ADDX Go Morning Market Wrap- 2024 Sep 18

Market Key Focus

Equities: The Fed’s biggest interest rate call in years happens Wednesday.

Crypto: Bitcoin climbs above $60,000 ahead of Fed rate decision.

US Treasury Bonds: The two-year Treasury yield, more sensitive to monetary policy, slid 0.013 basis points to 3.605%.

Euro Bonds: The euro zone's benchmark 10-year German bond yield up 0.024 basis points to 2.148%.

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

currencies, up 0.3%.

Gold: COMEX December gold futures gained 0.25% in late trading, gaining to $2,598.9.

U.S. Oil: WTI October crude oil futures closed up at 71.09.

Smart Money Tracking

ARKK Holdings Tracking

ARKK increased its Coinbase Global, Inc. holdings by 42,980 shares, a 1.94% increase compared to the previous reporting period. These shares now account for 6.52% of the total portfolio.

ARKK reduced its holdings in Palantir Technologies Inc. by 168,631 shares, a 2.22% decrease compared to the previous reporting period. These shares now account for 4.75% of the total portfolio.

ARKK reduced its holdings in Trade Desk Inc. by 50,867 shares, a 5.12% decrease compared to the previous reporting period, now accounting for 1.76% of the total portfolio.

Stocks to Focus

Microsoft and BlackRock form a group to raise $100 billion to invest in AI data centers and power

Amazon uses generative AI to deliver packages faster with more intelligent robots and better routes.

Dow, S&P 500 end nearly flat ahead of Fed interest-rate decision

Alaska-Hawaiian merger clears DOT review, but airlines must preserve miles and routes

Market events

UK August CPI YoY:

Previous value: 2.2%, Forecast: 2.2%

Eurozone August Final CPI YoY:

Previous value: 2.2%, Forecast: 2.2%

US Federal Reserve Interest Rate Decision:

Previous value: 5.5%, Forecast: 2.5%

Macros

Former Dallas Fed President Kaplan advocates for a half-point interest rate cut.

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

Latinas contributed $1.3 trillion to the U.S. economy. That number could be even bigger.

Earnings

Pre-Market: General Mills, Inc. (GIS)

After-Hours: Steelcase Inc. (SCS) Sangoma Technologies Corporation (SANG)

US Equities

The S&P 500 closed up 1.49 points, or 0.03%, at 5634.58

The Dow Jones Industrial Average, closely related to the economic cycle, closed down 15.9 points, or 0.04%, at 41606.18

The Nasdaq, which is dominated by technology stocks, closed up 35.93 points, or 0.2%, at 17628.06

The Nasdaq 100 closed up 0.05%. The Nasdaq Technology Market Capitalization Weighted Index (NDXTMC), which measures the performance of the Nasdaq 100 technology industry components, closed up 9.33 points.

The Russell 2000 Index, which is more sensitive to the economic cycle, closed up 0.74%.

The VIX index of fear closed up 2.4% at 17.61

Crypto Market Insight

Arthur Hayes-Backed Maelstrom Awards First Bitcoin Development Grant to Rkrux

Decentralized AI Society Launched to Fight Tech Giants Who 'Own the Regulators'

Michael Casey moderating a panel at the DeAI Summit Singapore.

DePIN Tech Shows Promise, But Implementation Faces Several Hurdles, Moody's Says