold is flat on a quiet morning in currency trading.

Investors appear to be sitting on their hands this morning while awaiting new developments. Fed Chair Powell is speaking at 9:00 am EST, which investors may be looking to for hints on what the US central bank is currently thinking on monetary policy following last week’s downturn in wage inflation. Speaking of inflation, China releases its monthly consumer and producer price numbers overnight tonight, followed by the US Consumer Price Index on Thursday.

Although earnings season doesn’t kick off until Friday, corporate news may still attract attention from investors. Cryptocurrency exchange Coinbase is down 2.8% after announcing plans to lay off 20% of its staff. Numerous press reports, meanwhile, suggest that Goldman Sachs is preparing to announce layoffs as well. Beleaguered housewares retailer Bed Bath and Beyond is scheduled to report earnings today with investors also looking for news or hints on whether the struggling company is planning to file for bankruptcy and/or its ability to remain in business in the wake of last week’s warnings on its financial situation.  

SIA Wealth In The Media:

Chief Market Strategist Colin Cieszynski appeared on BNN Bloomberg today where he spoke about a number of topics including gold, the US Dollar, and relative strength in market sectors. 

Defensive sectors like consumer staples and utilities have shown relative strength: Colin Cieszynski

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Colin Cieszynski, Chief Market Strategist

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

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