News

US Stock Futures Fall Post the First Presidential Debate

Equities

Major US stock index futures fell sharply post the first US presidential debate. It is still too early to decide on the impact, but it looks like investors aren't happy with the performance of both. On the other hand, the optimism over COVID19 treatment kept losses in check. Regeneron Pharmaceuticals, an American biotechnology company, stated that its COVID19 treatment reduced viral levels and improved symptoms, but this wasn't enough to avoid losses. The Dow Jones Industrial Average futures declined to 27037, the S&P500 futures dropped to 3290, and Nasdaq futures plunged to 11166.

Dollar

The dollar index, which measures the greenback against a basket of major currencies, trimmed losses and rose to 94.04 as the market continued to digest the first US Presidential debate. The debate was fierce, but none of the candidates was able to walk away with a significant advantage. Market participants will shift their focus to US jobs data to have more insight into the labor market recovery. The EURUSD fell to $1.1720, and the GBPUSD dipped to $1.2805.

Metals

Precious metal prices surrendered partial gains as the dollar recovered. The price of a gold ounce fell to $1884 after testing $1899, the price of a silver ounce tumbled to $23.65, while palladium futures hovered near $2325.

Oil

Oil prices settled in a narrow range following yesterday's decline. The resurgence of COVID19 is fueling oil demand concerns. On the other hand, the private oil inventories survey suggested that inventories fell by 0.831 million barrels. The official numbers will be published later today by the US Energy Information Administration. The West Texas Intermediate crude November delivery is trading near $39, and Brent blend December delivery is trading slightly above $41.

Major Economic Events

GMT Country Event Expectation Previous

12:15

US

 ADP Nonfarm Employment Change (Sep)

605

428

12:30

US

 GDP (QoQ) (Q2)

-31.7%

-31.7%

12:30

CA

 GDP (MoM) (Jul)

3.00%

6.5%

14:00

US

 Pending Home Sales (MoM) (Aug)

3.2%

5.9%

14:30

US

 Crude Oil Inventories

-2.325

-1.639

 

CFDs and Spot FX are complex instruments and come with a high risk of losing money rapidly due to leverage. 78.03% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs and Spot FX work, and whether you can afford to take the high risk of losing your money. Read More
Read More
Mail Call Chat