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US Earnings and Fed Meeting In Focus

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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.

Disclaimer: 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. SIAWM 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.

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At SIA Wealth Management everything we do is based on Relative Strength Analysis. We evaluate the Relative Strength between asset classes giving us insight into money flows on a large scale, and from this select top ranked investments.

Colin Cieszynski, Chief Market Strategist
Market Commentary:

Colin Cieszynski, CFA, CMT
Chief Market Strategist
ccieszynski@siawm.com
+1 (647) 282-4428

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