Market Brief: Another Round of Records as Focus Shifts to NFP
Matt Weller, CFA, CMT January 9, 2020 9:07 PM
See a summary of the top market themes and trends from today's US trading session!
View our guide on how to interpret the FX Dashboard.
- Investors shrugged off reports of rockets strikes near an Iraqi Air Force base to bid up risk assets for the second straight day.
- Traders are shifting their eyes toward tomorrow’s always important Non-Farm Payrolls report, with expectations centered around a reading of about 160k jobs and a 0.3% m/m rise in wages – see our full report here.
- FX: The strongest major currency on the day was essentially a tie between the Swiss franc, euro and US dollar. The weakest currency was the New Zealand dollar. The loonie also ticked lower after a round of disappointing Canadian data.
- Commodities: Oil was essentially flat after yesterday’s dramatic bearish reversal while gold ticked about 0.5% lower on the day.
- US indices closed solidly higher to set fresh record highs again today, with most of the move occurring at the open while afternoon trading was quiet. European indices finished higher, highlighted by Germany’s DAX rallying 1.3% to close at a fresh 2-year high.
- Technology (XLK) was once again the strongest major sector on the day. REITs (XLRE) brought up the rear, though all sectors finished higher on the day.
- Stocks on the move:
- Boeing (BA) bounced back 1.5% today as the most recent news suggests a missile may have taken down a flight in Iran earlier this week, rather than a mechanical issue with Boeing’s plane itself.
- Retailers Kohl’s (KSS, -7%) and Bed Bath and Beyond (BBBY, -19%) each dropped sharply after reporting weak sales over the critical holiday shopping period.
Disclaimer: GAIN Capital UK Limited (trading as "Forex.com") is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, Forex.com does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by Forex.com or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although Forex.com is not specifically prevented from dealing before providing this material, Forex.com does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
For further details see our full non-independent research disclaimer and quarterly summary.