Earnings season for US retailers is off to a very strong start this morning with two big beats. Walmart announced better than expected EPS ($1.45 vs street $1.40) and same store sales (9.2% vs street 6.9%), plus it raised full year EPS guidance above street estimates ($6.40 vs street $6.20-$6.35). Home Depot also posted a blowout quarter on both EPS ($3.92 vs street $3.40) and same store sales (6.1% vs street 2.2%).
US retail sales accelerated even more than expected in October (1.7% vs street 1.2% and previous 0.7%). US industrial production is due at 9:15 am EDT (street 0.7% vs previous -1.2%). Canada housing starts were weaker than expected (236K vs street 255K).
Equity markets are steady today with US index futures trading flat to up 0.1%. Asia Pacific trading was mixed with Hong Kong rallying 1.3% but Australia falling 0.6%. Initial support appears near $2.50. In Europe today, the Dax is up 0.4% and the FTSE is up 0.3%.
Energy markets are bouncing back today. WTI crude oil is up 0.7% and back above $80.00/bbl, while natural gas has popped 3.6% and is back up above $5.00/mmbtu. In metals action, gold is up 0.3% while copper is down 0.2%. Cryptocurrencies are getting slammed today with Bitcoin down 5.6% and Ethereum down 7.1%.
SIA Wealth New Video Launch and Market Outlook Webinar Tuesday November 16th, 2:00 pm EDT
Please join us on Tuesday, November 16 @ 12pm MT / 2pm ET for our Market Outlook Webinar with Colin Cieszynski, Chief Market Strategist. We will be answering the Top 5 most asked questions by advisors over the past month.
A premiere of our newest video will be shown – Competition – on how our ranking system utilizes relative strength to compete in the markets.
The link to register for the webinar:
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.