Asia Morning Oct 7
Market erases earlier gains and takes a nosedive about an hour before the close...
Share this:
On Tuesday, U.S. stocks ended in negative territory. The Dow Jones Industrial Average slid 375 points (-1.34%) to 27772, the S&P 500 fell 47 points (-1.40%) to 3361, and the Nasdaq 100 shed 217 points (-1.89%) to 11291.
Nasdaq 100: Daily Chart
Sources: GAIN Capital, TradingView
U.S. President Donald Trump announced he was halting negotiations with lawmakers on an economic stimulus bill, adding: "Immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business." Thereafter, the market erased earlier gains and took a nosedive about an hour before the close.
Retailing (-2.59%), Technology Hardware & Equipment (-2.37%) and Media (-2.31%) sectors were the worst performers of the day. Boeing (BA -6.81%) was the top loser in the S&P 500. The Company said in the near-term its commercial aviation market will continue to face notable challenges as a result of the pandemic,
Approximately 69% (63% in the prior session) of stocks in the S&P 500 Index were trading above their 200-day moving average and 77% (58% in the prior session) were trading above their 20-day moving average.
U.S. official data showed that Trade Deficit widened to $67.1 billion in August ($66.2 billion deficit expected), the highest level since 2006. JOLTS Job Openings fell to 6.49 million in August (6.50 million expected).
European stocks were stable. The Stoxx Europe 600 Index closed flat, Germany's DAX 30 gained 0.61%, France's CAC 40 added 0.48% and the U.K.'s FTSE 100 was up 0.12%.
U.S. Treasury prices posted a late-session rally, pressing the benchmark 10-year Treasury yield down to 0.740%.
Spot gold price shed $35 (-1.84%) to $1,878 an ounce, and spot silver plunged 5.36% to $23.06 an ounce.
U.S. WTI crude oil futures (November) WTI Crude Oil rose $0.99 (+2.52%) to $40.21 a barrel at the close.
On the forex front, the U.S. dollar turned stronger against other major currencies after Trump called off stimulus talks with Democrats. The ICE Dollar Index rose 0.43% on day to 93.85.
EUR/USD dropped 0.42% to 1.1734. Official data showed that Germany's Factory Orders increased 4.5% on month in August (+2.9% expected). The Markit Germany Construction Purchasing Managers' Index (PMI) fell to 45.5 in September.
GBP/USD fell 0.67% to 1.2891. The Markit U.K. Construction PMI rose to 56.8 in September (54.0 expected).
USD/JPY eased 0.12% to 105.63. In fact, the pair has climbed back to levels around its 50-day moving average.
AUD/USD slumped 1.10% to 0.7102. As expected, the Reserve Bank of Australia kept its benchmark interest rate unchanged at 0.25%. The central bank added that it keeps considering how additional monetary easing could support job growth.
USD/CAD climbed 0.36% to 1.3312.
Nasdaq 100: Daily Chart
Sources: GAIN Capital, TradingView
U.S. President Donald Trump announced he was halting negotiations with lawmakers on an economic stimulus bill, adding: "Immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business." Thereafter, the market erased earlier gains and took a nosedive about an hour before the close.
Retailing (-2.59%), Technology Hardware & Equipment (-2.37%) and Media (-2.31%) sectors were the worst performers of the day. Boeing (BA -6.81%) was the top loser in the S&P 500. The Company said in the near-term its commercial aviation market will continue to face notable challenges as a result of the pandemic,
Approximately 69% (63% in the prior session) of stocks in the S&P 500 Index were trading above their 200-day moving average and 77% (58% in the prior session) were trading above their 20-day moving average.
U.S. official data showed that Trade Deficit widened to $67.1 billion in August ($66.2 billion deficit expected), the highest level since 2006. JOLTS Job Openings fell to 6.49 million in August (6.50 million expected).
European stocks were stable. The Stoxx Europe 600 Index closed flat, Germany's DAX 30 gained 0.61%, France's CAC 40 added 0.48% and the U.K.'s FTSE 100 was up 0.12%.
U.S. Treasury prices posted a late-session rally, pressing the benchmark 10-year Treasury yield down to 0.740%.
Spot gold price shed $35 (-1.84%) to $1,878 an ounce, and spot silver plunged 5.36% to $23.06 an ounce.
U.S. WTI crude oil futures (November) WTI Crude Oil rose $0.99 (+2.52%) to $40.21 a barrel at the close.
On the forex front, the U.S. dollar turned stronger against other major currencies after Trump called off stimulus talks with Democrats. The ICE Dollar Index rose 0.43% on day to 93.85.
EUR/USD dropped 0.42% to 1.1734. Official data showed that Germany's Factory Orders increased 4.5% on month in August (+2.9% expected). The Markit Germany Construction Purchasing Managers' Index (PMI) fell to 45.5 in September.
GBP/USD fell 0.67% to 1.2891. The Markit U.K. Construction PMI rose to 56.8 in September (54.0 expected).
USD/JPY eased 0.12% to 105.63. In fact, the pair has climbed back to levels around its 50-day moving average.
AUD/USD slumped 1.10% to 0.7102. As expected, the Reserve Bank of Australia kept its benchmark interest rate unchanged at 0.25%. The central bank added that it keeps considering how additional monetary easing could support job growth.
USD/CAD climbed 0.36% to 1.3312.
On Tuesday, U.S. stocks ended in negative territory. The Dow Jones Industrial Average slid 375 points (-1.34%) to 27772, the S&P 500 fell 47 points (-1.40%) to 3361, and the Nasdaq 100 shed 217 points (-1.89%) to 11291.
Nasdaq 100: Daily Chart
Sources: GAIN Capital, TradingView
U.S. President Donald Trump announced he was halting negotiations with lawmakers on an economic stimulus bill, adding: "Immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business." Thereafter, the market erased earlier gains and took a nosedive about an hour before the close.
Retailing (-2.59%), Technology Hardware & Equipment (-2.37%) and Media (-2.31%) sectors were the worst performers of the day. Boeing (BA -6.81%) was the top loser in the S&P 500. The Company said in the near-term its commercial aviation market will continue to face notable challenges as a result of the pandemic,
Approximately 69% (63% in the prior session) of stocks in the S&P 500 Index were trading above their 200-day moving average and 77% (58% in the prior session) were trading above their 20-day moving average.
U.S. official data showed that Trade Deficit widened to $67.1 billion in August ($66.2 billion deficit expected), the highest level since 2006. JOLTS Job Openings fell to 6.49 million in August (6.50 million expected).
European stocks were stable. The Stoxx Europe 600 Index closed flat, Germany's DAX 30 gained 0.61%, France's CAC 40 added 0.48% and the U.K.'s FTSE 100 was up 0.12%.
U.S. Treasury prices posted a late-session rally, pressing the benchmark 10-year Treasury yield down to 0.740%.
Spot gold price shed $35 (-1.84%) to $1,878 an ounce, and spot silver plunged 5.36% to $23.06 an ounce.
U.S. WTI crude oil futures (November) WTI Crude Oil rose $0.99 (+2.52%) to $40.21 a barrel at the close.
On the forex front, the U.S. dollar turned stronger against other major currencies after Trump called off stimulus talks with Democrats. The ICE Dollar Index rose 0.43% on day to 93.85.
EUR/USD dropped 0.42% to 1.1734. Official data showed that Germany's Factory Orders increased 4.5% on month in August (+2.9% expected). The Markit Germany Construction Purchasing Managers' Index (PMI) fell to 45.5 in September.
GBP/USD fell 0.67% to 1.2891. The Markit U.K. Construction PMI rose to 56.8 in September (54.0 expected).
USD/JPY eased 0.12% to 105.63. In fact, the pair has climbed back to levels around its 50-day moving average.
AUD/USD slumped 1.10% to 0.7102. As expected, the Reserve Bank of Australia kept its benchmark interest rate unchanged at 0.25%. The central bank added that it keeps considering how additional monetary easing could support job growth.
USD/CAD climbed 0.36% to 1.3312.
Nasdaq 100: Daily Chart
Sources: GAIN Capital, TradingView
U.S. President Donald Trump announced he was halting negotiations with lawmakers on an economic stimulus bill, adding: "Immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business." Thereafter, the market erased earlier gains and took a nosedive about an hour before the close.
Retailing (-2.59%), Technology Hardware & Equipment (-2.37%) and Media (-2.31%) sectors were the worst performers of the day. Boeing (BA -6.81%) was the top loser in the S&P 500. The Company said in the near-term its commercial aviation market will continue to face notable challenges as a result of the pandemic,
Approximately 69% (63% in the prior session) of stocks in the S&P 500 Index were trading above their 200-day moving average and 77% (58% in the prior session) were trading above their 20-day moving average.
U.S. official data showed that Trade Deficit widened to $67.1 billion in August ($66.2 billion deficit expected), the highest level since 2006. JOLTS Job Openings fell to 6.49 million in August (6.50 million expected).
European stocks were stable. The Stoxx Europe 600 Index closed flat, Germany's DAX 30 gained 0.61%, France's CAC 40 added 0.48% and the U.K.'s FTSE 100 was up 0.12%.
U.S. Treasury prices posted a late-session rally, pressing the benchmark 10-year Treasury yield down to 0.740%.
Spot gold price shed $35 (-1.84%) to $1,878 an ounce, and spot silver plunged 5.36% to $23.06 an ounce.
U.S. WTI crude oil futures (November) WTI Crude Oil rose $0.99 (+2.52%) to $40.21 a barrel at the close.
On the forex front, the U.S. dollar turned stronger against other major currencies after Trump called off stimulus talks with Democrats. The ICE Dollar Index rose 0.43% on day to 93.85.
EUR/USD dropped 0.42% to 1.1734. Official data showed that Germany's Factory Orders increased 4.5% on month in August (+2.9% expected). The Markit Germany Construction Purchasing Managers' Index (PMI) fell to 45.5 in September.
GBP/USD fell 0.67% to 1.2891. The Markit U.K. Construction PMI rose to 56.8 in September (54.0 expected).
USD/JPY eased 0.12% to 105.63. In fact, the pair has climbed back to levels around its 50-day moving average.
AUD/USD slumped 1.10% to 0.7102. As expected, the Reserve Bank of Australia kept its benchmark interest rate unchanged at 0.25%. The central bank added that it keeps considering how additional monetary easing could support job growth.
USD/CAD climbed 0.36% to 1.3312.
Related tags:
Open an account in minutes
Experience award-winning platforms with fast and secure execution, and enjoy tight spreads from 0.5 pts on FX and 0.3 pts on indices.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
EUR/USD Q4 2026 Outlook: Euro at a Crossroads as Fed, ECB Tighten 9 25 2026
EUR/USD enters Q4 at a pivotal inflection point as competing Fed-ECB policy paths and persistent inflation risks collide with major technical support.
AUD/USD Q4 Outlook: RBA and Fed Hikes Set the Tone
AUD/USD enters Q4 with RBA and Fed hikes in focus as sticky inflation, rising unemployment and US dollar strength shape the Australian dollar.
USD/JPY Q4 2026 Outlook: Hawkish Fed Pricing Clashes With Intervention Risk
The year-end tug-of-war is clear: hawkish Fed pricing supports USD/JPY, while intervention risk limits the upside.
This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.
StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.
In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.
StoneX Financial Pte. Ltd. is not under any obligation to update this report.
Trading CFDs carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit www.forex.com/en-sg/terms-and-policies for the complete Risk Disclosure Statement.