ADDX Go Morning Market Wrap- 2024 Sep 11

Market Key Focus

Equities: Stock futures are little changed as traders brace for August consumer inflation report

Crypto: Bitcoin Eyes $58K With Downtrodden Crypto Markets Exposed to Short Squeezes

US Treasury Bonds: The two-year Treasury yield, more sensitive to monetary policy, slid 0.006 basis points to 3.594%.

Euro Bonds: The euro zone's benchmark 10-year German bond yield fell 0.04 basis points to 2.130%

Currency: The dollar index DXY, which measures the dollar against a basket of six major

currencies, down 0.02%.

Gold: COMEX December gold futures rose 0.05% in late trading, stood above $2516

U.S. Oil: WTI October crude oil futures closed up at 66.18

Smart Money Tracking

ARKK Innovation Fund

- Added 84,819 Block shares, increasing its holdings by 1.99% from the previous period, now accounting for 5.13% of the total portfolio.

- Added 241,080 shares of Robinhood, increasing its holdings by 1.99% from the previous period, now accounting for 4.44% of the total portfolio.

- The company added 53,704 shares of Shopify Inc., increasing its holdings by 1.99% from the previous period. They now account for 3.53% of the total portfolio.

Stocks to Focus

- JPMorgan Chase shares drop 5% after bank tempers guidance on interest income and expenses.

- New Starbucks CEO Brian Niccol outlines priorities to end the coffee chain’s slump.

- GameStop stock sank 10% after the retailer’s

sales fell in the second quarter.

Market events

- U.S August CPI Data Releasd at 8.30 PM (GMT+8 Singapore)

Macros

The market is closely monitoring the US presidential debate on Tuesday, along with the release of the US CPI on Wednesday and PPI data on Thursday. The CPI data, in particular, could significantly influence the decision on interest rate cuts ahead of the FOMC meeting. While a 25 basis point rate cut is widely anticipated, the exact scale of the cut remains uncertain.

JPMorgan Chase CEO Jamie Dimon said Tuesday he wouldn’t rule out stagflation.

Dimon’s comments come as investors are turning their attention to signs of slowing growth, as inflation has shown signs of cooling.

He said he worries that a raft of inflationary forces on the horizon, such as higher deficits and increased infrastructure spending, will continue to add pressure to an economy still reeling from the impact of higher interest rates.

Earnings

- Before Open: Manchester United, Hepsiburada

- After Close: Oxford, Lesaka, Designer Brands, Vera Bradley, Tsakos Energy Navigation

US Equities

The S&P 500 closed up 24.47 points, or 0.45%, at 5495.52.

The Dow Jones Industrial Average, which is closely related to the economic cycle, closed down 92.63 points, or 0.23%, at 40736.96.

The Nasdaq, which is dominated by technology stocks, closed up 141.28 points, or 0.84%, at 17025.88

The Nasdaq 100 closed up 0.9%. The Nasdaq Technology Market Capitalization Weighted Index (NDXTMC), which measures the performance of the Nasdaq 100 technology industry components, closed up 168,36 points.

The Russell 2000 Index, which is more sensitive to the economic cycle, closed down 0.02%.

The VIX index of fear closed down 1.9% at 19.08

Crypto Market Insight

Bitcoin Eyes $58K With Downtrodden Crypto Markets Exposed to Short Squeezes.

Aptos-Focused Game Developer Castile Raises $8M, Saudi Arabian Sports Complex to Incorporate Digital ID Platform.

U.S.-traded spot bitcoin ETFs saw $1.2 billion in outflows between Aug. 27 and Sept. 6.

This marked the longest streak of outflows since the launch of the funds.