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Major Indices See Worst 2-Day Start To A Quarter Since 2008

Published 10/03/2019, 02:54 AM
Updated 07/18/2024, 03:38 AM
AUD/USD
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USD/CAD
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XAU/USD
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GM
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F
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ETFC
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SCHW
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JNJ
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GC
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CL
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AMTD
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XLE
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XLRE
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Daily % Candles

  • 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 Cash Indices % Change

  • US indices closed sharply lower on the day, marking the worst 2-day start to a quarter since 2008 (see here and here for more)
    • All sectors fell on the day, with REITs (Real Estate Select Sector SPDR (NYSE:XLRE)) falling the least and Energy stocks (XLE (NYSE:XLE)) losing the most ground.

  • Stocks on the move:

    • Online brokers extended yesterday’s drop asTD Ameritrade Holding Corporation (NASDAQ:AMTD) (TD, -3%) followed Charles Schwab (NYSE:SCHW, -3%) in cutting commissions for online trades to $0. All eyes now turn to E-TRADE Financial Corporation (NASDAQ:ETFC) (ETFC, -4%)

    • Ford Motor Company (NYSE:F) (F, -3%) and General Motors (NYSE:GM, -4%) both fell after reporting weak quarterly auto sales figures.

    • Johnson & Johnson (NYSE:JNJ) 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.

  • Economic Calendar

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