The screens are showing nothing but red this morning, as of 8:15 am ET, as US futures and markets in Europe are all in negative territory. Overnight saw markets in Asia all close down. Gold is down on a stronger US dollar, while oil has reversed earlier losses and is flat.

In other news, Markets in Asia fell after the Fed said it will not seek to raise rates through 2023 and as the Bank of Japan held monetary policy steady on Thursday. In Europe, markets are down this morning in reaction to the news from the Fed and BoJ, and are catching up on the sell-off seen in US markets yesterday afternoon.

The Bank of England this morning announced it will hold interest rates steady and keep its bond purchasing program unchanged, giving the central bank two more months to decide whether to provide more stimulus to the UK economy. The centrank also hinted that it may consider cutting interest rates below zero for the first time in its history.

Automakers in Europe are down today after data showed European car sales plunged by nearly a fifth in August compared with last August. Over the first eight months of the year, EU demand for passenger cars tumbled by 32%.

Bloomberg has published an interesting article this morning on retail traders. It said retail traders, in some cases known as day traders, now account for 20% of equity trading, up from 15% last year.

Snowflake (SNOW) had its IPO yesterday, the largest ever for a software company. The stock traded as high as $320 and closed at $255, its initial price was $120 a share.
There was a slight uptick in overall market volumes yesterday as SPY traded 82 million shares and QQQ 42 million.

Fixed income saw buyers of high yield as the sector continues to be active. We also saw buyers of senior loan fund SRLN. There were sellers of emerging market bonds, as EBND and EMB traded above average.

Energy ETFs saw buyers as XLE, IYE and FENY all traded above average. Financials (XLF), Industrials (XLI), Technology (XLK) and Communications (XLC) also saw buyers. Consumer staples (XLB) and Utilities (XLU) saw sellers.

FlexShares Natural Resources ETF GUNR saw sellers yesterday, while trading over 2 million shares, 3x average.

Innovator’s new laddered buffer fund, BUFF, saw inflows yesterday and announced that it is launching the “Stacker” funds in October. The Stacker funds will offer multiple exposure on the upside, to a cap, with a single exposure to the downside.

The ETF JETS was flying yesterday, rising by almost 3% and reaching levels not seen since June. Watch this space today as travel stocks are trading down on conflicting vaccine news.

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