ADDX Go Morning Market Wrap- 2024 Sep 27

Market Key Focus

Equities: Nasdaq Golden Dragon Index up 10.8% on China stimulus.

Crypto: Bitcoin hits $65K for first time since early August, renewing investor interest in Spot ETFs.

US Treasury Bonds: The two-year Treasury yield, which is more sensitive to monetary policy, is up 0.004 to 3.627%.

Euro Bonds: The Eurozone's benchmark 10-year German bond yield slid 0.003 at 2.185%.

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

Currencies up 0.2% at 100.72.

Gold: COMEX December gold futures were down 0.15% in late trading, gaining to $2,690.8.

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

Smart Money Tracking

ARKK Investment Holdings Update:

Increased Holdings: ARKK added 988,404 shares of Pacific Biosciences of California, representing a 5.51% increase in their previous position. The stock now accounts for 0.57% of the total portfolio.

Decreased Holdings: ARKK reduced its position in Veracyte Inc. by 33,466 shares, reflecting a 1.11% decrease in its previous holding. Veracyte now comprises 1.74% of the total portfolio.

Decreased Holdings: ARKK trimmed its stake in Roku Inc. by 7,851 shares, a 0.095% reduction in its previous position. Roku currently makes up 10.86% of the total portfolio.

Stocks to Focus

Sam Altman tells OpenAI staff that he does not plan to receive a ‘giant equity stake’ in the company.

Trump Media shareholder UAV dumped nearly 11 million shares.

FDA approves Bristol Myers Squibb’s schizophrenia drug, the first new type of treatment in decades.

Super Micro shares tumble 12% after DOJ reportedly opens probe into company.

FDA approves Bristol Myers Squibb’s schizophrenia drug, the first new type of treatment in decades.

Market events

U.S. core PCE price index annual rate in August

Previous: 2.6%

Forecast: 2.7%

The final value of the University of Michigan Consumer Confidence Index in September

Previous: 69

Forecast: 69.3

Macros

Swiss central bank cuts rates by a quarter point in third trim this year.

September consumer confidence falls the most in three years.

Japan’s Tokyo CPI for September came in as expected and softer than previous month.

Headline Tokyo CPI was at 2.2% YoY from 2.6% previous while core measures eased to 2.0% from 2.4% YoY.

Earnings

No Major Earnings

US Equities

The S&P 500 closed down 260.36 points, or 0.62%, at 5,745.37.

The Dow Jones Industrial Average, closely related to the economic cycle, closed down 260.36 points, or 0.62%, at 42,175.11.

The Nasdaq, dominated by tech stocks, closed up 108.9 points, or 0.6%, at 18,190.29.

The Nasdaq 100 closed up 0.72%. The Nasdaq Technology Market Capitalization Weighted Index (NDXTMC), which measures the performance of the Nasdaq 100 technology industry components, closed up 142.93 points.

The Russell 2000 Index, which is more sensitive to the economic cycle, closed up 0.57%.

The VIX index of fear closed down 0.26% at 15.37.

Crypto Market Insight

Bitcoin Hits $65K for First Time Since Early August, Renewing Investor Interest in Spot ETFs

Singapore Court Grants WazirX Four-Month Conditional Moratorium.

Bitcoin ETF Demand Grows Among U.S. Investors as China Considers Massive $142B Capital Injection.

Curve Finance Mulls Removing TrueUSD as Collateral for Stablecoin Curve USD

U.S. Crypto Industry Will Follow a Different Path From Rest of World: BitMEX Group CEO

Crypto PACs Dominate Ohio Senate Race, Spending $40M on Sherrod Brown's Foe

Tornado Cash Dev Roman Storm’s Criminal Case Will Proceed to Trial, NY Judge Orders