US index futures are trading flat to up 0.3% with NASDAQ futures leading the way, essentially evening out yesterday’s US index performance of flat to up 0.3% where the Dow Industrials were the leader. Major European indices are in the red across the board with the FTSE falling 0.3% and the Dax down 0.2%.Now that we have moved into the back half of earnings season, there are a larger number of reports, but each individual report has less of an impact on the broader market and more of an impact on the individual company’s stock or its sector. Recall last Friday social media giant Meta Platforms* staged a big rally on earnings. Today, competitor Snap has plunged 30.1% in premarket action after beating the street on earnings but missing on sales and putting out weaker than expected guidance.There also is mixed action in the restaurant sector following earnings reports with Chipotle Mexican Group* ($10.36 vs street $9.71, up 2.6% premarket) and Yum Brands ($1.26 vs street $1.40) down 1.8% premarket) heading in opposite directions. Other companies with earnings out include Ford (up 5.6% premarket), Hilton ($1.68 vs street $1.57), and Uber Technologies* ($0.66 vs street $0.16). Walt Disney and Paypal report in the US after the close today, followed by ConocoPhillips tomorrow morning. In Canada, Sun Life reports after the close today, followed by BCE, Bombardier, Thomson Reuters*, Cineplex, and Lightspeed Commerce* tomorrow. US Crude Oil is up 0.6% this morning after API reported a smaller than expected build in its weekly US oil inventory report. Weekly DOE energy inventories are due at 10:30 am EST. Natural Gas, Copper and Gold are all essentially flat trading between -0.1% and +0.1%.It’s a quieter week for economic news, particularly for the US. Today there are three Fed speakers plus US and Canada trade data, tomorrow is headlined by Chinese inflation numbers ahead of Friday’s Lunar New Year holiday when Canadian employment data comes out.
*Shares of Meta Platforms, Uber Technologies, Thomson Reuters, Lightspeed Commerce, and Chipotle Mexican Grill are held in some portfolios managed by SIA Wealth Management.