Positive PMI and Disappointing Bank Earnings

Coming off of Monday’s mixed finish which saw the S&P 500 close at a new all-time high, the NASDAQ gain 1.0% and the Dow Industrials lose 0.3%, US index futures are pretty much flat this morning. European bourses are in the green today with the FTSE up 0.9% and the Dax up 0.2%.

Currency trading is mixed. The US is pretty much flat against the other majors. Gold is up 0.25% and Silver is up 1.4%, but Bitcoin is down 1.4%.

US Crude Oil is up 1.6% but still below $70.00/bbl as traders await the results of this week’s OPEC+ meeting. Natural Gas is down 2.4%. Copper is up 1.4%.

Canadian bank earnings week kicked off with a miss by Bank of Nova Scotia today ($1.57 vs street $1.60, down 1.0% premarket), Net impaired loans rose slightly, but overall loan loss provisions came down slightly. Tomorrow, results are due from Royal Bank of Canada, National Bank of Canada and Dollarama*.

Today is a quiet day for economic news, giving investors a chance to further digest yesterday’s better than expected US and Canadian Manufacturing PMI numbers, and stronger than expected US construction spending. Tomorrow brings Service PMI reports and ADP US private sector payrolls.

*Shares of Dollarama are held in portfolios managed by SIA Wealth Management.

MARKET OUTLOOK NOVEMBER 2024 – Visit the link to view the recording of November’s Market Outlook Webinar with Colin Cieszynski, where he explores topics such as the impact of the US Election results on the Markets, updates on Portfolios and Performances, and examples of Peer comparison and risk-adjusted metrics.

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