Market News & Analysis


Market Brief: Stock Indices Finish the Day at Breakeven AGAIN


View our guide on how to interpret the FX Dashboard.

  • A set of balanced speeches from Fed policymakers has pushed traders to expect no changes to US interest rates through December 2020, and the US dollar predictably finished in the middle of the major currency pack today.
  • FX: The safe have Japanese yen was the strongest major currency today, while the risk-sensitive Australian and New Zealand dollar were the weakest performers on the day.
  • US data: US PPI came in a tick hotter than expected at +0.4% m/m; Core PPI was also stronger at +0.3%. Initial jobless claims were higher than anticipated at 225k.
  • Commodities: Gold rallied on falling yields while oil dipped today.
 
  • US indices closed mixed, fitting the theme of choppy, lackluster trading that we’ve seen throughout the week. The Dow has now closed +/- 0.01% on three of the first four days this week.
  • REITs (XLRE) were the strongest sector on the day; Energy (XLE) was the weakest, falling along with oil prices.
  • Stocks on the move:
    • Canopy Growth Corporation (CGC) reported dismal earnings, with losses more than twice as large as analysts were expecting amidst slowing same-store sales growth. The stock fell -14% on the day, dragging down the broader industry of cannabis-focused Canadian firms.
    • Nvidia (NVDA, +1%) is set to report earnings as we go to press and will be a key bellwether for growth in the broader tech sector.

From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. 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. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.

As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.