Market Update
Bill stalled in Senate – crypto companies tumbled
A bill long-awaited by the crypto market has been halted in the US Senate. The proposal received 49 of the 60 votes required to advance.
The legislation would have, among other things, granted the Commodity Futures Trading Commission (CFTC) primary responsibility for overseeing the crypto market. Several Democrats and some Republicans opposed the bill, partly due to disagreements regarding ethics rules concerning President Donald Trump's crypto interests.
The news caused crypto assets to fall. Among publicly traded companies with exposure to cryptocurrencies, Strategy fell 5 percent, Coinbase10 percent, and Circle 11 percent.
Wall Street pressured by interest rates and high oil prices
New York stock markets declined ahead of the Federal Reserve's interest rate decision tomorrow. At the close, the indices stood at:
· S&P 500: -0,5 %
· Dow: -0,7 %
· Nasdaq: -0,8 %
A bill long-awaited by the crypto market has been halted in the US Senate. The proposal received 49 of the 60 votes required to advance.
The legislation would have, among other things, granted the Commodity Futures Trading Commission (CFTC) primary responsibility for overseeing the crypto market. Several Democrats and some Republicans opposed the bill, partly due to disagreements regarding ethics rules concerning President Donald Trump's crypto interests.
The news caused crypto assets to fall. Among publicly traded companies with exposure to cryptocurrencies, Strategy fell 5 percent, Coinbase10 percent, and Circle 11 percent.
Wall Street pressured by interest rates and high oil prices
New York stock markets declined ahead of the Federal Reserve's interest rate decision tomorrow. At the close, the indices stood at:
· S&P 500: -0,5 %
· Dow: -0,7 %
· Nasdaq: -0,8 %
During the day, the yield on the US 10-year Treasury note rose to levels not seen since before the financial crisis.
"When interest rates rise above 5 percent, it has historically been a headwind for stocks," Barclays strategists wrote, according to CNBC.
Chip companies recovered some of yesterday's losses. Qualcomm, ASML and Marvell Technologies.Technologies were among the sector's gainers.
The oil price, which had been trending downward, reversed course to rise 2 percent. Saudi Arabia has shut down an oil pipeline running near the Strait of Hormuz.
"When interest rates rise above 5 percent, it has historically been a headwind for stocks," Barclays strategists wrote, according to CNBC.
Chip companies recovered some of yesterday's losses. Qualcomm, ASML and Marvell Technologies.Technologies were among the sector's gainers.
The oil price, which had been trending downward, reversed course to rise 2 percent. Saudi Arabia has shut down an oil pipeline running near the Strait of Hormuz.
Today’s Market
Stock market flat – interest rate concerns weighed on consumer goods companies
The Stockholm stock exchange recovered from earlier losses to close unchanged on Tuesday:
· OMXS30: +/-0,0 %
· OMXSPI: +/-0,0 %
Stock market flat – interest rate concerns weighed on consumer goods companies
The Stockholm stock exchange recovered from earlier losses to close unchanged on Tuesday:
· OMXS30: +/-0,0 %
· OMXSPI: +/-0,0 %
This performance follows two consecutive weeks of losses for the Stockholm exchange, which had also dropped around 1 percent on Monday.
The yield on the 10-year US Treasury bond climbed to its highest level since the 2007 financial crisis on Tuesday, ahead of the expected interest rate hike by the US Federal Reserve tomorrow.
Amid concerns over interest rates, consumer goods companies Clas Ohlson, Thule and Dometic came under pressure, falling around 3 percent.
Leading the large-cap OMXS30 index were forestry company SCA and defense giant Saab, both rising about 2 percent. Moving in the opposite direction were heat pump manufacturer Nibe and private equity firm EQT.
Real estate company SBB announced this morning that it intends to repurchase its Class D shares for SEK 1.2 billion, equivalent to SEK 7.94 per share. This price represents a premium of nearly 45 percent over Monday's closing price. The high-dividend Class D share surged 37 percent.
Housing platform Hemnet rose 3 percent after major bank Morgan Stanley upgraded the stock from "equal-weight" to "overweight."
The yield on the 10-year US Treasury bond climbed to its highest level since the 2007 financial crisis on Tuesday, ahead of the expected interest rate hike by the US Federal Reserve tomorrow.
Amid concerns over interest rates, consumer goods companies Clas Ohlson, Thule and Dometic came under pressure, falling around 3 percent.
Leading the large-cap OMXS30 index were forestry company SCA and defense giant Saab, both rising about 2 percent. Moving in the opposite direction were heat pump manufacturer Nibe and private equity firm EQT.
Real estate company SBB announced this morning that it intends to repurchase its Class D shares for SEK 1.2 billion, equivalent to SEK 7.94 per share. This price represents a premium of nearly 45 percent over Monday's closing price. The high-dividend Class D share surged 37 percent.
Housing platform Hemnet rose 3 percent after major bank Morgan Stanley upgraded the stock from "equal-weight" to "overweight."
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