Market Update
973 Results
After lower-than-expected JOLTS numbers yesterday, both Q2 GDP and ADP Employment numbers similarly came in below expectations, causing U.S. Treasury yields and the DXY to fall as the market reprices how much more monetary tightening may be needed. Conversely, equity indices are responding positively to the economic data, with the SPX and QQQ both rising more than 0.30% at the time of writing. After closing yesterday up over 6% following...
GRAYSCALE WINS. It's officialâthe courts have ruled that the SEC acted in an arbitrary and capricious manner when denying the spot Bitcoin ETF. In the wake of this news, cryptoassets, trusts, and crypto equities are experiencing strong rallies. This development will likely pave the way for a Bitcoin ETF to enter the market and could lead to the conversion of existing trusts into ETF products.
After digesting Fed Chair Powellâs speech at Fridayâs Jackson Hole Economic Symposium over the weekend, traditional indices are rising, with both the SPY $545 (-1.62%) and QQQ $468 (-2.60%) gaining approximately 0.40% at the time of writing. In a busy week for economic data, investors will be eyeing the release of JOLTS, ADP employment, the PCE index, and non-farm payrolls to form an outlook on the labor market and inflation. Crypto markets are relatively...
Base and Optimism Share Revenue and Governance, Mastercard Terminates Binance Partnership
All eyes turned to Jackson Hole this morning as Jerome Powell says the Fed will âproceed carefullyâ on any further rate rises this year. Futures pricing imply that investors see a near-50% chance of another hike by year end. Ahead of Powell's much-awaited speech, markets opened higher before retracing to flat relative to yesterday's close after the speech. ^SPX $5,448 (-1.62%) and QQQ $468 (-2.60%) are both down by 0.1%, while yields on the US10Y...
After another evening of crypto price weakness, the market is showing some near-term resilience, bouncing in tandem with equity and bond markets. BTC has rebounded to above $26k after a momentary dip to $25.5k, and ETH $3.22 (-1.53%) is seeking stability above $1,650 following a drop to $1,580 last night. Altcoins are at the forefront of the recovery, with standout performers including SUI $124 (0.66%) , up over 10% after numerous short positions were liquidated,...
Amidst record-high bond yields, large tech stocks led market indexes higher on the week's open. The US30Y is at its highest levels since 2011, yielding 4.46%, while the US10Y is at its highest levels since 2007, yielding 4.34%. ^SPX $5,448 (-1.62%) (+0.15%) and QQQ $468 (-2.60%) (+0.71%) opened higher before retracing to nearly flat at time of writing, with tech stocks leading the majority of the open's gains. BTC (+0.0%) and ETH $3.22 (-1.53%) (+0.1%) have also...
Despite yield reversal on bonds, equities market continue their retracement. Yields on the US10Y retraced 0.11% to 4.23% after peaking midday yesterday at decade-plus highs. Equities markets followed suit to reflect surging borrowing costs on future earnings, with the ^SPX $5,448 (-1.62%) and QQQ $468 (-2.60%) retracing 0.4% and 0.5%, respectively. Yesterday's bloodbath in crypto markets also continued, with BTC and ETH $3.22 (-1.53%) slipping by 7.4% and 6.1% in the past day. This move down has...
BTC has broken sharply to the downside, exiting its tightly restricted multi-week range. The leading cryptocurrency has dropped as low as $27,700 as of writing, marking consistently lower near-term troughs. The slide began earlier in the week and mirrored the risk-averse sentiment in Equities. Stocks and bonds show little change today, while the total cryptocurrency market has slipped by around 3.3%. The decline coincides with a sharp rise in US...
Traditional equity indices are continuing this week's decline, with the SPY $545 (-1.62%) and QQQ $468 (-2.60%) both down over 0.40%. The minutes from the last FOMC meeting are to be released at 2:00 PM EST today, which should shed some light on what the Fed thinks about inflation and the likelihood of another rate hike in September. The market is currently pricing the probability of a September hike at 11.5%. BTC (-0.43%) and...
On Tuesday, major equity indices saw a decline attributed to global economic concerns, particularly centered around China, and cautionary statements from Fitch regarding further potential downgrades in ratings for U.S. banks. Despite these apprehensions, July's U.S. retail sales data defied expectations, registering a 0.7% monthly increase, surpassing economists' expectations of 0.4%. This outcome underscored the enduring strength of the U.S. consumer. Interestingly, the day witnessed relatively stable rates, which could...
