Dollar finds support amid paused equities rally and bond yield rise
The U.S. dollar has been supported since the start of the week as bond yields marginally increased and the momentum in equity markets slowed. Despite positive U.S....
The U.S. dollar has been supported since the start of the week as bond yields marginally increased and the momentum in equity markets slowed. Despite positive U.S....
-- Most Asian currencies weakened on Tuesday, while the dollar firmed slightly as traders awaited more cues on U.S. interest rates from the Federal Reserve. Weakness...
-- Australian consumer sentiment deteriorated further in May, a private survey showed on Tuesday, as persistent concerns over sticky inflation and high for longer...
BOSTON, May 21, 2024--State Street Global Advisors, the asset management business of State Street Corporation (NYSE: STT), today announced the launch of the SPDR® Portfolio Treasury ETF (SPTB). SPTB further enhances SPDR’s Portfolio ETF suite by providing low-cost exposure to US Treasury securities with remaining maturities greater than or equal to one year. Priced at three basis points, SPTB seeks to track the performance of the Bloomberg U.S. Treasury Index.
Investing in U.S. equities is an "asset allocation decision."
Sarge986 LLC President Stephen “Sarge” Guilfoyle foresees two dominant macro trends that play a great role in influencing the market (^DJI, ^IXIC, ^GSPC) and whether stocks can hold onto the current rally. Guilfoyle joins Julie Hyman on Asking for a Trend to elaborate on the areas he is investing, taking advantage of the high inflationary environment: the utilities sector (XLU) and precious metal commodities such as gold (GC=F), silver (SI=F), and copper (HG=F). "As AI goes, as bitcoin (BTC-USD) goes on, as electric vehicles go on, the demand for electricity isn't going to be what it's been. Demand for electricity nationwide has gone up, maybe like less than 0.5% a year for a number of years," Guilfoyle explains. "From here on out. I think they're expecting 2 to 3% growth per year. so this is going to be an ongoing thing. You're not going to pay a low price for electricity, I don't think, probably for a long time." For more expert insight and the latest market action, click here to watch this full episode of Asking for a Trend. This post was written by Luke Carberry Mogan.
According to Blockworks, the US House of Representatives is set to vote on a significant cryptocurrency market structure bill, the Financial Innovation and Technology for the 21st Century Act (FIT21 Act), this week. The bill, which has already passed through the House Agriculture and Financial Services Committees, is expected to be voted on May 22. The bipartisan legislation has 11 co-sponsors, including Democrats Henry Cuellar of Texas, Wiley Nickel of North Carolina, and Ritchie Torres of New York. The proposed law establishes joint rulemaking powers between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The bill notably gives the CFTC control over digital commodities markets, including exchanges and broker-dealers. It also clarifies how digital assets are classified, stating that the existence of an investment contract alone does not make a token a security. This distinction could impact several ongoing legal disputes between token issuers, crypto exchanges, and the SEC. The co-sponsors of the bill believe that about 70% of all crypto tokens should be classified as commodities rather than securities. However, the bill has faced opposition from some House Democrats who argue that it limits the SEC's power too much. Rep. Jonathan Jackson, D-Ill., proposed an amendment last summer to remove a section of the bill that allows firms who have filed a 'notice of intent to register' to be exempt from certain SEC enforcement actions. Agriculture Committee Chair Glenn Thompson, R-Penn., argued that the 'notice of intent' allows firms to operate in a limited capacity while the potentially lengthy registration approval process is underway. The bill also allows the CFTC to issue enforcement actions against firms who have completed the 'notice of intent' process. Despite the opposition, the bill is likely to pass in the House due to the Republican majority and expected support from some Democrats. Its fate in the Senate, however, is less certain. This vote comes shortly after the US Senate passed Joint Resolution 109, which seeks to invalidate the SEC’s Staff Accounting Bulletin (SAB) 121. The resolution is now awaiting the President's approval, although the Biden Administration has indicated that the President will veto the legislation.
According to BlockBeats, Federal Reserve's Daly stated on May 21 that there is currently no evidence to suggest a need for an increase in interest rates. Daly's comments come amidst ongoing discussions about the state of the economy and potential changes in monetary policy. However, based on the current economic indicators, there seems to be no immediate need for a hike in interest rates. This information is crucial for investors and financial institutions as it can significantly impact their decision-making processes. The Federal Reserve's stance on interest rates often influences the global financial market, and Daly's statement is expected to have a considerable effect on the market's future movements. Despite the ongoing economic uncertainties, the Federal Reserve's current position indicates a stable economic outlook.
NVIDIA has a higher chance to beat earnings estimates and saw positive earnings estimate revision activity, which is generally a precursor to an earnings beat.
April's 4% market drop didn’t deter investors from growth-oriented equity ETFs.