Key Market Insights September 1

7 min read

US Markets

Stock futures were flat overnight after markets saw further declines on Tuesday, extending the current losing streak to three days.

  • Chewy shares fell nearly 10% after hours, when the company lowered its earnings forecast for the rest of 2022.
  • All 11 sectors in the S&P 500 were down on Tuesday.
  • Losses were led by energy and utility companies.
  • The current 10 Year U.S. Treasury yield is set at 3.12120%
Market Price Move
Dow Jones 31,790.87 0.96%
S&P 500 3,986.16 -1.10%
Nasdaq 11,883.14 -1.12%
Russell 2000 1,885.59 -1.45%

 

Canadian Markets

Bank of Montreal on Tuesday said that it missed its revenue target for the third quarter due to a decrease in loans taken by consumers and a slump in its capital markets division.

  • Bank of Montreal’s net income fell 40% from Q3 2021 to Q3 2022.
  • Earnings per share were below expectations, coming in at $3.09.
  • While consumer loans fell, commercial loans were up by 16% year over year.
Market Price Move
TSX 19,512.90 -1.63%

 

European Markets

European stocks were mostly down on Tuesday despite a rise in German markets.

  • The Stoxx 600 fell 0.7% on the day. The index had climbed nearly 1% earlier in the session.
  • Basic resource stocks were down 3%, leading the losses in the market.
  • Goldman Sachs predicts that the UK’s annual inflation rate could hit 22.4% in 2023 due largely to soaring energy prices.
Market Price Move
Euro STOXX 50 3,561.92 -0.24%
UK (FTSE 100) 7,361.63 -0.88%
Germany (DAX) 12,961.14 0.53%
France (CAC 40) 6,210.22 -0.19%

 

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Asian Markets

Stocks in Asia were mixed on Wednesday morning following a generally negative sentiment.

  • China’s Purchasing Managers Index for August was at 49.4, showing that production is still decreasing.
  • China’s Non-Manufacturing Purchasing Managers Index reached 52.6, which suggests that much of the contraction is coming from China’s manufacturing industry.
  • Tech stocks are falling this morning, with Alibaba losing more than 3% as the Hang Seng Tech Index is down almost 2%.
Market Price Move
S&P Asia 50 4,565.74 0.33%
Japan (Nikkei 225) 28,091.65 -0.37%
South Korea (KOSPI) 2,457.53 0.27%
China (Hang Seng) 19,871.00 -0.39%
India (SENSEX) 59,537.07 2.70%

 

Commodities

Oil prices were up slightly on Wednesday morning after seeing significant losses on Tuesday.

  • In Asian trading, U.S. West Texas Intermediate crude is up ~1% as investors are concerned about aggressive interest rate hikes in the U.S.
  • On Tuesday, U.S. West Texas Intermediate fell nearly 6%, while Brent Crude lost 5.9%.
  • Data shows that gasoline, oil, diesel, and jet fuel reserves all fell in the U.S. last week.
Market Price Move
Oil (NYSEARCA:OIL) 32.86 -4.28%
Gold (NYSEARCA:GLD) 160.51 -0.83%
Silver (NYSEARCA:SLV) 16.96 -1.91%
Corn (NYSEARCA:CORN) 27.09 -0.62%
Lumber (NASDAQ:WOOD) 76.88 -1.23%

 

Currency Exchange Rates

Currency Exchange Rates

The U.S. Dollar remained strong on Tuesday despite better-than-expected economic data from the US.

  • The Euro rose despite new data showing that inflation in Germany hit a 50-year high.
  • The U.S. Dollar Index is 108.71, just below its 20-year high of 109.48.
  • Traders estimate a 69% chance of a 75-basis point interest rate hike in September by the Fed.
Market Price Move
UK(GBP) £0.86 0.37%
Europe (EURO) €1.00 -0.24%
Canada (Canadian Dollar) $1.31 0.55%
Japan (Yen) ¥138.53 -0.04%

 

Cryptocurrency

Bitcoin prices were stable on Tuesday as the currency continued tracking equities.

  • Binance’s BNB chain now allows liquid staking to provide more liquidity for long-term crypto holders.
  • Fireblocks, a crypto custody company, has announced its expansion to the Solana network.
  • Nexo said it plans to spend another $50M to buy back its token.
Market Price Move
Bitcoin $20,360.10 0.42%
Ethereum $1,603.40 5.15%
Litecoin $54.50 2.81%
Bitcoin Cash $117.19 -2.02%

 

Good trading,
Chris Svorcik

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