US markets have started to bounce back this morning from yesterday’s very mixed US trading which saw Banks and Energy drag the Dow and S&P to losses of 1.1% each, while the NASDAQ finished flat. US index futures are trading up 0.2% to 0.4%. A significantly stronger than expected US ADP payrolls report (296K vs street 148K) has helped sentiment to rebound.

All eyes remain on today’s Fed decision where the US central bank is still widely expected to raise the Fed Funds rate by 0.25% to 5.25% when it announces its latest monetary policy decision at 2:00 pm EDT today. Investors may focus more on the statement and 2:30 pm Powell press conference for hints as to whether the Fed is ready to pause on rates or continue hiking.

Any comments related to the ongoing US banking crisis or the state of the economy may also attract attention.  Ahead of the Fed, US ISM Service PMI is due at 10:00 am EDT with investors expecting readings of 51.8 for the headline number and 59.9 for the prices paid/inflation component.

Earnings announced overnight and this morning have continued to come in better than expected, headlined by AMD ($0.60 vs street $0.56), Starbucks ($0.74 vs street $0.65), Ford ($0.63 vs street $0.41), Kraft Heinz ($0.68 vs street $0.60), Phillips 66 ($4.21 vs street $3.56), and CVS Health ($2.20 vs street $2.09). MetLife headlines this afternoon’s results.

European markets are on the rise this morning with the Dax up 0.7% and the FTSE up 0.25%. Commodities remain under pressure with WTI Crude Oil down 2.8%, Natural Gas doen 2.2%, and Copper down 0.3%. Gold is steady holding above $2,000/oz.

SIA Wealth In The Media:

Chief Market Strategist Colin Cieszynski appeared on BNN Bloomberg where he spoke about yesterday’s market selloff, and previewed today’s Fed interest rate decision.

Fed on tight rope, needs to shore up confidence amid banking turmoil: SIA Wealth’s 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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