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Market Brief: U.S. Stocks Dip Alongside European Currencies In Quiet Trade

ByMatthew Weller
Published 09/27/2019, 02:30 AM
Updated 07/09/2023, 06:31 AM
Daily % Candles

  • The latest news in the U.S.-China trade war is that the U.S. is unlikely to extend waivers for companies to do business with Chinese handset maker Huawei.

  • FX: The kiwi was the strongest major currency on the day, while the Swiss franc brought up the rear. We’re also keeping a close eye on the breakdown in EUR/USD

  • This morning’s U.S. data came out almost exactly as expected across the board: Q2 GDP (3rd reading) came in at 2.0% as anticipated, Weekly jobless claims printed at 213k vs. 212k eyed, and August trade balance was -72.8B vs. -73.4B expected, and pending home sales beat at 1.6% vs. 1.0% anticipated.

  • Commodities: Gold and oil were essentially flat on the day.

  • Cryptoassets took another leg lower today, with market benchmark Bitcoin briefly breaking below $8,000 before recovering back above that level as of writing.
    • US Cash Indices % Change

  • U.S. indices edged lower in quiet trade today.

  • REITs (XLRE) were the strongest sector on the day while Energy stocks (XLE (NYSE:XLE)) were the weakest.

  • Stocks on the move:

  • Beyond Meat Inc (NASDAQ:BYND) tacked on 12% after McDonald’s (NYSE:MCD, +0%) announced it would be testing Beyond burgers in Ontario.

  • Rite Aid Corporation (NYSE:RAD) tacked on 3% after reporting better-than-expected Q2 earnings.

  • Peloton (NASDAQ:PTON)(PTON) dropped -11% in its first of trading as a public company.

    • Economic Calendar

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