Market Brief: Sleepy US Session Kicks Off a Big Week to Come
October 14, 2019 4:04 PM
See a summary of the top market themes and trends from today's US trading session!
- FX: The Japanese yen and US dollar were the strongest major currencies, while the British pound and New Zealand dollar brought up the rear. Many US and Canadian traders were out on holiday, leading to a quiet session once European markets closed for the day.
- Turkey’s lira dropped to a four-month closing low against the US dollar as the Trump Administration reportedly readies sanctions on key Turkish officials.
- Commodities: Oil shed more than -2% on the day while gold ticked higher in the context of its longer-term bullish flag.
- US indices closed a choppy, illiquid session marginally lower, with a report that China wants further talks before signing last week’s “Phase One” trade deal. Earnings season kicks off in earnest tomorrow with highly-anticipated reports from JP Morgan, Wells Fargo, Citigroup, and Goldman Sachs among others – see more here!
- Financials (XLF) were the strongest major sector on the day while Materials (XLB) brought up the rear.
- Stocks on the move:
- Nike (NKE) tacked on 1% on the day to hit a fresh record high near $95 following an upgrade at BAML.
- Recent IPO Crowdstrike (CRWD) shed -10% on a downgrade at Citigroup.
- Speaking of recent IPOs, SmileDirectClub dumped another -13% today and is currently trading down nearly -60% from its IPO price of $23 last month.
- Check out the major macroeconomic events and trends we’ll be watching in the week to come!
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.