Market News & Analysis
Market Brief: Cable Continues Collapse, Apple Awaited
Matt Weller, CFA, CMT July 30, 2019 8:56 PM
- FX: The British pound was the weakest major currency for the second straight day as BoJo’s government continues to threaten a no-deal Brexit if a new agreement with the EU is not reached by October 31st. The Japanese yen ticked higher amidst general risk-off trade.
- AUD/USD declined for the 8th straight day to hit its lowest level in six weeks.
- US data: July consumer confidence surged to 135.7, well above expectations of a 125.0 reading. Core PCE inflation rose just 1.6% y/y, setting the stage for an interest rate cut from the Federal Reserve tomorrow.
- Commodities: Oil rallied over 2% on rumors surrounding Iran. Gold also gained ground again today.
- US indices closed marginally lower amidst unease about a lack of progress in US-China trade talks.
- Energy stocks (XLE) led the way, boosted by rising oil prices, while Utilities (XLU) brought up the rear in today’s trade.
- Stocks on the Move:
- Beyond Meat (BYND, -12%) remained on the back foot after announcing a secondary offering with yesterday’s earnings report.
- Capital One Financial (COF) fell 6% after the company revealed a hacker gained access to 100 million credit applications.
- Procter and Gamble (PG) tacked on 4% after reporting strong earnings and revenue figures.
- Apple (AAPL, -0%) is poised to report earnings after the bell – stay tuned to twitter for our coverage of the release!
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