US Earnings and Canada Jobs Come In Strong

US index futures are hovering around flat heading into a full long weekend for Canada and a partial long weekend for the US (banks closed, equities open Monday). Overseas, Shanghai fell 2.5%, but other major Asia Pacific and European markets have been essentially flat. The US 10-year treasury note yield is steady just below 4.10%. 

Canada’s employment numbers were positive today with more jobs than expected being created (46.7K vs street 27.0K and previous 22.1K), and wage inflation easing as average hourly wages (4.5% vs previous 4.9%) decreased from last month. US producer prices (1.8% vs street 1.6%), however, were worse than expected. China inflation and trade numbers roll out over the weekend.

Earnings season has started off strong. JPMorgan Chase* ($4.37 vs street $4.01, up 1.0% premarket), Wells Fargo ($1.42 vs street $1.28, up 3.7% premarket), and Blackrock ($11.46 vs street $10.36, up 2.1% premarket), all beat the street. In Canada, retailer Aritzia* handily beat expectations ($0.21 vs street $0.15).

Alternative currencies are having a good day with Gold up 1.0% and Bitcoin up 2.8%. Copper is up 0.8%. Energy contracts are mixed with US crude oil down 0.6% and natural gas up 1.0%. 

*Shares of JPMorgan Chase and Aritzia are held in some portfolios managed by SIA Wealth Management.

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