ADDX Go Morning Market Wrap- 2024 Sep 19
Market Key Focus
Equities: Stock futures rise as traders weigh Fed’s super-sized rate cut.
Crypto: Fed Cuts Interest Rates by 50 Basis Points, Bitcoin Briefly Hits $61K.
US Treasury Bonds: The two-year Treasury yield, more sensitive to monetary policy, slid 0.041 basis points to 3.644%.
Euro Bonds: The euro zone's benchmark 10-year German bond yield is up 0.049 basis points to 2.197%.
Currency: The dollar index DXY, which measures the dollar against a basket of six major
currencies, up 0.59%.
Gold: COMEX December gold futures slid 0.56% in late trading, gaining to $2,584.
U.S. Oil: WTI October crude oil futures closed up at 70.65.
Smart Money Tracking
Bitcoin Exchange Outflows Surge, Signaling Growing Confidence in Future Price Increases
Since August 12, BTC has consistently been in a state of exchange outflow. As of September 18, 34,613.24 BTC had been withdrawn from exchanges.
This indicates that investors are optimistic about Bitcoin's future price and are moving their BTC into personal wallets.
Additionally, since July 15, the amount of Bitcoin held by long-term holders has steadily increased. By September 17, long-term holders had added 320,877 BTC to their portfolios.
Strong Inflows into Bitcoin Spot ETFs on September 17: Over 3.21K BTC Added
On September 17, 2024, the total net inflow of Bitcoin across various spot ETFs was approximately 3.21K BTC.
Here is a breakdown of the inflows across the different ETFs:
FBTC (Fidelity): Had the highest net inflow of +972.73 BTC.
ARKB (ARK Invest): Received an inflow of +725.25 BTC.
BITB: Gained +780.24 BTC.
BTCO: Inflowed +175.30 BTC.
HODL: Registered an inflow of +352.31 BTC.
EZBC: Inflow of +149.52 BTC.
BTCW: Gained +55.00 BTC.
Several ETFs, specifically GBTC, IBIT, and BRRR, showed no inflow or outflow activity on this date. Additionally, BTC had no net inflow or outflow on this date.
Most of the inflows were concentrated in FBTC, ARKB, and BITB, contributing to the day's total solid net inflow of 3.21K BTC across the tracked ETFs.
Stocks to Focus
The Fed slashed interest rates by half a point, an aggressive start to its first easing campaign in four years.
Alaska closes $1.9 billion acquisition of Hawaiian Airlines after DOT blessing.
Amazon increases the average pay for warehouse workers and adds a free Prime membership perk.
YouTube announces AI features from Google DeepMind for Shorts creators.
Market events
Bank of England Interest Rate Decision as of September 19
Previous: 5.0%
Forecast: 5.0%
U.S. Initial Jobless Claims (in ten thousand) for the week ending September 14
Previous: 230,000
Forecast: 230,000
Macros
The Fed slashed interest rates by half a point, an aggressive start to its first easing campaign in four years.
Chairman of property firm Damac expresses concerns over ‘expensive’ Dubai.
Earnings
Pre-Market: Darden Restaurants, Inc. (DRI) FactSet Research Systems Inc. (FDS)
After-Hours: FedEx Corporation (FDX) MillerKnoll, Inc. (MLKN)
US Equities
The S&P 500 closed down 16.3 points, or -0.29%, at 5,618.26.
The Dow Jones Industrial Average, closely related to the economic cycle, closed down 103.08 points, or 0.25%, at 41,503.1.
The Nasdaq, which is dominated by technology stocks, closed up 54.76 points, or 0.31%, at 17,573.3.
The Nasdaq 100 closed down 0.45%. The Nasdaq Technology Market Capitalization Weighted Index (NDXTMC), which measures the performance of the Nasdaq 100 technology industry components, closed down 87.9 points.
The Russell 2000 Index, which is more sensitive to the economic cycle, closed up 0.04%.
The VIX index of fear closed up 3.52% at 18.23.
Crypto Market Insight
Trump Buys Burgers With Bitcoin at NYC Crypto Hangout PubKey.
Defi Lending Platform Rari Capital Settles SEC Charges.
Fintech Giant Revolut Said to Be Planning Stablecoin.