CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open account
☰
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open account
✖

Market Brief Major Indices See Worst 2Day Start to a Quarter Since 2008

Article By: ,  Head of Market Research
October 2, 2019 5:03 PM
  • FX: The safe haven Japanese yen was the strongest major currency on the day, while the oil-sensitive loonie fell the most, reaching a 1-month low against the US dollar. Meanwhile, AUD/USD continues to probe its lowest levels since the Great Financial Crisis.
  • US data: The September ADP Employment report printed at 135k vs. 140k eyed, though there were substantial negative revisions to the previous month’s report.
  • Commodities: Gold gained 1% while oil slumped -2% in its ninth consecutive loss as oil inventories rose by more than expected.
 
  • US indices closed sharply lower on the day, marking the worst 2-day start to a quarter since 2008 (see here for more)
  • All sectors fell on the day, with REITs (XLRE) falling the least and Energy stocks (XLE) losing the most ground.
  • Stocks on the move:
    • Online brokers extended yesterday’s drop as TD Ameritrade (TD, -3%) followed Charles Schwab (SCHW, -3%) in cutting commissions for online trades to $0. All eyes now turn to E-Trade (ETFC, -4%)
    • Ford (F, -3%) and General Motors (GM, -4%) both fell after reporting weak quarterly auto sales figures.
    • Johnson and Johnson bucked the broader selling trend to gain 2% after the company cut a deal to avoid a trial over its involvement in the opioid epidemic.

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.

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

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFD and Forex Trading are leveraged products and your capital is at risk. They may not be suitable for everyone. Please ensure you fully understand the risks involved by reading our full risk warning.

City Index is a trading name of StoneX Financial Ltd. Head and Registered Office: 1st Floor, Moor House, 120 London Wall, London, EC2Y 5ET. StoneX Financial Ltd is a company registered in England and Wales, number: 05616586. Authorised and regulated by the Financial Conduct Authority. FCA Register Number: 446717.

City Index is a trademark of StoneX Financial Ltd.

The information on this website is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement.

© City Index 2024