Market Brief: US Stocks Dip Alongside European Currencies in Quiet Trade

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

  • The latest news in the US-China trade war is that the US is unlikely to extend waivers for companies to do business with Chinese handset maker Huawei.
  • FX: The kiwi was the strongest major currency on the day, while the Swiss franc brought up the rear. We’re also keeping a close eye on the breakdown in EUR/USD.
  • This morning’s US data came out almost exactly as expected across the board: Q2 GDP (3rd reading) came in at 2.0% as anticipated, Weekly jobless claims printed at 213k vs. 212k eyed, and August trade balance was -72.8B vs. -73.4B expected, and pending home sales beat at 1.6% vs. 1.0% anticipated.
  • Commodities: Gold and oil were essentially flat on the day.
  • Cryptoassets took another leg lower today, with market benchmark Bitcoin briefly breaking below $8,000 before recovering back above that level as of writing.
  • US indices edged lower in quiet trade today.
  • REITs (XLRE) were the strongest sector on the day while Energy stocks (XLE) were the weakest.
  • Stocks on the move:
    • Beyond Meat (BYND) tacked on 12% after McDonald’s (MCD, +0%) announced it would be testing Beyond burgers in Ontario.
    • Rite Aid Corporation (RAD) tacked on 3% after reporting better-than-expected Q2 earnings.
    • Peloton (PTON) dropped -11% in its first of trading as a public company.

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