Market Brief: BoJo Wins a Brexit Battle, but Will He Win the War?
Matt Weller, CFA, CMT October 7, 2019 4:07 PM
See a summary of the top market themes and trends from today's US trading session!
- A Scottish court ruled that UK PM Boris Johnson will not be forced to order a Brexit extension under the Benn Act – see our analysis of the decision and the key Brexit dates to watch in the coming weeks!
- China is reportedly ready to sign a limited trade deal with the US, but refuses to discuss intellectual property concerns, a key US demand. Separately, President Trump signed a trade deal with Japan.
- FX: The Swiss franc was the strongest major currency on the day, while the risk-sensitive Aussie brought up the rear. The Swedish krona broke sharply lower against both the US dollar and the euro as traders soured on their hawkish outlook for the Riksbank.
- Commodities: Gold shed -1% on the day; oil ticked slightly higher.
- See the key economic reports and market trends we’ll be watching in the coming week!
- US indices closed marginally lower in a day of choppy, headline-driven trade.
- Communications Services stocks (XLC) were the strongest sector on the day. Consumer Staples (XLP) brought up the rear.
- Stocks on the move:
- General Electric (GE) traded flat after announcing it would freeze pensions for 20k workers.
- Uber (UBER) rallied 3% after analysts at Citi upgraded their outlook for the ride-sharing platform.
- Recent IPO SmileDirectClub (SDC) dropped -8% in follow-through selling after Friday’s critical report from prominent short seller Hindenburg Research.
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