Market Brief: Choppy Trade Across Markets After Wednesday’s Wreck
Matthew Weller | Aug 16, 2019 04:38AM ET
- FX: The pound was the strongest major currency on the day, while the safe-haven Swiss franc was the weakest.
- US Data: Perhaps due to Amazon's (NASDAQ:AMZN) big two-day “Prime Day,” promotion, July Retail Sales came in better than expected at +0.7% m/m vs. +0.3% eyed; Core retail sales was even stronger at +1.0% m/m. Both the Philly and Empire regional surveys also beat expectations. July Industrial Production figures came in a bit soft at -0.2% vs. +0.1% eyed.
- The Bank of Mexico joined the global easing party by cutting interest rates 0.25%, leading to a touch of strength in the peso.
- Commodities: Gold ticked higher (see our analysis of the correlation breakdown between gold and bitcoin ) on the day while oil dipped about 1%
- US indices closed mixed in a choppy trading day as bond yields fell once again.
- Consumer Staples (NYSE:XLP) led the way higher on the day, while energy stocks (NYSE:XLE) were the weakest sector.
- General Electric (NYSE:GE) dumped more than 11% after the whistleblower for Bernard Madoff’s Ponzi scheme accused the company of shoddy bookkeeping.
- Cisco (NASDAQ:CSCO) dropped nearly 9% after a disappointing earnings report.
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Walmart (NYSE:WMT) surged 6% after a strong earnings report, putting the stock within striking distance of its record high.
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