Market Brief: Slight Risk Aversion Ahead of NFP
Matt Weller, CFA, CMT October 31, 2019 4:12 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.
- Markets saw a bit of risk aversion as traders digest Fed Chairman Powell’s mixed comments yesterday and looked ahead to tomorrow’s NFP report. Cautious comments from China about a potential comprehensive trade deal also contributed to the risk-off tone.
- FX: The safe haven Japanese yen was the strongest major currency on the day. The commodity-linked Canadian and Australian dollars were the weakest majors.
- Commodities: Oil dropped nearly 2% on the day while gold tacked on more than 1%.
- US indices closed lower on the day despite a late rally into the close.
- Utilities (XLU) were once again the strongest sector, while Materials (XLB) brought up the rear.
- Stocks on the move:
- Both Apple (AAPL) and Facebook (FB) gained 2% today reporting solid earnings after the bell yesterday.
- Social media company Pinterest (PINS) beat expectations for users, but missed on revenues. The stock is tanking in after-hours trade, down -19% as of writing.
- Chinese search giant Alibaba (BABA, -1%) is set to report earnings before the opening bell tomorrow. Exxon (XOM, -0%) and Chevron (CVX, -0%) also report ahead of the open.
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