Market News & Analysis
Equity Brief: US Indices Close Higher as Gold Hits a 6-Year High
Matt Weller, CFA, CMT July 19, 2019 4:21 AM
- US indices finished the day marginally higher and well off their intraday lows following a dovish speech by NY Fed President Williams, when he noted that it was “better to take a preventative approach than to wait for disaster.” Traders increased bets on a 50bps “double” rate cut later this month as a result.
- Financials (XLF) were the strongest sector on the day; Communication Services (XLC) were the weakest, dragged down by yesterday’s disappointing earnings from Netflix (NFLX, -10%).
- Gold surged to test $1445, its highest level in more than six years. Oil dropped 2% on the day, despite weakness in the US dollar.
- Stocks on the move:
- Morgan Stanley (MS) reported $1.33 in EPS, well above expectations of $1.17. The stock finished the day 1.5% higher.
- Microsoft reported better-than-expected earnings after the bell, though growth in its cloud computing division Azure fell to “just” 64%. The stock is trading up 1% after hours.
This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.
GAIN Capital Singapore Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the GAIN Capital group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), GAIN Capital Singapore Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact GAIN Capital Singapore Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.
In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither GAIN Capital Singapore Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.
GAIN Capital Singapore Pte. Ltd. is not under any obligation to update this report.
Trading CFDs and FX on margin carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit cityindex.com.sg for the complete Risk Disclosure Statement.
Cryptocurrencies are not legal tender currency and trading of derivatives on Cryptocurrencies are currently not covered under any regulatory regime in Singapore. Consequently, investors should be aware they do not have protection under the Securities and Futures Act (Cap. 289). Please ensure that you are fully aware of the risks.