US stock markets opened very measuredly on Tuesday after giving up two consecutive days of gains. Shortly after the trading day, new jobs numbers were released confirming that the job market is continuing to moderate. It was the grind of the stock market. The three main indicators are as follows:
- The Standard & Poor’s 500 Index rose 1.45%.
- The industrial-heavy Dow Jones rose 0.85 percent.
- The Nasdaq Composite Technology Index rose 1.74 percent.
It was the third consecutive day of gains for the S&P 500. Tuesday’s rally is also the largest since early June.
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Many companies received a nice boost on Tuesday. Tesla shares rose more than seven percent, Nvidia stock market shares rose four percent, and technology giants Apple and Microsoft rose two and a half percent, respectively.
The cryptocurrency market has also experienced a violent recovery after cryptocurrency management company Grayscale won its appeal case against the US financial oversight authority (SEC). The SEC denied Grayscale’s request to convert its “bitcoin fund” into an exchange-traded fund, known as an ETF. The Court of Appeal considers that this was a mistake.
Bitcoin rose seven percent, while the Grayscale Trust rose 17 percent. Cryptocurrency exchange Coinbase is up 15 percent.
Big change in market prices
New figures from the US Bureau of Labor Statistics show the number of job vacancies fell to 8.83 million in July from 9.17 million in June. He points out that the labor market continues to slow. The monthly statistics are referred to as the tremors report.
Today’s shock report was a response to the Fed’s call, and provides more evidence of a slowing economy, says Lazard chief strategist Ronald Temple, according to Bloomberg.
Investors are paying close attention to today’s key numbers and how the US central bank assesses them. According to Bloomberg, the swaps now show lower bets that the Fed will raise interest rates more this year, as well as a greater likelihood of a monetary policy reversal in the first half of 2024.
Traders are currently putting the probability at 56% for a rate hike of 0.25 percentage point in November, down from the 75% probability earlier in the day.
There will be several key numbers later in the week that may shake up the expectations of market participants. On Wednesday we will have the GDP figures and on Thursday the PCE inflation figures will be presented. It is the US Federal Reserve’s preferred inflation target.
On Friday, actual raisins come into the sausage. The US employment numbers will be watched with a skeptical eye by the market. Here, investors know the number of jobs created in August, unemployment and wage growth.
New banking procedures
On Tuesday, US authorities proposed another measure to reduce systemic risks in the banking sector. The measures followed the banking turmoil that marked the market earlier this year, in which several regional banks collapsed on the stock exchange following the collapse of the Silicon Valley bank.
It is now being suggested that banks with assets of at least $100 billion should issue enough long-term debt to cover losses made in times of severe market stress. (conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using links that lead directly to our pages. Reproduction or other use of all or part of the Content is permitted only with written permission or as permitted by law. For more terms see here.
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