Market Brief: Indices Cap Off Fourth Straight Up Week in Record Territory
Matt Weller, CFA, CMT November 15, 2019 9:18 PM
See a summary of the top market themes and trends from today's US trading session!
View our guide on how to interpret the FX Dashboard.
- President Trump floated a “major” middle class income cut, though the market is skeptical about such a deal getting done. Speaking of deals getting done, optimistic comments from economic adviser Kudlow boosted risk appetite across the board today.
- FX: The risk-sensitive Australian and New Zealand dollars were the strongest major currencies, with safe haven currencies like the Japanese yen and Swiss franc bringing up the rear. The pound caught a bid after Brexit party candidates vowed to stand down in over 40 districts.
- US data: US retail sales beat expectations at +0.3% m/m, though “core” retail sales (excluding volatile auto purchases) came in below expectations at +0.2% m/m.
- Commodities: Oil rallied nearly 2% on the day (a surprise drop in oil rigs certainly helped) while gold eased back about 0.5%.
- US indices closed solidly higher on the day to hit fresh record highs.
- Health Care stocks (XLV) were by far the strongest sector on the day, while Materials (XLB) brought up the rear.
- See the key storylines and trends we’ll be watching in the coming week!
- Stocks on the move:
- Nvidia (NVDA) shed -3% on a weaker-than-expected outlook, even though the company’s Q3 earnings eclipsed analysts’ expectations.
- WalMart (WMT) dipped -1% after missing revenue forecasts, though the company’s key online business grew 41%.
- Applied Materials (AMAT) surged 9% after beating both earnings and revenue estimates.
- Chinese retailer JD.com (JD, -0%) was essentially flat on the day despite easily beating analysts’ earnings estimates. The stock is up nearly 70% year-to-date.
* No major economic releases are scheduled for Monday’s Asian session*
StoneX Financial Ltd (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.