Morning Minutes

US Markets Rally on Strong Earnings and Economic Reports




Day 2 of earnings season finds US index futures on the rise with Dow Futures up 0.5% and NASDAQ futures up 0.8% coming off a split session yesterday that saw the Dow gain 0.1% and the NASDAQ slide 1.0%. European markets are also on the move upward with the FTSE climbing 0.5% and the Dax gaining 0.2%.

Investors have been responding favorably to another positive round of earnings reports. Bank of America ($0.86 vs street $0.66) and Citigroup ($3.62 vs street $2.60) both beat the street on EPS and announced that they have freed up capital no longer needed to cover loan loss provisions. Other US companies beating earnings expectations this morning include UnitedHealth ($5.31 vs street $4.37), PepsiCo ($1.21 vs street $1.12), and BlackRock ($7.77 vs street $7.64). 

It has also been a banner morning for US economic numbers. Retail sales (9.8% vs street 5.9% and previous -3.0%) soared in March as consumers spent their recent stimulus cheques. The Empire State (26.3 vs street 19.5) and Philadelphia Fed (50.2 vs street 42.0) manufacturing surveys also blew past expectations. Weekly initial jobless claims (576L vs street 700K) also exceeded expectations.  

Cryptocurrency trading continues to attract attention from traders. Yesterday, Coinbase debuted at $381, well above the $250 reference price NASDAQ had established for it. The shares soared up toward $430, plunged back to near $310 then finished the day near $328. Today, Coinbase is up 7.5% in premarket action trading back above $350. Meanwhile, Bitcoin is up 1.2% trading near $62,500. Meanwhile, precious metals continue to regain their footing with gold up 0.8% and trading above $1,750/oz while silver is up 0.6% and trading above $25.00/oz.

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Colin Cieszynski, Chief Market Strategist

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

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