FTSE slides as US stocks end big quarter at records
The Dow and S&P 500 recovered late in Monday's session to cap a strong month and third quarter.
The Dow and S&P 500 recovered late in Monday's session to cap a strong month and third quarter.
According to Blockworks, the SEC has settled its case with Mango Markets, a Solana-based DeFi platform accused of trafficking in unregistered securities. As part of the settlement, Mango DAO and the related Blockworks Foundation will pay nearly $700,000 in penalties, destroy their MNGO tokens, and remove Mango Markets' native token from other trading platforms. This decision follows a DAO vote a month ago to allow for an SEC settlement and a recent vote to settle with the CFTC, indicating that Mango DAO may face additional settlement costs soon.The SEC's scrutiny of Mango Markets intensified after Avi Eisenberg allegedly exploited the platform in 2022, making off with $110 million through a
The cryptocurrency market is poised to enter the new quarter with renewed optimism, fueled by recent interest rate cuts and the anticipation surrounding the upcoming November election. Regardless of the outcome, both major political sides have hinted at policies that could be favorable to the crypto industry, further boosting investor confidence.
According to BlockBeats, on October 1, the President of the Federal Reserve Bank of Chicago, Austan Goolsbee, stated that lowering interest rates is an 'urgent priority.' He indicated that there will be multiple rate cuts in the future.
On today's episode of Morning Brief, Hosts Seana Smith and Madison Mills analyze the market open and discuss some of the biggest stories of the trading day. All three of the major indexes (^DJI,^GSPC, ^IXIC) opened slightly lower on the last trading day of the third quarter. While September is a historically weak month for stocks, markets are on track for one of the strongest in over a decade as they rallied on the Federal Reserve's interest rate cut. Envestnet Solutions co-CIO and group president Dana D’Auria notes that while inflation continues to cool, all eyes have now turned to the state of the labor market. D’Auria stresses the importance of the upcoming September jobs data, explaining that employment data will be the "single biggest factor" weighed by the Fed ahead of its next interest rate decision. She argues that the market has been "overshooting on expectations of the Fed pretty substantially and pretty regularly." With some investors are pricing in another 50-basis-point cut in November, she pushes back, saying, "I wouldn't expect more than another 25-25 this year." As markets enter the fourth quarter, growth is visibly expanding beyond the tech sector. Charles Schwab's Director and Senior Investment Strategist Kevin Gordon explains that there isn't a "definitive leadership shift" from tech to defensive sectors. Instead, he observes that utilities (XLU) and related sectors are playing "catch-up" following the AI-driven tech boom. Notably, sectors like industrials (XLI), financials (XLF), and materials (XLB) are outperforming as cyclical parts of the market fare "relatively well." Gordon characterizes this as a broadening of the market rather than a clear-cut leadership change. Ports along the East and Gulf Coasts are bracing for a strike at midnight, as the International Longshoremen's Union is demanding higher pay and protection from automation for its port workers. Margaret Kidd, University of Houston instructional associate professor of supply chain and logistics technology, tells Yahoo Finance that some estimates project that a port strike could cost the US $5 billion per day. She notes that the last port strike was in 1977 and lasted for 45 days. Back then, trade only made up 16% of the US economy. Today, that figure is 28%; therefore, a port strike would be a "huge hit on the economy," Kidd explains. Meanwhile, the Boeing (BA) factory worker strike heads into its third week, with the union reporting talks with the company have broken off. Wall Street analysts have lowered their targets for Boeing stocks, citing costs associated with the strike. This post was written by Melanie Riehl
We have highlighted 10 ETFs that have seen higher average volumes in the third quarter and are thus the top 10 funds in terms of trading volume.
Car companies are in the spotlight this week, with Q3 deliveries from Tesla and profit warnings from Aston Martin.
According to Odaily, TD Securities' Global Macro Strategy Head James Rossiter and his team have indicated that the European Central Bank (ECB) faces a challenging decision in October. Despite persistent inflation in the services sector and a robust job market, recent data shows inflation below the target. However, TD Securities anticipates that the ECB will proceed with another rate cut in October, followed by an accelerated pace of rate reductions.The report from TD Securities suggests that the ECB is expected to implement consecutive rate cuts of 25 basis points from October through March next year. This would bring the deposit rate down to a lower limit of 2.50%, six months earlier than previously forecasted.
We have highlighted three ETFs each from the best and worst-performing zones in the first nine months of 2024.
According to BlockBeats, on September 30, European Central Bank (ECB) President Christine Lagarde stated that the ECB will not wait for all indicators to reach the 2% target before cutting interest rates. This announcement suggests a more flexible approach to monetary policy, potentially signalling earlier rate cuts than previously anticipated. Lagarde's comments come amid ongoing discussions about the ECB's strategy to manage inflation and economic stability in the Eurozone. The decision to adjust interest rates before achieving the 2% target reflects the ECB's commitment to responding to economic conditions promptly, ensuring that monetary policy remains adaptive and effective.