ADDX Go Morning Market Wrap- 2024 Sep 13

Market Key Focus

Equities: Stock futures are little changed after the S&P 500 notches the fourth-straight winning session

Crypto: DeFi Lending Giant Sky Sets Vote to Offload Wrapped Bitcoin as Justin Sun Concerns Linger

US Treasury Bonds: The two-year Treasury yield, more sensitive to monetary policy, slid 0.039 basis points to 3.68%.

Euro Bonds: The euro zone's benchmark 10-year German bond yield fell 0.002 basis points to 2.156%

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

currencies, down 0.27%.

Gold: COMEX December gold futures gained 0.27% in late trading, gaining to $2587.5

U.S. Oil: WTI October crude oil futures closed up at 69.35

Smart Money Tracking

Buffett's Investment Tracker Q2 2024 Holdings Changes:

Complete Exit from Snowflake: Buffett sold all 6,125,376 shares of Snowflake, a 100% reduction from the previous quarter. Snowflake now accounts for 0% of the portfolio.

Chevron Reduction: Buffett reduced his stake in Chevron by 4,369,673 shares, a 3.55% decrease from the previous quarter. Chevron now makes up 6.63% of the portfolio.

Occidental Petroleum Increase: Buffett added 7,263,396 shares of Occidental Petroleum, a 2.93% increase from the previous quarter. Occidental now accounts for 5.75% of the portfolio.

Stocks to Focus

Oracle bumps up fiscal 2026 revenue forecast, lifting stock 6%

Meta offered ‘unacceptable’ response to concerns over illicit drug ads on Facebook and Instagram, congressman says

Nvidia, OpenAI, Anthropic, and Google execs meet with White House to talk AI energy and data centers

Market events

U.S. one-year inflation forecast for September Data Released at 22:00 (GMT+8 Singapore)

Macros

Eurozone Industrial Production & CPI, Japan Industrial Production

Macros

The producer price index increased 0.2% in August, the Bureau of Labor Statistics said Thursday. That matched the Dow Jones consensus estimate.

Interest payments on the national debt top $1 trillion as the deficit swells

Earnings

No Earnings for Friday

US Equities

The S&P 500 closed up 41.63 points, or 0.75%, at 5595.76.

The Dow Jones Industrial Average, which is closely related to the economic cycle, closed up 235.06 points, or 0.58%, at 41096.77

The Nasdaq, which is dominated by technology stocks, closed up 174.15 points, or 0.57%, at 17569.68

The Nasdaq 100 closed up 0.97%. The Nasdaq Technology Market Capitalization Weighted Index (NDXTMC), which measures the performance of the Nasdaq 100 technology industry components, closed up 185.76 points.

The Russell 2000 Index, which is more sensitive to the economic cycle, closed up 1.22%.

The VIX index of fear closed down 3.5% at 17.07

Crypto Market Insight

The USDC issuer will move into One World Trade Center, and New York Mayor Eric Adams – who has sought to make the city a crypto hub – will attend the Friday ribbon cutting.

Ethereum's Vitalik Buterin Amps Up Pressure on Layer-2 Networks to Decentralize Further

EToro Settles With the SEC: Industry Lawyers React; Under the agreement, the platform can list only BTC, BCH, and ETH in the U.S.