Market Brief US Stocks Dip Alongside European Currencies in Quiet Trade

Matt Weller
By :  ,  Head of Market Research

Market Brief: US Stocks Dip Alongside European Currencies in Quiet Trade

  • The latest news in the US-China trade war is that the US is unlikely to extend waivers for companies to do business with Chinese handset maker Huawei.
  • FX: The kiwi was the strongest major currency on the day, while the Swiss franc brought up the rear. We’re also keeping a close eye on the breakdown in EUR/USD.
  • This morning’s US data came out almost exactly as expected across the board: Q2 GDP (3rd reading) came in at 2.0% as anticipated, Weekly jobless claims printed at 213k vs. 212k eyed, and August trade balance was -72.8B vs. -73.4B expected, and pending home sales beat at 1.6% vs. 1.0% anticipated.
  • Commodities: Gold and oil were essentially flat on the day.
  • Cryptoassets took another leg lower today, with market benchmark Bitcoin briefly breaking below $8,000 before recovering back above that level as of writing.
  • US indices edged lower in quiet trade today.
  • REITs (XLRE) were the strongest sector on the day while Energy stocks (XLE) were the weakest.
  • Stocks on the move:
    • Beyond Meat (BYND) tacked on 12% after McDonald’s (MCD, +0%) announced it would be testing Beyond burgers in Ontario.
    • Rite Aid Corporation (RAD) tacked on 3% after reporting better-than-expected Q2 earnings.
    • Peloton (PTON) dropped -11% in its first of trading as a public company.

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