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Market Brief: Oil Gives Back 6% Of Yesterday’s Big Surge

ByMatthew Weller
Published 18/09/2019, 06:37
Updated 09/07/2023, 11:31
Daily % Candles

  • FX: The euro and pound were standout performers in today’s trade, rising by at least 0.5% against all their major rivals. The loonie was among the worst-performing major currencies as oil prices fell and manufacturing sales slumped -1.3%.

  • Commodities: Oil fell -6% on headlines that Saudi output would return to normal levels quicker than initially thought (by the end of the month). Gold was flat on the day.
    • US Cash Indices % Change

  • US indices closed marginally in the green on the day, led by the tech-heavy Nasdaq index.

  • Energy (XLE (NYSE:XLE)) went from first to worst in sector performance today, while REITs (XLRE) led the way higher.

  • Stocks on the move:

  • The highly-anticipated IPO from “The We Company” (WeWork) was postponed until at least October.

  • Glass manufacturer Corning (GLW) dumped -6% after cutting its full-year outlook.

  • FedEx (NYSE:FDX) is down roughly -8% in after-hours trade after cutting its earnings forecast for next year.

    • Economic Calendar

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