Market Brief: Ho-Hum Day Concludes, Traders Eye AU CPI and Fed
October 29, 2019 4:01 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.
- The UK is honing in on a general election in the December 9-12 window, and with Conservatives sporting a comfortable lead in the polls, there’s optimism that a new majority could finally deliver Brexit. That said, UK polls have been proven wrong before, so the risk of a potential hung Parliament remains.
- FX: The aussie was the strongest major currency, while the loonie brought up the rear. All the other majors were quiet, moving less than 0.10% against one another.
- US data: Conference Board Consumer Confidence (Oct) came in at 125.9, a tick below expectations of 128.0. Pending Home Sales (Sept.) rose 1.5%, above 0.8% anticipate. The Case-Shiller home price index rose 2.03% y/y, roughly in-line with the 2.1% rise eyed.
- Commodities: Both gold and oil edged lower on the day.
- See our preview of tomorrow’s Federal Reserve meeting, as well as a twofer on tonight’s AU inflation report here and here.
- US indices finished a choppy day moderately lower as traders continued to digest earnings reports.
- Health care (XLV) was the strongest sector on the day; Communication Services (XLC) was the weakest.
- Stocks on the move:
- Beyond Meat (BYND) dumped -22% after reporting its first ever profit. It’s worth noting that the initial lockup on insiders selling shares expired today, so profit-taking undoubtedly played a big role in the stock’s selloff.
- Google parent company Alphabet (GOOG) shed -2% after reporting disappointing earnings after the bell yesterday.
- Grubhub (GRUB) dumped -43% as the company reported disappointing earnings amidst heavy competition. Five major analysts all downgraded the company’s stock.
- General Motors (GM) tacked on 4% after reporting better-than-expected earnings, despite a nearly $3B hit from the UAW strike.
- See our full preview ahead of Apple’s (AAPL) earnings report!
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 Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.