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US Markets: Broader indices in the United States traded in red - particularly, the S&P 500 index traded 26.70 points or 0.81 per cent lower at 3,288.87, Dow Jones Industrial Average Index contracted by 112.24 points or 0.41 per cent lower at 27,175.94, and the technology benchmark index Nasdaq Composite traded lower at 10,818.36, down by 145.28 points or 1.33 per cent against the previous day close (at the time of writing, before the US market close at 12:30 PM ET).
US Market News: The Wall Street traded in the red as covid-19 cases continue to surge in the US. The US Manufacturing PMI was 53.5 for September 2020 which was above expected PMI of 53.1. The US Services PMI was 54.6 in September 2020 against expected PMI of 54.7. Among the gaining stocks, Nike surged by close to 8.8 percent after the company reported revenue above the market’s expectation and its online sales surged by nearly 82 percent. Lululemon moved up by around 2.7 percent after the company started the stock buyback programme that was suspended due to covid-19. Shares of KKR gained about 1.8 percent after the reports that it would buy 1-800 Contacts. Johnson & Johnson was up by around 1.2 percent after its clinical trial candidate entered the last stage of covid-19 vaccine testing. Among the losing stocks, KB Homes fell by nearly 5.4 percent after the company reported quarterly profits of 83 USD cents per share that were above the market’s expectation. General Mills was down by nearly 0.6 percent, although it reported better than expected revenue following the resilient demand for at-home packaged food. Shopify was down by around 0.1 percent after it reported a data breach that has affected close to 200 merchants on its platform.
US Stocks Performance*
European News: The UK and European markets traded in the green amid the fears of the UK breaching the Brexit treaty. The UK Manufacturing PMI was 54.3 for September 2020 that was above the expected PMI of 54.1. Meanwhile, the UK’s Composite PMI was 55.7 for September 2020 that was below the expected Composite PMI of 56.3. Among the gaining stocks, LoopUp moved up around 8.6 percent after the company reported revenue growth of 43 percent year on year in H1 FY20. JD Sports led the FTSE-100 gain, which was up by nearly 4.1 percent. 888 Holdings gained close to 1.9 percent after reports that Jonathan Mendelsohn would be named as the chairman of the company. Among the decliners, shares of Xeros Technology were down by about 1.9 percent after the company reported a delay in the launch of the products. Trackwise Designs was down by close to 0.6 percent although the company reported year on year growth in H1 FY20 revenue. Tesco slipped by around 0.4 percent after its CEO stated not to panic buy groceries after new government restrictions.
European Index Performance*:
FTSE 100 Index One Year Performance (as on 23 September 2020)
1 Year FTSE 100 Chart (Source: EODHD/Others, Thomson Reuters)
Top 3 Volume Stocks in FTSE 100*: Lloyds Banking Group Plc (LLOY); International Consolidated Airlines Group SA (IAG); Barclays Plc (BARC).
Top 3 Sectors traded in green*: Consumer Cyclicals (+2.77%), Financials (+2.66%) and Industrials (+2.37%).
London Stock Exchange: Stocks Performance (at the time of writing)
Crude Oil Future Prices*: Brent future crude oil (future) price and WTI crude oil (future) price were hovering at $41.73/barrel and $39.88/barrel, respectively.
Gold Price*: Gold price was quoting at US$1,869.70 per ounce, down by 1.99% against the prior day closing.
Currency Rates*: GBP to USD: 1.2734; EUR to GBP: 0.9166.
Bond Yields*: US 10-Year Treasury yield: 0.681%; UK 10-Year Government Bond yield: 0.224%.
*At the time of writing
