The Daily Chase: Teck, GM report earnings; Microsoft, Alphabet coming later

Here are five things you need to know this morning.

Earnings in focus: The S&P 500 broke its Monday hot streak, closing at the lowest level since May. The TSX closed marginally above the lows for the year. Today, earnings take centre stage as the U.S. Federal Reserve is mercifully in a blackout period ahead of their next rate decision. Tonight, Microsoft and Alphabet are set to report earnings and 35 S&P 500 companies report. Some positive earnings are boosting futures right now.

Teck take: Shares of Teck Resources are holding their ground despite a disappointing set of earnings results. Sales and profit were well below consensus and production was lower than expected while the company ramped up its spending on its QB2 copper project. QB2 has been struggling to operate at full capacity and it has been the source of three capital cost increases in the last year. While analysts lament Teck’s disappointing results, nearly every one still rates it a buy on the prospect of some sort of deal for the company. While Teck offered no update on the planned separation between the metals and coals business, the CEO said on the conference call and the company is continuing to engage with a number of parties and evaluate a range of options.

Honk honk: We'll be watching TFI International after the Montreal-based shipping company missed profit expectations in its latest quarter. TFI is blaming reduced freight volumes and some one-time costs, including the updating of some of its IT systems, the granting of shares to its directors and unfavourable currency effects. Nevertheless, TFI is raising its dividend by 14 percent.