Market Brief: US Shrug Off AMZN’s Miss, Approach Record Highs
Matt Weller, CFA, CMT October 25, 2019 4:18 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.
- US officials struck an optimistic tone on the “Phase One” trade deal with China, noting that they were close to finalizing some sections of the agreement following a call between the two trade teams.
- The EU and UK remain at loggerheads over a possible Brexit extension, with each side waiting for the other to clarify its position before making a decision – watch for fireworks over the weekend and early next week!
- FX: The Canadian dollar was the strongest major currency on the day, while the New Zealand dollar brought up the rear.
- Commodities: Oil gained nearly 1% today. Gold was essentially flat.
- Bitcoin and other cryptoassets surged more than 10% after Chinese President Xi Jinping endorsed blockchain technology.
- US indices closed solidly higher in a risk on day, within striking distance of July’s record highs.
- Technology (XLK) was the strongest major sector again today, gaining more than 1%. REITs (XLRE) were the weakest with a more than -1% loss.
- Stocks on the move:
- Intel (INTC) gained 8% following an earnings “trifecta” (beat on profits, revenues, and raised guidance).
- Amazon (AMZN) gapped sharply lower but ultimately closed down just -1% after missing on both earnings and guidance after the bell yesterday.
*There are no high-impact macroeconomic events scheduled for release during Monday’s Asian session trade.
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.