Rough Patch for Crypto!
Good morning,
Not too soon, says the Fed Chair. In his testimony to Congress yesterday, Jay Powell said the interest rates won’t be raised too quickly based only on fears of inflation, without the evidence of actual inflation.
Microsoft breached the $2 Trillion market cap for the first time! Apple Inc. and Saudi’s ARAMCO are the only other companies in the 2 Trillion club.
Bitcoin slid below $30,000 for the first time since January, the losses wiping off all its 2021 gains as South Korea joins China in a crackdown against the cryptocurrencies.
The already green markets rallied higher. Tech heavy Nasdaq closed at an all time high, even as S&P 500 closed only 0.2% shy of a new record intraday high.
This is how US markets looked like on Tuesday:
S&P 500: 4246 21.6 (0.50%)▲NASDAQ: 14253 111.7 (0.79%)▲Dow Jones: 33946 68.6 (0.20%)▲The spike in Tech stocks was evident at the S&P 500 as well, with Technology (0.89%▲), emerging as the second highest gaining sector after Consumer Discretionary (1.04%▲).
Energy (0.67%▲) and Healthcare (0.21%▲) were also among the gainers.
Utilities (-0.68%▼) continued with the downward trend and was joined on Tuesday by the Real Estate (-0.44%▼).
A renewed interest in Tech giants flipped Nvidia Corporation (NVDA, 2.49%▲), Amazon Inc (AMZN,1.49%▲), Netflix Inc (NFLX, 2.38%▲), Facebook (FB, 2.03%▲) and Apple (AAPL, 1.27%▲) into the green zone after incurring losses on Monday,
Meme stock Alfi Inc (ALF, 108.8%▲), a software firm, registered major gains soon after announcing a $2 Million buyback.
County Bancorp Inc (ICBK, 47.2%▲) shares shot up after the news, reporting it’s acquisition by Nicolet Bankshares, Inc. ICBK’s relative volume was 12.1.
3D Systems Corporation (DDD, 27.6%▲) shares were also up after the announcement of the company teaming up with CollPlant Biotechnologies to deliver a 3D bioprinted regenerative soft tissue matrix for use in breast reconstruction treatments. DDD’s relative volume was 13.9.
Biogen Inc (BIIB, -1.71%▼), Bristol Myers Squibb Company (BMY, -1.33%▼) - both from the Healthcare sector-registered losses amid a green market and the Healthcare sector doing well overall.
The data depicts a rise in business activity in the Eurozone for the month of June as the PMI turns out to be 63.1, a notch higher than the forecast of 62.1. The slipped after an initial gain.
FTSE: 7111 21.39 (0.30%)▲CAC: 6584 -26.8 (-0.41%)▼DAX: 15574 -62.2 (-0.40%)▼*As on 6:30 am ET
A day after Jerome Powell soothed the nerves in the US, the ripples were well received in Asian markets. With exceptions, the markets made gains in the territory.
Hang Seng: 28817 507.3 (1.79% )▲NIKKEI: 28874 -9.24 (-0.03%)▼
Shanghai: 3566 8.81 (0.25%)▲Sensex: 52306 -282.6 (-0.54%)▼
Some gains were trimmed off the US Dollar on Tuesday. The greenback however still remains at a multi-month high. The US Dollar Index stands at 91.82 up by 0.07%.
Euro / $: 1.19 -12p (-0.10%)▼
GBP / $: 1.39 5p (0.03%)▲CNY / $: 6.76 -72p (-0.10%)▼
JPY / $: 110.8 0.13 (0.11%)▲Earnings:
Korn Ferry (KFY, 9.69%▲), a global organizational consulting firm, reported an EPS of $1.21 against an estimated EPS of $0.98. The revenue also exceeded expectations of $488.6 million by more than $67 million. The stock started the day at a share price of $67.60, fell to $64.5 and regained composure following the earnings report to end the day at $71.42.
Crude Oil prices have had another surge, courtesy of a fast diminishing industry inventory. The crude stocks have fallen by 7.2 million barrels for the week ended June 18 against an expectation of only 3.9 million barrels.
A sharp decline in Lumber prices again!
Lumber: $866.4 -66.1 (-7.09%)▼
Copper: $4.21 0.03 (0.82%)▲Iron Ore: $213.4 -0.70 (-0.33%)▼Crude Oil: $75.4 0.62 (0.83%)▲The 10 year US Treasury Yield made some corrections post Powell testimony reaching 1.466% Tuesday afternoon.
10 yr US Gov: 1.48% (0.43%)▲10 yr UK Gov: 0.79% (0.90%)▲10 yr EuroZone: -0.17% (0.11%)▲*As on 6:30 am ET
The Cryptocurrencies were in the green zone this morning after a tumultuous Tuesday, following a Chinese crackdown on crypto mining. China’s anti crypto stance has cost the market more than $300 Billion since Friday.
Cryptocurrency updates:
BTC: $34103 4.32%▲ETH: $2015 3.64%▲BCH: $478 3.24%▲LTC: $120 1.36%▲*As on 4:00 AM ET
That was about today! We wish you a terrific trading day ahead!
See you tomorrow!
Warm Regards
Team Researchfin.ai
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