Market Brief: Cable Clobbered, BYND Busted
Matt Weller, CFA, CMT July 29, 2019 4:56 PM
See a summary of the top themes and trends that FX and Equity traders were watching in today's US session!
- 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%)
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