Market Brief A Terrible Horrible No Good Very Bad Day on Wall Street
See a summary of the top market themes and trends from today's US trading session!
Share this:
- The combination of USD/CNH rising through 7.00 (a move President Trump dubbed “currency manipulation…a major violation”) and news that China’s government has stopped US agricultural purchases led to big risk-off moves across the globe as markets price in the risk of a worsening trade/currency war.
- FX: The euro and Swiss franc were the strongest major currencies, while the trade-correlated Aussie brought up the rear.
- EUR/CHF is at 2-year lows, prompting some traders to speculate on the potential for the SNB to intervene in the market and sell the Swiss franc.
- Beyond China-related developments, traders will also look forward to New Zealand jobs data and the RBA in today’s Asian session trade.
- Commodities: Gold rallied again today, hitting a six-year high above 1470, while oil dropped 1% despite ongoing tensions in the Middle East.
- US indices bore the brunt of the selling pressure, losing roughly 3% on the day.
- Utilities (XLU) were the strongest sector, but still dumped nearly 2%. Technology stocks (XLK) were the weakest, losing over 4% on the day.
- Stocks on the Move:
- Apple (AAPL, -6%) and Visa (V, -5%) were the biggest contributors to the Dow’s drop today.
- Tyson Foods (TSN) gained 5% to buck the weakness in broader markets after reporting strong earnings.
- Cars.com (CARS) dumped nearly 35% after reporting weak earnings, cutting guidance, and announcing there were no new bidders for the company.
- The combination of USD/CNH rising through 7.00 (a move President Trump dubbed “currency manipulation…a major violation”) and news that China’s government has stopped US agricultural purchases led to big risk-off moves across the globe as markets price in the risk of a worsening trade/currency war.
- FX: The euro and Swiss franc were the strongest major currencies, while the trade-correlated Aussie brought up the rear.
- EUR/CHF is at 2-year lows, prompting some traders to speculate on the potential for the SNB to intervene in the market and sell the Swiss franc.
- Beyond China-related developments, traders will also look forward to New Zealand jobs data and the RBA in today’s Asian session trade.
- Commodities: Gold rallied again today, hitting a six-year high above 1470, while oil dropped 1% despite ongoing tensions in the Middle East.
- US indices bore the brunt of the selling pressure, losing roughly 3% on the day.
- Utilities (XLU) were the strongest sector, but still dumped nearly 2%. Technology stocks (XLK) were the weakest, losing over 4% on the day.
- Stocks on the Move:
- Apple (AAPL, -6%) and Visa (V, -5%) were the biggest contributors to the Dow’s drop today.
- Tyson Foods (TSN) gained 5% to buck the weakness in broader markets after reporting strong earnings.
- Cars.com (CARS) dumped nearly 35% after reporting weak earnings, cutting guidance, and announcing there were no new bidders for the company.
The complete CFD trading experience
Award-winning platforms, competitive spreads, low commissions and dedicated support.
We live and breathe the markets and are dedicated to helping traders realise their ambitions as we continue to set the industry bar.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
USD/CAD shooting star puts September surge on notice
USD/CAD has printed a clear bearish reversal pattern after an extraordinary September surge, but confirmation may depend heavily on how US Treasury yields react to Friday’s payrolls report.
USD/MXN Analysis: Is Super Peso Starting to Fade?
Over recent trading sessions, the Mexican peso has continued to show signs of weakness against the U.S. dollar. This can already be seen in USD/MXN, which has gained more than 1.7% over the last three sessions, highlighting sustained buying pressure in favor of the dollar in the short term.
Canadian Dollar Analysis: USD/CAD Returns to July Highs Ahead of NFP
The Canadian dollar continues to face one of its most challenging environments in recent months when it comes to maintaining strength against the U.S. dollar. The weakness of the Canadian currency is clearly reflected in USD/CAD, which has now recorded nine consecutive bullish sessions and gained more than 1.7% during that period.
StoneX Europe Ltd may make third party material available on this website which may contain information included but not limited to the conditions of financial markets. The material is for information purposes only and does not contain, and should not be construed as containing, investment advice and/or investment recommendation and/or an investment research and/or an offer of or solicitation for any transactions in financial instruments; any decision to enter into a specific transaction shall be made by the client following an assessment by him/her of their situation.
StoneX Europe Ltd makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. We are not under any obligation to update any such material. Any opinion made may be personal to the author and may not reflect the opinion of StoneX Europe Ltd.