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    Proof-of-Stake-powered Cryptocurrency COSMOS Launches on 1xBit

    Proof-of-Stake-powered Cryptocurrency COSMOS Launches on 1xBit

    Markets turn cautious as focus shifts to US data, FOMC Minutes

    Markets turn cautious as focus shifts to US data, FOMC Minutes

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    Dollar soars on hopes the US could avoid recession despite the aggressive Fed

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    Putin allows Russian banks under sanctions to halt some FX operations

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    South Korea probes $3.1bn crypto-linked forex transactions

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    All ‘Ethereum killers’ will fail: Blockdaemon’s Freddy Zwanzger

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    Looking to preserve forex reserves, Nepal extends import ban on ten items

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    What is currency arbitrage, and is it profitable?

  • Education
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    AUD/USD Rises Despite Wall Street Selloff as Chinese Flooding Lifts Coal Prices

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    Panamanian trade unions reach agreement with government on essential commodities

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    CME looks to lure retail traders with daily options frowned on in Europe

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    Ripple Is Considering Buying Bankrupt Crypto Lender Celsius’ Assets: Report

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    Proof-of-Stake-powered Cryptocurrency COSMOS Launches on 1xBit

    Proof-of-Stake-powered Cryptocurrency COSMOS Launches on 1xBit

    Markets turn cautious as focus shifts to US data, FOMC Minutes

    Markets turn cautious as focus shifts to US data, FOMC Minutes

    Dollar soars on hopes the US could avoid recession despite the aggressive Fed

    Dollar soars on hopes the US could avoid recession despite the aggressive Fed

    Putin allows Russian banks under sanctions to halt some FX operations

    Putin allows Russian banks under sanctions to halt some FX operations

    South Korea probes $3.1bn crypto-linked forex transactions

    South Korea probes $3.1bn crypto-linked forex transactions

    All ‘Ethereum killers’ will fail: Blockdaemon’s Freddy Zwanzger

    All ‘Ethereum killers’ will fail: Blockdaemon’s Freddy Zwanzger

    Paraguay’s crypto framework one step away from becoming law

    Paraguay’s crypto framework one step away from becoming law

    Looking to preserve forex reserves, Nepal extends import ban on ten items

    Looking to preserve forex reserves, Nepal extends import ban on ten items

    What is currency arbitrage, and is it profitable?

    What is currency arbitrage, and is it profitable?

  • Education
    AUD/USD Rises Despite Wall Street Selloff as Chinese Flooding Lifts Coal Prices

    AUD/USD Rises Despite Wall Street Selloff as Chinese Flooding Lifts Coal Prices

    Euro Forecast: EUR/USD Outlook Bleak as Traders Rush for US Dollars

    Euro Forecast: EUR/USD Outlook Bleak as Traders Rush for US Dollars

    RAND UPDATE: ZAR STRENGTH MAY BE SHORT LIVED AHEAD OF BUDGET SPEECH

    RAND UPDATE: ZAR STRENGTH MAY BE SHORT LIVED AHEAD OF BUDGET SPEECH

    CRUDE OIL PRICES MAY RISE ON US STIMULUS HOPES

    CRUDE OIL PRICES MAY RISE ON US STIMULUS HOPES

    IG CLIENT SENTIMENT DATA SENDING BEARISH SIGNALS FOR USD/ JPY, AUD/USD, GBP/ USD

    IG CLIENT SENTIMENT DATA SENDING BEARISH SIGNALS FOR USD/ JPY, AUD/USD, GBP/ USD

    EUR/AUD BREAKOUT COULD GROW LEGS

    EUR/AUD BREAKOUT COULD GROW LEGS

    CHINESE YUAN (CNH) DRIVING CURRENCY MARKETS; HOWEVER, TRUMP RISK REMAINS

    CHINESE YUAN (CNH) DRIVING CURRENCY MARKETS; HOWEVER, TRUMP RISK REMAINS

    GOLD PRICE REBOUND UNRAVELS AS TRUMP SEEKS POST-ELECTION STIMULUS BILL

    GOLD PRICE REBOUND UNRAVELS AS TRUMP SEEKS POST-ELECTION STIMULUS BILL

    JAPANESE YEN FORECAST: MOMENTUM PUSHING JPYCROSSES HIGHERLEVELS FOR EUR/ JPY, GBP/JPY, USD/ JPY

    JAPANESE YEN FORECAST: MOMENTUM PUSHING JPYCROSSES HIGHERLEVELS FOR EUR/ JPY, GBP/JPY, USD/ JPY

  • Commodities
    Panamanian trade unions reach agreement with government on essential commodities

    Panamanian trade unions reach agreement with government on essential commodities

    Dollar surges and stocks tumble as traders weigh global growth outlook

    Dollar surges and stocks tumble as traders weigh global growth outlook

    Can commodities make a comeback?

    Can commodities make a comeback?

    CME looks to lure retail traders with daily options frowned on in Europe

    CME looks to lure retail traders with daily options frowned on in Europe

    The traders earning $6m+ outside banks and hedge funds

    The traders earning $6m+ outside banks and hedge funds

    CFTC eyes potential oversight of cryptocurrencies, carbon trading – commissioner

    CFTC eyes potential oversight of cryptocurrencies, carbon trading – commissioner

    Palladium: Completely Reverse The Rumors for a Bubble Burst

    Palladium: Completely Reverse The Rumors for a Bubble Burst

    Energy Recap: OPEC Leaves Traders Guessing, Setting Up Volatile Move on Friday

    Energy Recap: OPEC Leaves Traders Guessing, Setting Up Volatile Move on Friday

    WTI Crude Spikes into Close Following Bullish Bloomberg Report on OPEC Production Cut Expectations

    WTI Crude Spikes into Close Following Bullish Bloomberg Report on OPEC Production Cut Expectations

  • Cryptocurrencies
    Ripple Is Considering Buying Bankrupt Crypto Lender Celsius’ Assets: Report

    Ripple Is Considering Buying Bankrupt Crypto Lender Celsius’ Assets: Report

    Yen shorts crumble as hot FX trade comes to end

    Yen shorts crumble as hot FX trade comes to end

    Brevan Howard Scores Largest Crypto Hedge Fund Launch Ever

    Brevan Howard Scores Largest Crypto Hedge Fund Launch Ever

    Crypto Is Coming to Esports: The Games and Economics of Tomorrow

    Crypto Is Coming to Esports: The Games and Economics of Tomorrow

    Singapore’s crypto aspirations shaken by Three Arrows collapse

    Singapore’s crypto aspirations shaken by Three Arrows collapse

    Crypto exchange Coinbase looks to expand footprint in Europe

    Crypto exchange Coinbase looks to expand footprint in Europe

    How ETF investors can bet on the crypto crash

    How ETF investors can bet on the crypto crash

    ‘Like Coming Off Heroin’: How Bad Will This Bitcoin Bear Market Get?

    ‘Like Coming Off Heroin’: How Bad Will This Bitcoin Bear Market Get?

    SBF and Alameda step in to prevent crypto collapse contagion

    SBF and Alameda step in to prevent crypto collapse contagion

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US Stocks Sink as Tech Stocks Extend Recent Decline

The S&P 500 Financials Index fell 1.4%, a day after the Federal Reserve pledged to keep interest rates low for a prolonged period.

poweradmin by poweradmin
September 21, 2020
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The major U.S. stock indexes were down sharply again on Thursday as technology-related shares extended a recent decline and as data showed high levels of weekly jobless claims. Tech-heavyweights Apple Inc and Amazon.com were the biggest drags on the S&P 500 and NASDAQ Composite, which entered correction territory earlier this month.

In the cash market, the benchmark S&P 500 Index settled at 3357.01, down 28.48 or -0.84%. The blue chip Dow Jones Industrial Average finished at 27901.98, down 130.40 or -0.47% and the tech-weighted NASDAQ Composite closed at 10910.28, down 140.19 or -1.25%.

US Economic News

The number of Americans filing new claims for unemployment benefits fell less than expected last week and applications for the prior period were revised up, suggesting the labor market recovery had shifted into low gear amid fading fiscal stimulus.

But jobless claims remained elevated at 860,000, while both housing starts and the Philadelphia Fed business index fell and trading marked a risk-off sentiment.

The Philly Fed came in at 15, matching the forecast, but coming in below the previously reported 17.2. U

Weekly Unemployment Claims were reported at 860K, higher than the 825K estimate, but lower than last week’s upwardly revised 893K.

Building Permits were 1.47 million units, lower than the 1.51m forecast and previously reported 1.48m.

Housing Starts showed a 1.42 million unit increase, missing the 1.47m forecast and 1.49m previous number.

Continued Reaction to Fedc
The S&P 500 Financials Index fell 1.4%, a day after the Federal Reserve pledged to keep interest rates low for a prolonged period to lift the world’s biggest economy out of a pandemic-induced recession. Banks tend to benefit from higher borrowing costs.

Fed Chair Jerome Powell laid out a menu of factors – including wage growth, workforce participation and disparities in minority joblessness relative to whites – that must be satisfied before the Fed would view the economy at maximum employment, and thus even consider raising interest rates.

Stocks in the News

General Electric Co rose 3.7% after Chief Executive Officer Larry Culp said on Wednesday the company’s free cash flow would turn positive in the second half.

Ford Motor Co added 3.3% as it said it had begun production of the new generation F-150 pickup truck at its Michigan facility.

The Internals

Declining issues outnumbered advancing ones on the NYSE by a 1.86-to-1 ratio; on NASDAQ, a 1.50-to-1 ratio favored decliners.

The S&P 500 posted 7 new 52-week highs and no new lows; the NASDAQ Composite recorded 36 new highs and 16 new lows, according to Reuters.

poweradmin

poweradmin

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