With energy production in some parts of the US still being disrupted by the effects of recent winter storms that reached down into Texas, energy prices are active again today. WTI crude oil is up 1.5% and gasoline is up 2.0%, while natural gas has dropped back 0.5%. Between 4:30 pm EST today and 11:30 am EST tomorrow, API and DOE weekly US oil inventories plus EIA US natural gas storage numbers are all due which could keep traders’ attention on energy markets.
US index futures and European indices are flat for the most part this morning as investors continue to digest recent events and market moves as earnings season winds down. Metals are under pressure today with Platinum down 3.0%, silver down 1.0%, gold down 1.1% and copper down 0.3%.
US retail sales for January came in well above expectations (5.3% vs street 1.0% and previous -0.7%). This report could help to set a positive tone and increase expectations for US retailer earnings which start next week. US industrial production for January is due at 9:15 am EST (street 0.5% vs previous 1.6%). Cryptocurrencies continue to soar, on the other hand, led by Bitcoin which is up 4.4% and trading above $50,000.
Shopify has reported earnings this morning which exceeded expectations ($1.58 vs street $1.26). Other Canadian companies reporting today include: Pan American Silver, Nutrien, Iamgold and Stelco.
New Video: SIA Wealth True Tactical Market Update
A replay of yesterday’s Feb 2021 advisor webinar is now available where we discussed True Tactical investing, an update on our funds, and an update on the markets.
GoToMeeting Version: https://attendee.gotowebinar.com/recording/2699418007479023629
YouTube Version: https://youtu.be/fqYoaKqb_UY
Webinar audio will be available through computer VoIP or dial in using your phone. After registering, you will receive a confirmation email containing information about joining the webinar.
