Key Market Insights October 5

8 min read

US Markets

Stock futures are up overnight, continuing the positive momentum after rising on the first day of trading for Q4 2022.

  • The S&P 500 (0.5%), the Nasdaq (0.75%), and the Dow (0.4%) are all expected to see gains when they open for trading.
  • Monday was the best day for the Dow since June 24, with the S&P 500 having its best day since July 27.
  • Today, markets will likely be impacted by data from the Bureau of Labor Statistics, which will release Job Opening and Labour Turnover numbers.
  • The current 10 Year U.S. Treasury yield is set at 3.64680%
Market Price Move
Dow Jones 29,490.89 2.66%
S&P 500 3,678.43 2.59%
Nasdaq 10,815.44 2.27%
Russell 2000 1,708.87 2.65%

 

Canadian Markets

Consumer confidence in Canada fell in September and is near record lows as Canadians continue to be concerned about the global economy’s health.

  • Only 14% of Canadians think the economy will improve in the next few months, according to the Bloomberg Nanos Canadian Confidence Index.
  • The index is currently at 46.5. Before 2022, it had only been below 50 at the start of the pandemic in 2020 and during the Great Recession in 2008 and 2009.
  • 26% of Canadians expect house prices to increase in the next six months.
  • Confidence seemed to be recovering in the summer, but in Canada, the U.S., and the EU it appears that the downturn in markets and continued high inflation have caused sentiment to fall again.
Market Price Move
TSX 18,881.19 2.37%

 

European Markets

Stocks in Europe were up on Monday but the market volatility from last week continued during the trading session.

  • The Stoxx 600 was down 1.4% on Monday morning before rebounding to gain 0.7% on the day.
  • Oil and gas stocks led gains with a 3.1% rise, while food and beverage stocks were the worst-performing as they fell 1.2%.
  • Credit Suisse lost 5% over concerns about the firm’s liquidity. Just Eat Takeaway dropped 5.9%, and Accelleron slumped 14% and was the worst-performing stock in the Stoxx 600 on its market debut.
Market Price Move
Euro STOXX 50 3,342.17 0.72%
UK (FTSE 100) 6,908.76 0.22%
Germany (DAX) 12,209.48 0.79%
France (CAC 40) 5,794.15 0.55%

 

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Asian Markets

Stocks in Asia were up on Tuesday morning after rising on Monday.

  • South Korea’s Kospi was up almost 2% in the first hour of trading after being closed on Monday for a national holiday.
  • Stocks in Australia gained 2.5% on Tuesday morning, ahead of an expected interest rate hike by the Reserve Bank of Australia.
  • Stock Exchanges in China (including Hong Kong) are closed for a national holiday.
Market Price Move
S&P Asia 50 3,859.40 0.21%
Japan (Nikkei 225) 26,812.24 2.28%
South Korea (KOSPI) 2,198.89 2.01%
China (Hang Seng) 17,079.51 -0.83%
India (SENSEX) 56,788.81 -1.11%

 

Commodities

Commodity prices increased significantly on Monday as investors, particularly short-term investors, bought oversold assets.

  • Spot gold was up 2.4%, while U.S. gold gained 2.2%.
  • Silver had its best day since 2008, gaining over 9% to hit its higher mark in over two months.
  • Palladium rose 2.8% and Platinum gained 4.9% as they also benefited from the market upswing.
Market Price Move
Gold (NYSEARCA:GLD) 158.43 2.43%
Silver (NYSEARCA:SLV) 19.10 9.14%
Corn (NYSEARCA:CORN) 27.13 0.33%
Lumber (NASDAQ:WOOD) 67.47 3.12%

 

Oil

Oil prices gained over 4% on Monday as OPEC+ is considering one of the most significant production cuts since the start of the pandemic.

  • Under the proposal, OPEC+ countries would cut output by over 1 million barrels per day.
  • Brent crude gained 4.4% on the news, while U.S. West Texas Intermediate crude rose 5.2%.
  • U.S. stockpiles are expected to have increased in the past week, but data to be released later this week will show whether the U.S. is in a good position to handle the supply decrease.
Market Price Move
Oil (NYSEARCA:OIL) 29.58 4.52%

 

Currency Exchange Rates

The U.S. Dollar was down on Monday as foreign markets surged, causing the dollar to fall relative to other currencies.

  • The British Pound was up as the U.K. cancelled its plan to remove the top income tax bracket and the country’s finance minister said he is working on a plan to reduce the national debt.
  • The Japanese Yen was down as the Japanese government hinted at another potential intervention to stabilize the currency.
  • The Euro rose despite data showing that manufacturing dropped in the Eurozone in September.
Market Price Move
UK(GBP) £0.87 -1.33%
Europe (EURO) €1.00 -0.24%
Canada (Canadian Dollar) $1.33 -1.48%
Japan (Yen) ¥143.25 0.9%

Good trading,
Chris Svorcik

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