Market Brief: Deluge of US Data Drives Indices to Fresh Records
Matt Weller, CFA, CMT November 26, 2019 9:36 PM
View our guide on how to interpret the FX Dashboard.
- Trade rhetoric was once again front and center, with China expressing optimism and noting that the ball is in the US’s court. For its part, the White House noted that the two sides are “really close” (indeed, in the “final throes”) but “sticking points” remain.
- OPEC is reportedly considering extending its recent production cuts for 3-6mos at next week’s highly-anticipated meeting.
- US data: Conference Board consumer confidence printed at 125.5, a tick below the 127 reading eyed ahead of the crucial holiday shopping season. New home sales beat expectations at 733k annualized. October’s goods trade balance showed a smaller deficit than expected (-$66.5B vs. -$71B) Wholesale inventories rose 0.2% as expected. The Richmond Fed manufacturing index fell to -1, well below the +5 reading expected.
- FX: The commodity dollars (AUD, NZD, and CAD) led the way higher today, while the British pound was the laggard on growing unease ahead of next month’s general election.
- Commodities: Both gold and oil edged higher on the day.
- US indices closed modestly higher, in all-time record territory once again.
- REITs (XLRE) were the strongest sector on the day, boosted by falling interest rates and a strong housing report. Energy (XLE) was the weakest sector, despite the rise in oil prices.
- Stocks on the move:
- Best Buy (BBY) surged 10% after beating earnings expectations and raising guidance ahead of the holiday season.
- On the other side of the retailer coin, Dollar Tree (DLTR) fell -15% today after missing earnings estimates.
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.