Morning Minutes

Stocks Stabilize Along With US Producer Prices

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Heavy selling pressure continued through overseas trading overnight and into this morning, with the Nikkei falling 1.3%, the FTSE falling 0.4% and the Dax dropping 0.3%. In a sign that investors remain nervous, cryptocurrencies are down again this morning with Bitcoin falling 3.6% and crypto exchange Coinbase announcing plans to lay off nearly 20% of its staff.

Bulls have shown some signs of life this morning in selective areas. US index futures are up 0.3% to 0.8% in what so far appears to be a small trading bounce in the wake of yesterday’s big 2.8% to 4.8% plunges for major US indices. WTI crude oil is up 1.0% and copper is holding steady.

The US 10-year treasury note yield’s march higher has paused near 3.30% for the moment. US producer price inflation levelled off this month but remains at a high level (10.8% vs street/previous 10.9%). Investors remain on tenterhooks awaiting tomorrow’s Fed interest rate decision, statement and member projections. A 0.50% increase remains the consensus, but recent rallies in traded rates and media chatter suggest more aggressive increases could potentially be on the table for this or future meetings.

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Colin Cieszynski, Chief Market Strategist

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

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