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Market Brief: Stocks Shrug Off US-China Trade Deal Hopes
*Please note that the post-US session version of the Market Brief report will be on hiatus until next week given upcoming travel.*
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Overnight headlines about the US potentially removing the September round of tariffs in order to secure a Phase One trade deal with China boosted risk appetite in early trade, though that optimism had generally faded by the close.
US data: The ISM Non-Manufacturing PMI report printed at 54.7, above expectations for a 53.5 reading. The Employment component also improved over last month to hit 53.7.
FX: The Australian dollar was the strongest major currency today, while the safe haven Japanese yen and Swiss franc brought up the rear. In a sign of optimism over a potential US-China trade deal, USD/CNH slipped below 7.00.
Commodities: Gold shed nearly -2% to trade back below the $1500 level, while oil tacked on more than 1% today.
US indices closed narrowly mixed on the day after trading higher in the early afternoon.
Financials (XLF) were the strongest sector on the day; REITs (XLRE) were the weakest.
Stocks on the move:
Uber (UBER) shed -10% after announcing another quarterly loss. Analysts have noted that the insiders’ “lock up” periods on selling the stock expire tomorrow, potentially opening the door for another leg lower.
Peloton (PTON), another recent IPO, fell -8% in the wake of its first earnings report which showed a loss of -$1.29, far below -$0.40 expected.
Chesapeake Energy (CHK) dropped -18% after reporting worse-than-expected loss and revenue figures.
Shake Shack (SHAK) announced it would temporarily close some locations for remodeling, dragging the stock down -21% on the day.
Original from: www.forex.com
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