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A daily market update from FS Insight — what you need to know ahead of opening bell "Culture, opportunity, & rewards retained our folks, not some lousy contract." — Dug Song, co-founder of Cisco-acquired cybersecurity firm Duo Security, in an X post about why his company never used noncompete agreements, which the FTC has moved to ban OVERNIGHT Biden signs foreign aid bill, clearing way for more military gear for Ukraine (WSJ)...

A daily market update from FS Insight — what you need to know ahead of opening bell “You can bet against the U.S. political system. Don’t bet against the U.S. economy.” _— _World Bank chief economist Indermit Gill OVERNIGHT The FTC bans noncompete contracts for most workers that restrict them from joining rivals (Axios) Tesla shares jumped ~12% despite missing Q1 earnings and revenue estimates and reiterating a pessimistic FY outlook, as...

It has been a challenging day for crypto prices, with $BTC giving back yesterday's gains to fall to $68.5k, $ETH declining to $3,500, and $SOL currently trading around $176. Most altcoins are also experiencing downturns. The lone standout among large cap crypto assets today is $TON, which is rallying on rumors of USDT launching on the TON Network. Equity indices also faced a drawdown earlier in the day, sliding after...

Crypto assets are building on the weekend’s gains. $BTC (+3.47%) eclipsed $72.7k this morning before paring gains to approximately $71.8k. $ETH (+5.58%) is showing relative strength today, gaining to $3,650, helping the ETHBTC ratio reclaim the .05 mark. Last week’s ETF net flows totaled $484 million, displaying the continued demand for exposure among traditional investors. Equity indices are relatively flat today, with the SPY and QQQ both gaining about 0.05%...

INFLOWS RESUME On Monday, market sentiments were rattled by a surprisingly strong manufacturing PMI figure, marking the first expansionary reading in 18 months. This led to a rise in rates, with risk assets across the board experiencing selloffs amid renewed inflation concerns and fears that the Federal Reserve might need to implement further measures to cool the economy. However, in our crypto comments video on Tuesday, we outlined a couple...

Despite March Non-Farm Payrolls blowing expectations out of the water (303k vs 214k exp.), equity indices are rebounding, with the SPY and QQQ gaining 1.23% and 1.50%, respectively. Although crypto assets held up during yesterday’s equity sell-off, they fell overnight, with $BTC (-1.06%) reaching the low $66,000s before rebounding to $67.7k at the time of writing. $ETH (-0.53%) is trading slightly above $3k as the ETHBTC ratio has fallen below .05%,...

The trading day began on a positive note, with rates decreasing and risk assets rallying following disinflationary pricing data from the latest ISM services PMI report. However, equity indices relinquished their gains and dipped into the red late in the trading session, influenced by comments from Fed President Neel Kashkari, which implied the Fed was concerned over persistently high inflation. Crypto rallied along with equities in the morning, and has...

Rates are continuing yesterday’s rise after ADP Employment showed 184k jobs vs. 150k expected. The US10Y hit a high of 4.3% before paring gains after March ISM Services data showed lower-than-expected prices, employment, and orders. U.S. equity indices are rebounding, with the SPY gaining 0.42% and the QQQ rising 0.60%. Crypto assets are showing more pronounced gains, with $BTC (+1.28%) reclaiming $66k and $ETH (+1.56%) rising above $3,300. Synapse ($SYN)...

Risk markets are experiencing a broad decline today, largely attributable to the surge in rates following the impressive PMI figures released yesterday. The US 10-year yield briefly reached 4.4%, marking its highest level since November. The crypto market was particularly affected in the early US hours today, with over $400 million in futures liquidations and $BTC moving from nearly $70k to just below $65k. Following suit, the wider crypto market...

The ISM Manufacturing Survey was released this morning, exceeding expectations and showing the first expansion since September 2022. The data has helped the DXY (+0.48%) surpass $105 and cause treasury yields to surge across the curve as investors rethink the potential timing and amount of rate cuts this year. Crypto assets are selling off to start the month, with $BTC (-3.28%) dropping to $68.8k and $ETH (-5.38%) falling below $3,450....