Market Brief Oil Gives Back 6 of Yesterdays Big Surge
See a summary of the top market themes and trends from today's US trading session!
Share this:
- 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.
- 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.
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 Sets Fresh Yearly High as EUR/USD Drops Dramatically, USD/JPY Stable
Well, it was a week of USD strength that wasn’t entirely pushed by USD/JPY, as a strong sell-off in EUR/USD has pushed the major pair to its most oversold state in a decade.
Dow Jones Slide Shows What Rate Hike Bets Mean for Stocks
The Dow Jones support breakdown shows rising bond yields and rate hike bets hitting U.S. stocks while tech giants prop up the Nasdaq.
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.
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.