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Market Brief: Indices Cap Off Fourth Straight Up Week in Record Territory
View our guide on how to interpret the FX Dashboard.
President Trump floated a “major” middle class income cut, though the market is skeptical about such a deal getting done. Speaking of deals getting done, optimistic comments from economic adviser Kudlow boosted risk appetite across the board today.
FX: The risk-sensitive Australian and New Zealand dollars were the strongest major currencies, with safe haven currencies like the Japanese yen and Swiss franc bringing up the rear. The pound caught a bid after Brexit party candidates vowed to stand down in over 40 districts.
US data: US retail sales beat expectations at +0.3% m/m, though “core” retail sales (excluding volatile auto purchases) came in below expectations at +0.2% m/m.
Commodities: Oil rallied nearly 2% on the day (a surprise drop in oil rigs certainly helped) while gold eased back about 0.5%.
US indices closed solidly higher on the day to hit fresh record highs.
Health Care stocks (XLV) were by far the strongest sector on the day, while Materials (XLB) brought up the rear.
See the key storylines and trends we’ll be watching in the coming week!
Stocks on the move:
Nvidia (NVDA) shed -3% on a weaker-than-expected outlook, even though the company’s Q3 earnings eclipsed analysts’ expectations.
WalMart (WMT) dipped -1% after missing revenue forecasts, though the company’s key online business grew 41%.
Applied Materials (AMAT) surged 9% after beating both earnings and revenue estimates.
Chinese retailer JD.com (JD, -0%) was essentially flat on the day despite easily beating analysts’ earnings estimates. The stock is up nearly 70% year-to-date.
* No major economic releases are scheduled for Monday’s Asian session*
Original from: www.forex.com
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