Key Market Insights September 10

8 min read

US Markets

U.S. stock futures were largely flat overnight after finishing in the green on Thursday following a volatile session.

  • Docusign is up nearly 20% overnight after significantly outperforming its earnings expectations.
  • U.S. equities are on track to end a three-week losing streak. So far this week, the Dow has risen 1.45%, Nasdaq has gained 1.99%, and the S&P 500 is up 2.09%.
  • The current 10 Year US Treasury yield is set at 3.32880%
Market Price Move
Dow Jones 31,774.52 0.61%
S&P 500 4,006.18 0.66%
Nasdaq 11,862.13 0.60%
Russell 2000 1,846.91 0.81%

 

Canadian Markets

Prime Minister Justin Trudeau was scheduled to present his plan to soften the impact of inflation on low-income citizens on Thursday but the event was postponed following the death of the Queen of the United Kingdom.

  • One aspect of the plan that has been leaked is a six-month increase in GST rebates, which will see all GST checks doubled during that time.
  • The Liberal government has already promised to provide a one-off payment of $500 to those participating in the Canadian House Benefit.
  • The Liberal budget also included funds for a nationwide dental-care plan.
  • Both measures were reportedly part of the plan that Trudeau was slated to announce on Thursday.
Market Price Move
TSX 19,413.00 0.89%

 

European Markets

European stock markets rose on Thursday following an interest rate hike from the European Central Bank.

  • The Stoxx 600 finished the day up 0.5%. The index fell in early trading before picking up once U.S. markets opened.
  • Banking stocks rose 2.3% to lead markets, while financial service stocks gained 1.2%.
  • Retail stocks dragged down markets, falling 1.5%.
Market Price Move
Euro STOXX 50 3,512.38 0.29%
UK (FTSE 100) 7,262.06 0.33%
Germany (DAX) 12,904.32 -0.09%
France (CAC 40) 6,125.90 0.33%

 

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Asian Markets

Stocks in Asia were up on Thursday, ahead of the release of China’s inflation data today.

  • China recorded a 2.5% inflation rate for the month of August, down from 2.7% in July. Analysts expected the inflation rate to increase from the previous month.
  • Economists are concerned about China’s growth and economic outlook, following negative news regarding its productivity and trade performance last month.
Market Price Move
S&P Asia 50 4,302.38 -0.21%
Japan (Nikkei 225) 28,212.21 0.52%
South Korea (KOSPI) 2,384.28 0.33%
China (Hang Seng) 18,893.65 0.21%
India (SENSEX) 59,688.22 1.12%

 

Commodities

Crude oil prices were up slightly on Thursday, rebounding from the seven-month low hit on Wednesday.

  • According to the Energy Information Administration, U.S. crude oil stocks increased by 9 million barrels last week.
  • A Reuters poll had forecasted a 250,000 barrel increase but a surge in imports caused the figure to be significantly higher.
  • Brent crude was up 1.3% on Thursday and U.S. West Texas Intermediate gained 2%.
Market Price Move
Oil (NYSEARCA:OIL) 29.54 1.62%
Gold (NYSEARCA:GLD) 158.98 -0.60%
Silver (NYSEARCA:SLV) 17.03 0.18%
Corn (NYSEARCA:CORN) 26.75 -0.30%
Lumber (NASDAQ:WOOD) 73.85 -0.54%

Currency Exchange Rates

The U.S. Dollar continued to rise on Thursday.

  • Both the U.K. Pound and the Euro fell significantly after news of the Queen’s death.
  • In a speech at the Cato Institute conference, Fed chairman Jerome Powell said he is committed to fighting inflation.
  • The European Central Bank announced a 75-basis point interest rate hike.
Market Price Move
UK(GBP) £0.87 -0.35%
Europe (EURO) €1.00 -1.51%
Canada (Canadian Dollar) $1.31 -0.77%
Japan (Yen) ¥143.69 0.38%

 

Cryptocurrency

Cryptocurrencies were up on Thursday, moving in line with U.S. equities.

  • A White House report expressed concerns about Bitcoin mining counteracting many of the environmental policies of the current administration.
  • Bitcoin’s trading volume remains suppressed while Ether’s trading volume is higher than normal.
  • QCP, a crypto trading firm, claims that while many expect a drop in the supply of Ether following the Ethereum Merge, low network usage may prevent such a reduction.
Market Price Move
Bitcoin $19,344.40 2.81%
Ethereum $1,633.46 0.24%
Litecoin $58.21 1.59%
Bitcoin Cash $126.58 12.85%

 

Good trading,
Chris Svorcik

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