Market Brief Oil Gives Back 6 of Yesterdays Big Surge

Matt Weller
By :  ,  Head of Market Research

  • FX: The euro and pound were standout performers in today’s trade, rising by at least 0.5% against all their major rivals. The loonie was among the worst-performing major currencies as oil prices fell and manufacturing sales slumped -1.3%.
  • Commodities: Oil fell -6% on headlines that Saudi output would return to normal levels quicker than initially thought (by the end of the month). Gold was flat on the day.

  • US indices closed marginally in the green on the day, led by the tech-heavy Nasdaq index.
  • Energy (XLE) went from first to worst in sector performance today, while REITs (XLRE) led the way higher.
  • Stocks on the move:
    • The highly-anticipated IPO from “The We Company” (WeWork) was postponed until at least October.
    • Glass manufacturer Corning (GLW) dumped -6% after cutting its full-year outlook.
    • FedEx (FDX) is down roughly -8% in after-hours trade after cutting its earnings forecast for next year.

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