Market Brief: Slight Risk Aversion Ahead of NFP
Matt Weller, CFA, CMT October 31, 2019 8:12 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.
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.