Market Update & Important Indicators:
US equities had the biggest rally for 6 months as earnings beat expectations. The Dow closed up 547 points, 2.2% in line with broader indices. Morgan Stanley +5% and Goldman Sachs +3% beat estimates as their investment banking businesses helped revenues surge, both saw improved revenues in equity trading; Commodity companies are beginning to feel the impact of President Trump’s trade policies and their earnings report cards will signal how well they have been able to protect shareholder value. Raw material producers are coming off their worst week in February following the longest quarterly sell off in commodities since 2015; Copper posted the biggest decline in more than a week as inventories rose and concerns over the impact of trade conflicts on the global economy gripped metals markets; President trump yesterday announced that the plan proposed by Energy Secretary, Rick Perry to provide financial support for troubled coal fired and nuclear plant operators would be cancelled. The bailout scheme was sought to shield coal and nuclear operators from the suffocating competition of cheap natural gas.
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