US Markets U.S. stock futures were down overnight after another negative trading day for U.S. equities on Thursday. - The leading indexes are all on track for major losses. So far this week, the Dow is down 3.7%, the S&P has lost 4.1%, and the Nasdaq has dropped 4.6%.
- FedEx lost over 15% overnight after the company lowered its financial projections and announced a series of cost-cutting measures to deal with the negative macroeconomic environment.
- The current 10 Year U.S. Treasury yield is set at 3.44990%
| Dow Jones | 30,961.82 | -0.56% | | S&P 500 | 3,901.35 | -1.13% | | Nasdaq | 11,552.36 | -1.43% | | Russell 2000 | 1,825.23 | -0.72% | *Stock Market data as of the last closing bell. Data received directly from the reference indexes through ICE Data Services. Do you not understand any of these figures? Check out our explainer.
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Canadian Markets After the MLS Home Price Index fell 1.6% from July to August, home sales activity in Canada has now fallen for six consecutive months. - Home sales were up in Toronto but fell in all other major markets, including Vancouver, Calgary, and Edmonton.
- Despite the decline, house prices are still up 7.1% compared to a year ago, as prices rose significantly in Fall 2021.
- The rise in interest rates from 0.25% at the start of 2022 to 3.25% is a major reason for the drop in housing prices since February.
*Canadian stock prices are as of the last close. Data received directly from the references indexes through ICE Data Services
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European Markets European stocks were down on Thursday following the negative global investor sentiment. - The Stoxx 600 was down 0.6% on the day but was volatile. It started the day up, then fell, and later rebounded to recover some of its losses.
- Bank stocks led markets with a 1.71% increase and the Euro Zone Bank Index rose to its highest mark in over three months. Morgan Stanley believes European banks could gain 40% next year.
- Germany's Kion Group, a leading supplier of forklifts and warehouse equipment, fell almost 10% on Thursday and 25% on Wednesday after predicting losses this quarter due to supply chain issues and high energy costs. Its futures are also negative ahead of Friday's open.
| Euro STOXX 50 | 3,541.79 | -0.72% | | UK (FTSE 100) | 7,282.07 | 0.07% | | Germany (DAX) | 12,956.66 | -0.55% | | France (CAC 40) | 6,157.84 | -1.04% | *European stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.
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Asian Markets Asian markets were mixed on Thursday as stocks in the Chinese mainland continue to struggle amid an increase in COVID-19 cases. - Both the Shanghai Composite (-1.2%) and the Shenzhen Component (-2.1%) indexes were down on the day.
- As analysts had expected, China did not change its medium-term leading rate, which remained at 2.75%.
- Unemployment in Australia rose in August to 3.5%.
- Japan had a record trade deficit in August as its exports increased by 22.1% year over year, but its imports rose 49.9%.
| S&P Asia 50 | 4,288.64 | -2.93% | | Japan (Nikkei 225) | 27,875.91 | 0.21% | | South Korea (KOSPI) | 2,401.83 | -0.40% | | China (Hang Seng) | 18,930.38 | 0.44% | | India (SENSEX) | 59,934.01 | -0.68% | *Asian stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.
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Commodities Gold hit a two-year low on Thursday as investors continue to use the U.S. Dollar as a safe haven. - Spot gold fell 1.9% on Thursday, while U.S. gold lost 2.1%.
- Platinum, Silver, and Palladium were all down as well.
- Analysts are crediting the decrease in gold prices to the rise in the U.S. Dollar and interest rates.
| Gold (NYSEARCA:GLD) | 154.98 | -1.87% | | Silver (NYSEARCA:SLV) | 17.63 | -2.06% | | Corn (NYSEARCA:CORN) | 27.03 | -0.99% | | Lumber (NASDAQ:WOOD) | 72.67 | -1.46% | *Commodity prices are as of 7am ET. Data from MarketWatch. To understand why investors track the prices of these commodities, click here.
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Currency Exchange Rates The U.S. Dollar was flat on Thursday after new data showed an unexpected rise in retail sales in the U.S. - U.S. data also showed a decrease in weekly jobless claims.
- The U.S. Dollar Index is currently at 109.64, close to its 20-year high.
- The U.S. Dollar fell against the Swiss Franc after the Swiss National Bank removed its minimum exchange rate for the Franc against the Euro.
| UK(GBP) | £0.87 | 0.45% | | Europe (EURO) | €1.00 | -0.08% | | Canada (Canadian Dollar) | $1.32 | 0.63% | | Japan (Yen) | ¥143.36 | -0.73% | *Exchange rates as of 7 am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them, click here.
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Cryptocurrency Ethereum was down significantly after the completion of the Merge. - This comes after a long stretch outpacing Bitcoin, gaining 70% in July to Bitcoin's 27% and losing 9% in August to Bitcoin's 17%.
- The general negative trend in the cryptocurrency market continues with cryptocurrencies moving parallel to the Nasdaq, which also fell.
- Analysts expect higher trade volumes as investors adjust their positions in the industry now that the trades based on the Ethereum Merge are closed.
| Bitcoin | $19,714.00 | -2.28% | | Ethereum | $1,474.44 | -10.03% | | Litecoin | $56.31 | -6.46% | | Bitcoin Cash | $117.75 | 0.18% | *Exchange rates as of 7 am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them, click here.
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 |  | Liam Gill is a founder, lawyer and investor.
He previously founded Fumarii Technologies, which became a top 20 ranked cloud computing service (Yahoo Finance! 2019) valued at over $30M. He holds an LLB Laws (UK), MSc Management and Master of Laws and currently practices law in Vancouver, Canada.
|   | | Editor | Eduardo Garcia is a writer and editor based in New York. He is the author of "Things You Can Do," an illustrated book about climate action. Bylines in The New York Times, The Guardian, Slate, Scientific American, and others. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade. | |
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