Market News & Analysis
Market Brief: Deluge of US Data Drives Indices to Fresh Records
Matt Weller, CFA, CMT November 26, 2019 9:36 PM
View our guide on how to interpret the FX Dashboard.
- Trade rhetoric was once again front and center, with China expressing optimism and noting that the ball is in the US’s court. For its part, the White House noted that the two sides are “really close” (indeed, in the “final throes”) but “sticking points” remain.
- OPEC is reportedly considering extending its recent production cuts for 3-6mos at next week’s highly-anticipated meeting.
- US data: Conference Board consumer confidence printed at 125.5, a tick below the 127 reading eyed ahead of the crucial holiday shopping season. New home sales beat expectations at 733k annualized. October’s goods trade balance showed a smaller deficit than expected (-$66.5B vs. -$71B) Wholesale inventories rose 0.2% as expected. The Richmond Fed manufacturing index fell to -1, well below the +5 reading expected.
- FX: The commodity dollars (AUD, NZD, and CAD) led the way higher today, while the British pound was the laggard on growing unease ahead of next month’s general election.
- Commodities: Both gold and oil edged higher on the day.
- US indices closed modestly higher, in all-time record territory once again.
- REITs (XLRE) were the strongest sector on the day, boosted by falling interest rates and a strong housing report. Energy (XLE) was the weakest sector, despite the rise in oil prices.
- Stocks on the move:
- Best Buy (BBY) surged 10% after beating earnings expectations and raising guidance ahead of the holiday season.
- On the other side of the retailer coin, Dollar Tree (DLTR) fell -15% today after missing earnings estimates.
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.