Market Brief Cable Clobbered BYND Busted
See a summary of the top themes and trends that FX and Equity traders were watching in today's US session!
Share this:
- FX: It was a quiet day in the FX market…with the massive exception of the worst day of the year for sterling. The UK currency fell sharply as government officials upped their game of chicken with the European Union, leading traders to conclude that the odds of a no-deal Brexit are rising.
- President Trump tweeted that “The Fed has made all of the wrong moves” and that “a small rate cut is not enough” ahead of Wednesday’s highly-anticipated monetary policy meeting. Separately, former Fed Chairwoman Yellen endorsed a rate cut this week but stated that she “wouldn’t see [it] as the beginning… of a major easing cycle.”
- Commodities: Both gold and oil traded higher on the day.
- US indices closed mixed on the day, with the Dow edging out a small gain, while the S&P 500 and tech-heavy Nasdaq 100 each ticked lower.
- Defensive Utility (XLU) and Health Care (XLV) sectors led the way, while Financials (XLF) were the weakest sector.
- Stocks on the Move:
- Beyond Meat (BYND) reported better-than-expected revenue and boosted its full-year outlook, but the stock did miss EPS estimates (-$0.24 vs. -$0.08 expected). The stock is trading lower in after-hours trade, following a 5% drop during today’s business hours.
- Pfizer (PFE, -4%) agreed to merge its off-patent drug business with Mylan (MYL, +13%)
- FX: It was a quiet day in the FX market…with the massive exception of the worst day of the year for sterling. The UK currency fell sharply as government officials upped their game of chicken with the European Union, leading traders to conclude that the odds of a no-deal Brexit are rising.
- President Trump tweeted that “The Fed has made all of the wrong moves” and that “a small rate cut is not enough” ahead of Wednesday’s highly-anticipated monetary policy meeting. Separately, former Fed Chairwoman Yellen endorsed a rate cut this week but stated that she “wouldn’t see [it] as the beginning… of a major easing cycle.”
- Commodities: Both gold and oil traded higher on the day.
- US indices closed mixed on the day, with the Dow edging out a small gain, while the S&P 500 and tech-heavy Nasdaq 100 each ticked lower.
- Defensive Utility (XLU) and Health Care (XLV) sectors led the way, while Financials (XLF) were the weakest sector.
- Stocks on the Move:
- Beyond Meat (BYND) reported better-than-expected revenue and boosted its full-year outlook, but the stock did miss EPS estimates (-$0.24 vs. -$0.08 expected). The stock is trading lower in after-hours trade, following a 5% drop during today’s business hours.
- Pfizer (PFE, -4%) agreed to merge its off-patent drug business with Mylan (MYL, +13%)
Latest market news
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
S&P 500 Forecast: SPX Continues to Drift Away from Record Highs
Recent trading sessions have done little to restore confidence in the equity market. Over the last four sessions, the S&P 500 has declined by nearly 1.00%, a move that highlights growing short-term weakness and keeps the index moving further away from its record-high territory.
EUR/USD Forecast: Euro Struggles to Find Support Even After U.S. PCE Data
The euro continues to face a challenging environment in the short term. The currency has struggled to regain ground against a U.S. dollar that remains firmly supported, a dynamic reflected in EUR/USD, which has now recorded three consecutive losing sessions and a decline of roughly 0.6%.
Canadian Dollar Forecast: USD/CAD Four-Week Rally Eyes Yearly Highs 9 30 2026
USD/CAD has advanced in 14 of the past 15 sessions, but stretched momentum raises the stakes as major resistance and NFP come into focus.
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.