ADDX Go Morning Market Wrap- 2024 Sep 12
Market Key Focus
Equities: U.S. stock futures inched lower as investors brace for more inflation and labor data following a volatile session spurred by the release of the August consumer price index.
Crypto: Bitcoin Slides, Yen Gains as Trump-Harris Debate Disappoints Markets
US Treasury Bonds: The two-year Treasury yield, more sensitive to monetary policy, gained 0.014 basis points to 3.66%.
Euro Bonds: The euro zone's benchmark 10-year German bond yield fell 0.0015 basis points to 2.116%
Currency: The dollar index DXY, which measures the dollar against a basket of six major
currencies, rise 0.14%.
Gold: COMEX December gold futures slid 0.12% in late trading, slid to $2539.3
U.S. Oil: WTI October crude oil futures closed up at 67.31
Smart Money Tracking
Warren Buffett’s Berkshire Hathaway Fund
Warren Buffett’s Berkshire Hathaway offloaded another chunk of Bank of America shares, bringing its total sales to more than $7 billion since mid-July and reducing its stake to 11%.
Berkshire has sold more than 174.7 million shares of the Charlotte, North Carolina-based bank for $7.2 billion, with 858.2 million shares remaining, or 11.1% of shares outstanding. BofA has fallen to the No.3 spot on Berkshire’s list of top holdings, trailing behind Apple and American Express.
Stocks to Focus
Crypto stocks follow Bitcoin lower after Trump-Harris presidential debate
Berkshire Hathaway Inc. Cl B stock underperforms Wednesday when compared to competitors
Norfolk Southern CEO Alan Shaw replaced by CFO after alleged affair with legal chief
Market events
U.S Initial Jobless Claims Data Released at 20:30 (GMT+8 Singapore)
U.S August PPI Data Released at 20:30 (GMT+8 Singapore)
Macros
Key Takeaways from the Trump-Harris 2024 Debate: Economy, Abortion, Immigration, Global Conflict, and Legal Troubles：
U.S. Economy: Kamala Harris emphasized supporting small businesses and lowering housing costs, while Trump proposed raising tariffs, particularly on China, to ease domestic taxes.
Abortion Rights: Harris criticized Trump's Supreme Court appointments for leading to the rollback of abortion rights, while Trump reiterated false claims about Democrats supporting late-term abortions.
Immigration: Trump continued his narrative that immigrants take jobs from American workers and even spread a debunked rumor about immigrants harming pets.
Global Wars: Trump claimed he could end the Ukraine war through negotiations, while Harris supported Israel's right to defend itself and stressed a two-state solution for Gaza.
Trump’s Legal Issues: Harris reminded voters of Trump's legal battles, including convictions and upcoming trials, which Trump dismissed as political weaponization.
Consumer prices rose 0.2% in August as annual inflation rate hits lowest since early 2021
Earnings
Before Open: Big Lots, Signet Jewelers, Kroger, Caleres, Turkcell, Mytheresa, Lovesac, Ispire
After Close: Adobe, RH, Farmer Brothers
US Equities
The S&P 500 closed up 58.61 points, or 1.07%, at 5554.13.
The Dow Jones Industrial Average, which is closely related to the economic cycle, closed up 124.75 points, or 0.31%, at 40861.71.
The Nasdaq, which is dominated by technology stocks, closed up 369.65 points, or 2.17%, at 17395.53.
The Nasdaq 100 closed up 2.17%. The Nasdaq Technology Market Capitalization Weighted Index (NDXTMC), which measures the performance of the Nasdaq 100 technology industry components, closed up 408.17 points.
The Russell 2000 Index, which is more sensitive to the economic cycle, closed up 0.31%.
The VIX index of fear closed down 7.29% at 17.69
Crypto Market Insight
Young consumers may be getting bored with blockchain loyalty reward programs.
Bitcoin Slides, Yen Gains as Trump-Harris Debate Disappoints Markets.
AI Tokens ICP, FET Buck Crypto Market Drop as Apple Flags Artificial Intelligence Foray.