Market Brief: Oil Gives Back 6% of Yesterday’s Big Surge

See a summary of the top market themes and trends from today's US trading session!

  • FX: The euro and pound were standout performers in today’s trade, rising by at least 0.5% against all their major rivals. The loonie was among the worst-performing major currencies as oil prices fell and manufacturing sales slumped -1.3%.
  • Commodities: Oil fell -6% on headlines that Saudi output would return to normal levels quicker than initially thought (by the end of the month). Gold was flat on the day.

  • US indices closed marginally in the green on the day, led by the tech-heavy Nasdaq index.
  • Energy (XLE) went from first to worst in sector performance today, while REITs (XLRE) led the way higher.
  • Stocks on the move:
    • The highly-anticipated IPO from “The We Company” (WeWork) was postponed until at least October.
    • Glass manufacturer Corning (GLW) dumped -6% after cutting its full-year outlook.
    • FedEx (FDX) is down roughly -8% in after-hours trade after cutting its earnings forecast for next year.

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 or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.

Open an Account