Earnings Season Resumes With Big Beats

Bitcoin has paused just short of $90,000 this morning to consolidate yesterday’s big gain. Gold, which had sold off as Bitcoin sucked up all the oxygen in the alternative currency market, has stabilized just above $2,600/oz.

The advance in US indices also appears to be taking a break with US index futures trading down 0.1%-0.2%. The bond market has reopened following yesterday’s bank holiday to treasury yields on the rise with the US 10-year yield back up above 4.35%. European markets are under pressure today with the FTSE down 1.0% and the Dax down 1.1%.     

Commodity markets are mixed today. US Crude Oil has bounced 0.7%, while Natural Gas is giving back some of yesterday’s big rally with a 0.9% decline. Copper is down 1.25%. Despite the headwind for resource stocks, TSX index futures are up 0.2% perhaps on bargain hunting after Canadian resource stocks took a big hit on Monday.

Earnings are back in focus today. Shopify is soaring up 15.5% in premarket action after the ecommerce company beat earnings expectations by a wide margin ($0.35 vs street $0.27). Home Depot also beat the street ($3.78 vs street $3.66).

Today is quiet for economic news although there are four Fed speakers through the day. Tomorrow, inflation moves back into the spotlight with the US Consumer Price report.  

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