Market Brief Another Round of Records as Focus Shifts to NFP

Market Brief: Another Round of Records as Focus Shifts to NFP

View our guide on how to interpret the FX Dashboard.

Investors shrugged off reports of rockets strikes near an Iraqi Air Force base to bid up risk assets for the second straight day.
Traders are shifting their eyes toward tomorrow’s always important Non-Farm Payrolls report, with expectations centered around a reading of about 160k jobs and a 0.3% m/m rise in wages – see our full report here.
FX: The strongest major currency on the day was essentially a tie between the Swiss franc, euro and US dollar. The weakest currency was the New Zealand dollar. The loonie also ticked lower after a round of disappointing Canadian data.
Commodities: Oil was essentially flat after yesterday’s dramatic bearish reversal while gold ticked about 0.5% lower on the day.

US indices closed solidly higher to set fresh record highs again today, with most of the move occurring at the open while afternoon trading was quiet. European indices finished higher, highlighted by Germany’s DAX rallying 1.3% to close at a fresh 2-year high.
Technology (XLK) was once again the strongest major sector on the day. REITs (XLRE) brought up the rear, though all sectors finished higher on the day.
Stocks on the move:
- Boeing (BA) bounced back 1.5% today as the most recent news suggests a missile may have taken down a flight in Iran earlier this week, rather than a mechanical issue with Boeing’s plane itself.
- Retailers Kohl’s (KSS, -7%) and Bed Bath and Beyond (BBBY, -19%) each dropped sharply after reporting weak sales over the critical holiday shopping period.

From time to time, StoneX Financial Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.

As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.

City Index is a trading name of StoneX Financial Pty Ltd.

The material provided herein is general in nature and does not take into account your objectives, financial situation or needs.

While every care has been taken in preparing this material, we do not provide any representation or warranty (express or implied) with respect to its completeness or accuracy. This is not an invitation or an offer to invest nor is it a recommendation to buy or sell investments.

StoneX recommends you to seek independent financial and legal advice before making any financial investment decision. Trading CFDs and FX on margin carries a higher level of risk, and may not be suitable for all investors. The possibility exists that you could lose more than your initial investment further CFD investors do not own or have any rights to the underlying assets.

It is important you consider our Financial Services Guide and Product Disclosure Statement (PDS) available at www.cityindex.com/en-au/terms-and-policies/, before deciding to acquire or hold our products. As a part of our market risk management, we may take the opposite side of your trade. Our Target Market Determination (TMD) is also available at www.cityindex.com/en-au/terms-and-policies/.

StoneX Financial Pty Ltd, Suite 28.01, 264 George Street, Sydney, NSW 2000 (ACN 141 774 727, AFSL 345646) is the CFD issuer and our products are traded off exchange.