Market Brief Major Indices See Worst 2Day Start to a Quarter Since 2008

FX: The safe haven Japanese yen was the strongest major currency on the day, while the oil-sensitive loonie fell the most, reaching a 1-month low against the US dollar. Meanwhile, AUD/USD continues to probe its lowest levels since the Great Financial Crisis.
US data: The September ADP Employment report printed at 135k vs. 140k eyed, though there were substantial negative revisions to the previous month’s report.
Commodities: Gold gained 1% while oil slumped -2% in its ninth consecutive loss as oil inventories rose by more than expected.

US indices closed sharply lower on the day, marking the worst 2-day start to a quarter since 2008 (see here for more)
All sectors fell on the day, with REITs (XLRE) falling the least and Energy stocks (XLE) losing the most ground.
Stocks on the move:
- Online brokers extended yesterday’s drop as TD Ameritrade (TD, -3%) followed Charles Schwab (SCHW, -3%) in cutting commissions for online trades to $0. All eyes now turn to E-Trade (ETFC, -4%)
- Ford (F, -3%) and General Motors (GM, -4%) both fell after reporting weak quarterly auto sales figures.
- Johnson and Johnson bucked the broader selling trend to gain 2% after the company cut a deal to avoid a trial over its involvement in the opioid epidemic.

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