Morning Minutes

US Earnings and Fed Meeting In Focus




Stock markets around the world are bouncing back a bit this morning, led by a 1.6% rebound for the Hang Seng. US Index Futures plus the Dax and FTSE are slightly in the green, varying between flat and up 0.3%. Commodities are mixed with WTI crude oil up 0.5% and copper down 0.25% along with gold which remains stuck below $1,800/oz. Cryptocurrencies are soaring once again. Bitcoin has regained $40,000 with a 6.9% rally, while Ethereum is up 3.9%.

It’s the busiest day of earnings season so far with several major US companies reporting results, most of which have come in above expectations. Highlights include: Shopify* ($2.24 vs street $0.97), Boeing’s surprise profit (+$0.40 vs street -$0.83), McDonalds ($2.37 vs street $2.11), Pfizer ($0.97 vs street $0.87), Apple ($1.30 vs street $1.01), Alphabet* ($27.26 vs street $19.34), Microsoft ($2.17 vs street $1.92), Visa ($1.49 vs street $1.35), and Starbucks ($1.01 vs street $0.78).

The Fed is holding its mid-summer meeting today which is usually a quiet affair with the US central bank usually holding off on big pronouncements until its annual Jackson Hole conference in August. Comments related to inflation, the potential impact of Delta wave on the economy and any hints (or not) about tapering asset purchases could attract attention from investors. Canadian consumer prices (3.1% vs street 3.2% and previous 3.6%) showed inflation pressures moderating slightly last month     

*Shares of Shopify and Alphabet are held in some portfolios managed by SIA Wealth Management.

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Colin Cieszynski, Chief Market Strategist

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

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