US index futures are mixed this morning with NASDAQ futures down 0.5% and Dow Futures up 0.1%. This sluggishness following two days of strong gains for US markets following the Inauguration so far appears to be normal profit-taking. European markets are climbing this morning, with the Dax up 0.3% and the FTSE up 0.2%.
The 10-year treasury note yield has climbed back up toward 4.65%. Trading in the US Dollar has been most active relative to Bitcoin, down 2.8%, Silver, down 2.5% and Gold, down 0.8%. The Loonie is down 0.2%, while the majors are quiet. Energy markets have stabilized for the moment with Crude Oil up 0.2% and Natural Gas up 0.4%. Copper is down 0.4%.
Despite beating expectations on earnings ($0.86 vs street $0.66), American Airlines is down 7.5% in premarket trading after the company projected a worse than expected loss for the current quarter than had been anticipated. Union Pacific ($2.91 vs street $2.79, up 4.0% premarket) started off earnings season for railroads with a strong report. CSX reports after the close today, along with Texas Instruments. Canadian rails report results next week.
Canada retail sales (0.0% vs street 0.2%) and especially Core CPI (-0.7% vs street 0.1%) were disappointing. There has been no impact on CAD trading today but this could potentially influence the Bank of Canada’s thinking when it meets on interest rates next week. US weekly initial jobless claims Dow(223K vs street 220K) showed a slight uptick.