Morning Minutes

Strong US Bank Results and Coinbase Debut In the Spotlight




US index futures are in the green again this morning. S&P futures are up 0.1% building on yesterday’s record close, NASDAQ futures are up 0.3% building on yesterday’s 1.0% gain and Dow futures are flat. In Europe the FTSE is up 0.5% while the Dax is flat.

The long-awaited Q1 earnings season kicks off at last this morning with positive results from Goldman Sachs who crushed analyst estimates on both EPS ($18.60 vs street $10.22) and revenues ($17.7B vs street $12.6B). JPMorgan Chase also beat the street on EPS ($3.22 vs street $3.10) and sales ($33.1B vs street $30.5B) and also booked $5.2B from the release of capital reserves that had been tied up in unneeded loan loss provisions.

Cryptocurrency exchange Coinbase makes its market debut today through a direct listing. Since there is no Initial Public Offering, the NASDAQ has assigned it a reference price of $250.00 per share to start from which gives the company a value of about $65 billion. Bitcoin is up 2.2% trading just below $65.000 this morning.

Commodities are climbing today with copper up 1.4% and WTI crude oil up 1.5%. Oil is benefitting from a 3.6 mmbbl drawdown in API US oil inventories last night. DOE weekly inventories are due at 10:30 am EDT today with the street expecting a 2.8 mmbbl drawdown.

In a sign that the boom in business for stay-at-home companies who benefitted from last year’s lockdowns may be slowing, home retailer Bed Bath and Beyond reported mixed results. Q4 sales were down 16% from a year earlier, impacted by store closures despite a same store sales gain of 4% and an 86% jump in online sales. Sales were slightly below expectations ($2.62B vs street $2.63B), while EPS beat the street ($0.40 vs street $0.31). BBBY shares are down 8.0% premarket today.

Subscribe to the Morning Minutes:

Today's earnings reports and market activity, delivered right to your inbox.

Colin Cieszynski, Chief Market Strategist

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

Read More

Legal and Regulatory Disclosures

Terms and Conditions:
This information is for Investment Advisors only. The website is for informational purposes only and is not intended to provide a complete description of SIA Wealth Management’s products or services. Past performance is not indicative of future results. It should not be construed as investment advice or relied upon in making an investment decision. Products and services of SIA Wealth Management are only offered in jurisdictions where they may be lawfully offered for sale. The information contained in this Website does not constitute an offer or solicitation by anyone to buy or sell any investment fund or other product, service or information to anyone in any jurisdiction in which an offer or solicitation is not authorized or cannot be legally made or to any person to whom it is unlawful to make an offer of solicitation. All products and services are subject to the terms of each and every applicable agreement. It is important to note that not all products, services and information are available in all jurisdictions outside Canada.

SIA Wealth Management Inc. (SIAWM) specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investor’s investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, Advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIA Wealth Management Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.