Market Brief: Boeing Takes Off in Half-Holiday Trade
Matt Weller, CFA, CMT November 11, 2019 4:09 PM
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- US and Canadian bond markets were closed for Veteran’s Day, leading to lower volatility in other markets and a dearth of economic data releases
- In terms of major news, the headlines that Nigel Farage’s Brexit party would sit out the coming UK election reduced the risk of a hung Parliament and boosted the pound.
- FX: The New Zealand dollar and British pound were the strongest major currencies on the day, while the Australian, Canadian, and US dollar are all vying for the day’s worst performance as of writing.
- Commodities: Gold ticked lower to test a key support level and oil edged lower in a quiet day.
- US indices closed mixed in quiet holiday trade.
- REITs (XLRE) were the strongest major sector on the day; Energy (XLE) brought up the rear.
- Stocks on the move:
- Boeing (BA) rallied 5% after announcing its 737 Max fleet could return to service in January.
- Goldman Sachs (GS) dropped -2% after the NY Department of Financial Services announced a probe into the new Apple Card (AAPL, +1%).
- Alibaba (BABA, -0%) was essentially flat despite announcing its Single’s Day haul of CNY268B ($38B USD).
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