The JPY is the strongest and the AUD is the weakest as the North American session begins. The USD is mostly - but modestly - weaker as the session and week begins with yields lower and stocks higher.
US stocks closed sharply higher on Friday with the S&P index closing at a new record level and above the 4800 level for the first time ever..
This week, the earnings for the fourth quarter start to kick in with some large-cap movers including Tesla, ServiceNow, Intel, IBM and Netflix. Below is a sampling of some of those earnings releases:
Monday, January 22
- United Airlines
- Logitech
Tuesday, January 23
- Verizon
- 3M
- GE
- Johnson & Johnson
- Halliburton
- Procter & Gamble
- Netflix
- Intuitive Surgical
- Texas Instruments
Wednesday, January 24
- AT&T
- Tesla
- IBM
- servicenow
- Lam Research
Thursday, January 25
- American Airlines
- Southwest Airlines
- Dow
- Intel
- Visa
- T-Mobile
Friday, January 26
- American Express
- Colgate-Palmolive
Looking at this week's economic calendar, key events and releases include:
Tuesday:
- Bank of Japan interest-rate decision
Wednesday:
- New Zealand CPI quarter on quarter 0.5% expected reaches 1.8% last quarter
- Germany, France, UK flash manufacturing and services PMI data
- Bank of Canada interest-rate decision. No change expected
- US flash manufacturing and services PMI
Thursday
- ECB rate decision. No change expected
- US advanced GDP. 2.0 expected. Atlanta Fed GDPNow estimate 2.4%
- US unemployment claims
Friday
- US PCE data. The expectations are for a modest 0.2% gain.
Today, the Conference Board Leading index will be released and will announce a decline for the umpteenth month in a row. The Conference Board release of the LEI, does not report how many months the index has been negative now. This index is designed to predict the direction of the economy, but it tends to have a muted impact because most of the indicators used in the calculation are released previously.
A snapshot of the markets as the North American session begins currently shows:
- Crude oil is trading up $0.17 or 0.23% at $73.43 At this time Friday, the price was at $73.95
- Gold is trading down -$0.30 or -0.02% at $2029.19. At this time Friday, it was trading at $2033.40
- Silver is trading down -$0.38 or -1.69% at $22.23. At this time Friday, it was trading at $22.79
- Bitcoin traded at $40846. At this time Friday, the price was trading at $41,314. Over the weekend and into today, the price traded with a high of $41,854 and a low of $40,345.
In the premarket for US stocks, the major indices are trading higher. Yesterday, all the indice moved higher. The S&P index in premarket trading is trading above the all-time high close of 4796.57. For the week, the major indices are mixed using the closes from yesterday:
- Dow Industrial Average futures are implying a gain of 100.1 points. Friday, the index rose 395.19 points or 1.05%. For the week, the index rose 0.35%
- S&P futures are implying a gain of 20 points. Friday, the index rose 58.87 points or 1.23%. For the week, the index is rose 1.84%.
- Nasdaq futures are implying a gain of 118 points. Friday, the index rose 255.32 points or 1.70%.. For the week the index is up 3.09%
In the European equity markets, the major indices are trading mixed after
- German DAX, +0.39%. Last week the index fell -0.89%
- France CAC +0.32%. Last week the index fell -1.25%
- UK FTSE 100 -0.01%. Last week the index fell -2.14%
- Spain's Ibex +0.73%. Last week the index fell -2.34%
- Italy's FTSE MIB -0.45% (delayed by 10 minutes).
Shares in the Asian Pacific markets were mixed. Shares for the week saw gains in Japan, but China, Hong Kong and Australia all declined.
- Japan's Nikkei 225, +1.62%
- China's Shanghai composite index , -2.68%
- Hong Kong's Hang Seng index,-2.27%
- Australia S&P/ASX, +.75%.
Looking at the US debt market, yields are trading mixed with the shorter paint higher in the water and a lower.
- 2-year yield 4.397% -1.1 basis points. Friday at this time, the yield was at 4.356%
- 5-year yield 4.031% -3.9 basis points. Friday at this time, the yield was at 4.043%
- 10-year yield 4.097% -4.8 basis points. Friday at this time, the yield was at .134%
- 30-year yield 4.306% -4.8 basis points. Friday at this time, the yield was at 4.359%
- The 2-10 year spread is at -29.1 basis points. At this time Friday, the spread was at -24.1 basis points
- The 2-30 year spread is at -8.5 basis points. At this time Friday, the spread was at -1.7 basis points. At at session highs last week, the spread got to +7.5 basis points
In the European debt market, the benchmark 10-year yields are lower to start the trading week :
