Markets are in a holding pattern ahead of Donald Trump’s first news conference since he was elected president of the United States. He’s scheduled to take questions from reporters in New York at 11 a.m. ET and we'll have it live on BNN. While much of the questioning will almost certainly focus on Russia, investors will be looking for him to flesh out his vision for the U.S. economy and his plan for companies that run afoul of his Made-In-The-USA strategy.

We’ll set expectations with RBC Capital Markets’ Chief U.S. Equity Strategist Jonathan Golub, who joins Paul Bagnell as The Street’s guest co-host -- and warned this morning the PEOTUS risks getting bogged down if he prioritizes repealing/replacing the Affordable Care Act. Business Day AM explores the risk of Trump triggering a trade war with Canadian-American Business Council Senior Advisory Maryscott Greenwood at 10:10 a.m. ET. 

BY THE NUMBERS

As a point of reference, here’s a quick snapshot at what the trade has looked like since election day:

- Dow Jones Industrials Average: +8.3%

- S&P 500: +6.1%

- TSX Composite Index: +5.3%

- U.S. dollar index: +4.6%

TILLERSON CONFIRMATION HEARING

U.S. Secretary of State Nominee Rex Wayne Tillerson will step before the Senate Foreign Relations Committee at 9:15 a.m. ET for the start of his confirmation hearing. Of course, all the attention is focused on his experience dealing with the Kremlin (including being the recipient of the Order of Friendship). But what about the world's other hotspots that pose diplomatic risk? Admittedly, Tillerson is presumably well-travelled considering XOM's reach. Jameson Berkow will tee it up.  

OIL STEADIES

After plunging almost six per cent over the first two days this week, crude is holding above US$51 per barrel this morning. Everything could change in an instant depending on how the U.S. stockpiles look at 10:30 a.m. ET. But, for now, we’ll try to square oil in the low US$50 range with a Wood Mackenzie report that predicts E&P spending will rise three per cent in the global oil and gas industry this year – with U.S. tight oil leading the way. "The global investment cycle will show the first signs of growth in 2017, bringing the crushing two-year investment slump to a close," WoodMac analyst Malcolm Dickson said in a press release. 

INSIDE THE HOSTILE OILFIELD SERVICES FIGHT

Andrew Bell is on location today for an AltaCorp conference at Toronto’s Shangri-La hotel, where he’ll speak with the CEOs of Savanna Energy Services and Total Energy Services, who are in the midst of a hostile takeover fight. Watch for those interviews today on The Close. 

SOME CANADIAN STOCKS TO WATCH:

- A little more than two months since its stock started trading publicly, a second wave of Aritzia shares are on the way. If the over-allotment is exercised, nearly 25 million shares will be sold in the secondary offering. One aspect that stood out to a few of us in the newsroom: some holders are being released from the standard post-IPO lock-up.

- Also, Magna International released a long-term forecast this morning that pegs this year’s sales at up to US$37.7 billion (which would be slightly below estimates) before reaching as much as US$46.2 billion in 2019. 

RELEASES/EVENTS:

- Notable earnings: Corus Entertainment

- 9:15 a.m. ET: Confirmation hearing for Rex Tillerson

- 11 a.m. ET: Donald Trump to hold news conference in New York

- 11 a.m. ET: Calgary Real Estate Board releases 2017 outlook