Market Brief: Pound Pounded Ahead of Tomorrow’s UK Supreme Court Decision
Matt Weller, CFA, CMT September 23, 2019 4:07 PM
See a summary of the top market themes and trends from today's US trading session!
- FX: The pound was the weakest major currency today ahead of the UK’s Supreme Court’s ruling on Parliament’s prorogation tomorrow morning; separately, the EU’s chief Brexit negotiator Michel Barnier said that there was “no basis for a deal.” The New Zealand dollar was the day’s strongest major currency.
- US data: Markit’s Manufacturing and Service PMI figures both came in near 51, signaling slow growth, though the Services employment component did drop into contractionary territory for the first time since 2010.
- Commodities: Both oil and gold gained about 1% on the day.
- US indices closed mixed in a generally quiet session as traders awaited new Brexit developments and more clarity in US-China trade tensions.
- Consumer Staples (XLP) were the strongest major sector on the day, while Health Care stocks (XLV) brought up the rear.
- Stocks on the move:
- Embattled online retailer Overstock.com (OSTK) dumped another -25% after the company revised down its guidance for Q3.
- Nike (NKE) gained 1% ahead of tomorrow’s after-the-bell earnings report.
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