Market News & Analysis

Market Brief: US Shrug Off AMZN’s Miss, Approach Record Highs


View our guide on how to interpret the FX Dashboard.


  • US officials struck an optimistic tone on the “Phase One” trade deal with China, noting that they were close to finalizing some sections of the agreement following a call between the two trade teams.
  • The EU and UK remain at loggerheads over a possible Brexit extension, with each side waiting for the other to clarify its position before making a decision – watch for fireworks over the weekend and early next week!
  • FX: The Canadian dollar was the strongest major currency on the day, while the New Zealand dollar brought up the rear.
  • Commodities: Oil gained nearly 1% today. Gold was essentially flat.
  • Bitcoin and other cryptoassets surged more than 10% after Chinese President Xi Jinping endorsed blockchain technology.
 
  • US indices closed solidly higher in a risk on day, within striking distance of July’s record highs.
  • Technology (XLK) was the strongest major sector again today, gaining more than 1%. REITs (XLRE) were the weakest with a more than -1% loss.
  • Stocks on the move:
    • Intel (INTC) gained 8% following an earnings “trifecta” (beat on profits, revenues, and raised guidance).
    • Amazon (AMZN) gapped sharply lower but ultimately closed down just -1% after missing on both earnings and guidance after the bell yesterday.

*There are no high-impact macroeconomic events scheduled for release during Monday’s Asian session trade.



Join our live webinars for the latest analysis and trading ideas. Register now

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.

For further details see our full non-independent research disclaimer and quarterly summary.