ADDX Go Morning Market Wrap- 2024 Sep 26

Market Key Focus

Equities: Dow futures change slightly after the index breaks a four-day winning run.

Crypto: Retail accumulation and exchange outflows drive market optimism for Bitcoin.

US Treasury Bonds: The two-year Treasury yield, which is more sensitive to monetary policy, is up 0.0012 to 3.565%.

Euro Bonds: The Euro zone's benchmark 10-year German bond yield slid 0.033 at 2.181%.

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

Currencies up 0.03% at 100.94.

Gold: COMEX December gold futures were down 0.07% in late trading, gaining to $2,682.8.

U.S. Oil: WTI October crude oil futures closed down at 71.92.

Smart Money Tracking

ARKK Investment Holdings Update:

Tesla, Inc.: ARKK reduced its position by 36,634 shares, a 1.05% decrease in its holdings from the previous period. Tesla now accounts for 15.03% of the total portfolio.

Roku, Inc.: ARKK trimmed its position by 103,258 shares, a 1.24% decrease from the previous holding. Roku now represents 10.62% of the total portfolio.

Roblox Corporation: ARKK reduced its holdings by 90,064 shares, a 1.05% decrease compared to the previous period. Roblox now constitutes 6.73% of the total portfolio.

Stocks to Focus

OpenAI CTO Mira Murati departs, and two top research execs follow.

American Eagle sues Amazon over alleged ‘knock-offs’ of Aerie products.

Meta unveils $299 Quest 3S VR headset, Orion AR glasses prototype.

Pfizer withdraws sickle cell disease treatment from all markets.

Trump Media stock jumps 10% as DJT looks to claw back from post-lockup sell-off.

PayPal expands services to allow merchants to buy and sell crypto.

Market events

U.S. Economic Data for September 21, 2024:

1/Initial Jobless Claims (for the week ending September 21):

Previous Value: 219,000

Forecast: 225,000

2/Q2 Final Annualized GDP Growth Rate:

Previous Value: 3.00%

Forecast: 3.00%

Macros

Ray Dalio says the Fed faces a tough balancing act

September consumer confidence falls the most in three years

Earnings

Pre-Market: Accenture(ACN), ISPIRE(ISPR), The SYNNEX(SNX), CARMAX(KMX), JABIL(JBL), REE(REE), SHL (SHLT)

After Hours: COSTCO (COST), BlackBerry(MTN), VAIL RESORTS (SCHL)

US Equities

The S&P 500 closed down 10.67 points, or 0.19%, at 5,722.26.

The Dow Jones Industrial Average, closely related to the economic cycle, closed down 294.47 points, or 0.7%, at 41,914.75.

The Nasdaq, dominated by technology stocks, closed up 7.68 points, or 0.04%, at 18,082.21.

The Nasdaq 100 closed up 0.47%. The Nasdaq Technology Market Capitalization Weighted Index (NDXTMC), which measures the performance of the Nasdaq 100 technology industry components, closed up 27.76 points.

The Russell 2000 Index, which is more sensitive to the economic cycle, closed down 1.19%.

The VIX index of fear closed up 0.13% at 15.41.

Crypto Market Insight

Former Government Employees, Compliance Officers Rally for Detained Binance Executive

Ex-Alameda Research CEO Caroline Ellison Sentenced to Two Years in Prison for Her Role in FTX Fraud

Huddle01, Blockchain Video Conferencing Project That Seeks to Outdo Zoom, Targets $37M Node Sale.

Stablecoins Will Drive Institutional Adoption in Asia: Chainalysis CEO