US index futures are trading flat to down 0.3% this morning, essentially consolidating yesterday’s gains of 0.25% to 0.6%. In European action, London, Paris and Frankfurt are flat to up 0.2%.
The US 10-year treasury note yield continues to creep upward, clearing 4.30%. The US Dollar is steady to up 0.25% against the other majors. Precious metals, meanwhile, are outpacing the greenback to the upside with Gold gaining 0.3% and Silver surging 0.9%.
US Crude Oil is bouncing back a bit today, gaining 1.4% after losing over 5.0% yesterday. US weekly oil inventories are due this afternoon and tomorrow morning and there have been rumors the US could make some purchases to start refilling its drawn down Strategic Petroleum Reserve. Copper is up 0.75% today on renewed interest in commodities.
Earnings Season resumes this morning with McDonalds ($3.23 vs street $3.21, down 2.3% premarket) and Pfizer ($1.06 vs street $0.61) beating expectations. PayPal beat on earnings ($1.20 vs street $1.07) but missed on sales and is down 3.1%% premarket. After the close today results are due from Alphabet, Visa, and Advanced Micro Devices.
It’s a quiet day for economic news. US house prices are due at 9:00 am EDT. Bank of Canada Governor Macklem speaks at 3:15 pm EDT. Tomorrow brings US Q3 GDP and US ADP payrolls.