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Bullish news continues following an upward revision of the U.S. Q3 GDP to an annual rate of 5.2%, approximately 30 basis points higher than initially reported. Equities retraced early gains to trade flat at writing, while bonds continued to rally. Notably, the yield on the U.S. 10-year Treasury note has fallen below 4.3%, a significant drop from its peak of roughly 5.0% roughly 40 days earlier. This upswing is partly...

Equities, initially in the red, have rallied with the QQQ up by around 20 basis points and the SPX nearing breakeven. The DXY is trending downwards, aiming for its lowest close since August amid another day of lower rates, which is easing the burden on crypto-related equities like COIN, now trading around $120 and nearing another year-to-date high. The recent Binance crackdown also benefits Coinbase, potentially boosting its market share...

The S&P 500 saw a 1% weekly increase, while the Nasdaq Composite experienced a 0.9% rise during the same period. This marks the fourth successive week of gains for major indexes, the longest streak since June for both the S&P 500 and Nasdaq. Treasury yields reached their lowest levels in several months this week, fueled by optimism that inflation is subsiding and anticipation that the Federal Reserve might cease rate...

BINANCE RISK MITIGATED One of the most significant idiosyncratic risks in the crypto market has been the uncertainty surrounding Binance and potential action from the Justice Department against the world's leading exchange. Earlier this year, we anticipated that any disciplinary actions would likely involve criminal charges against Changpeng Zhao (CZ) and a fine against the exchange. From our September note: _Source: Fundstrat_ Today, these views were realized. CZ appeared in...

The U.S. Attorney General Merrick Garland and Treasury Secretary Janet Yellen are set to host a joint conference at 3pm EST to announce “separate but related cryptocurrency enforcement actions.” It is believed they will announce a settlement of the DOJ’s criminal case against Binance. Details of the settlement are already beginning to emerge. Binance founder Changpeng Zhao (CZ) has officially stepped down as CEO and is pleading guilty to anti-money...

U.S. equities are rising to start the week ahead of the Thanksgiving holiday. The SPX (+0.45%) is trading at $4,535, while the NDQ (+0.76%) is approaching $16,000. Investors will be watching Nvidia’s earnings release tomorrow, potentially serving as a catalyst for AI-related names. Crypto markets are rising following news that the U.S. Justice Department is seeking $4 billion in penalties from Binance in exchange for settling its criminal case against the...

Stocks are lower today but still on pace to close three straight weeks of gains. The S&P fell 0.1%, while the Nasdaq lost 0.25%. Softer-than-expected inflation data has buoyed equities, but the question is whether investors have seen enough to continue the momentum. Yields were mixed as the 2Y gained 1%, the 10Y was up 0.5%, and the 30Y fell 0.11%. The 2Y and 10Y rates briefly touched lows not...

MARKET PRICES IN RATE CUTS The key macro event this week was the release of the October CPI data, which came in notably cooler than anticipated. The year-over-year CPI was slightly lower at 3.2%, just below the predicted 3.3%, while the month-over-month figure remained steady at 0.0%, in contrast to the expected 0.1%. This cooler inflation data spurred a surge in equity indices. It also bolstered investor confidence in the...