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ADDX Go Market Morning Wrap - 2024 Oct 9th

Go Wire
Go Wire
October 9, 2024
GoGPT Summarizes Articles

Market Key Focus




 

Equities: NVIDIA marks a fifth consecutive day of stock price increases, nearing its historical June closing high of $135.58. SMCI will begin trading post 10-for-1 stock split tonight.

 

Crypto: Crypto.com sues SEC chair Gary Gensler after receiving Wells Notice.

 

US Treasury Bonds: The Treasury yield curve is down 0.05% to 4.014%.

 

FX: AUD/USD bounces to 0.6750 amid risk-on mood.

 

Gold: The gold price struggled to capitalize on the previous day's modest bounce from around the $2,600 mark.

 

U.S. Oil: WTI Oil is up 0.18% at 74.3 after experiencing a 4% decline last week due to developments in Libya and Saudi Arabia easing OPEC+ restrictions.



Smart Money Tracking

ARKK Investment Holdings Update:

  1. Reduced Tesla holdings by 29,589 shares, a decrease of 0.87% compared to the previous holdings, now accounting for 14.96% of the total portfolio.
  2. Reduced Roku Inc. holdings by 70,749 shares, a decrease of 0.87% compared to the previous holdings, now accounting for 11.22% of the total portfolio.
  3. Reduced Coinbase Global, Inc. holdings by 19,236 shares, a decrease of 0.87% compared to the previous holdings, now accounting for 6.59% of the total portfolio.

 

Stocks to Focus

  1. GM expects 2025 earnings to be similar to this year’s despite industry headwinds.
  2. After scrapping health clinics for people, Walmart is expanding pet care.
  3. Trump Media stock soars nearly 19% as DJT extends longest rally since June.
  4. Boeing is on the hook for $1 billion a month because of the strike as S&P frets anew.

 

Market events

U.S. Wholesale Sales MoM for August

Forecast: 0.5%

Previous: 1.1%

U.S. Wholesale Inventories MoM for August

Forecast: 0.2%

Previous: 0.2%

 

Macros

  1. Hurricane Milton could cause as much as $175 billion in damage, according to early estimates.
  2. Fed close to pulling off the elusive economic soft landing in 2024.

 

Earnings

Before Open: Helen of Troy (HELE), Burna(BYRN)

After Close: AZZ, APPLIED BLOCKCHAIN (APLD), Basset (BSET), E20PEN (ETWO), Richardson Electronics (RELL)

 

US Equities

The S&P 500 closed up 55.19 points, or 0.97%, at 5,751.13.

 

The Dow Jones Industrial Average, closely related to the economic cycle, closed up 126.13 points, or 0.3%, at 42,080.37.

 

The Nasdaq, dominated by tech stocks, closed up 259.01 points, or 1.45%, at 18,182.92.

 

The Nasdaq 100 closed up 1.55%. The Nasdaq Technology Market Capitalization Weighted Index (NDXTMC), which measures the performance of the Nasdaq 100 technology industry components, closed up 307.04 points.

 

The Russell 2000 Index, more sensitive to the economic cycle, closed up 0.09%. 

 

The VIX index of fear closed down 1.22% at 21.42.

 

Crypto Market Insight

Bitcoin Wavers at $62K Amid Major Swings in Stocks, Gold; Memecoins Falter as Profit-Taking Sets In

 

Bitcoin Protocol Babylon Pulls in $1.5B of Staking Deposits as Cap Lifted

 

Crypto.com Sues SEC Chair Gary Gensler After Receiving Wells Notice

 

Solana Is 'Richly Valued' Versus Ether, but Could Still Outperform If Trump Gets Elected: Standard Chartered

 

Former Bitcoin Dev Peter Todd Denies He’s Satoshi Hours Before HBO Documentary Airs