Market Brief Another Round of Records as Focus Shifts to NFP
Matt Weller, CFA, CMT January 9, 2020 11:07 AM
See a summary of the top market themes and trends from today's US trading session!
View our guide on how to interpret the FX Dashboard.
- Investors shrugged off reports of rockets strikes near an Iraqi Air Force base to bid up risk assets for the second straight day.
- Traders are shifting their eyes toward tomorrow’s always important Non-Farm Payrolls report, with expectations centered around a reading of about 160k jobs and a 0.3% m/m rise in wages – see our full report here.
- FX: The strongest major currency on the day was essentially a tie between the Swiss franc, euro and US dollar. The weakest currency was the New Zealand dollar. The loonie also ticked lower after a round of disappointing Canadian data.
- Commodities: Oil was essentially flat after yesterday’s dramatic bearish reversal while gold ticked about 0.5% lower on the day.
- US indices closed solidly higher to set fresh record highs again today, with most of the move occurring at the open while afternoon trading was quiet. European indices finished higher, highlighted by Germany’s DAX rallying 1.3% to close at a fresh 2-year high.
- Technology (XLK) was once again the strongest major sector on the day. REITs (XLRE) brought up the rear, though all sectors finished higher on the day.
- Stocks on the move:
- Boeing (BA) bounced back 1.5% today as the most recent news suggests a missile may have taken down a flight in Iran earlier this week, rather than a mechanical issue with Boeing’s plane itself.
- Retailers Kohl’s (KSS, -7%) and Bed Bath and Beyond (BBBY, -19%) each dropped sharply after reporting weak sales over the critical holiday shopping period.
Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.