Good morning, everyone! Let's delve into today's market update, focusing on the Canadian stock market which closed Monday with a fresh short-term buy signal.
While the US market has shown some volatility, the Canadian market has maintained stability over recent weeks, holding onto its weekly buy signal.
Prior to Monday's trading, I anticipated a pullback in Friday's top performers, Apple (NASDAQ:AAPL) and Amgen (NASDAQ:AMGN). While this prediction held true, I underestimated the market's ability to advance without these stocks.
As we approach Tuesday's trading, premarket futures show a mixed picture: NASDAQ futures are down, while Dow futures exhibit a slight uptick. Additionally, all closely monitored commodities are trading lower in the premarket.
A significant event to watch in the Canadian market this week is Shopify (TSX:SHOP)'s earnings report, scheduled for tomorrow. Analysts estimate revenues to reach $1.84 billion, reflecting a robust 21.76% growth from the previous year. Earnings are expected to remain steady at 16 cents per share, unchanged over the last month.
Shopify's stock surged on Monday, suggesting traders are optimistic about the upcoming earnings release.
This content was originally posted on the Stock Market Timing YouTube Channel