News / Uncategorized
[Platinum Insights] (6.8.23)
[Platinum Insights] (6.8.23)
August 22, 2023
Good morning.
U.S. stock index futures were largely flat on Thursday as government bond yields hovered near recent highs on worries that major central banks could keep raising interest rates, after the Bank of Canada (BoC) surprised markets with an interest rate hike.
The Russell 2000 index of small-cap companies rallied 1.8% to a three-month closing high on Wednesday, as investors rotated out of growth stocks. The Dow Jones transports index notched a six-week high, while the KBW Regional Banking index closed at a more than two-month peak.
The SEC on Tuesday alleged Coinbase traded at least 13 crypto assets that are securities that should have been registered, while on Monday it also accused Binance, the world’s largest cryptocurrency exchange, of offering 12 cryptocurrency coins without registering them as securities.
WTI crude futures moved above $73 per barrel. Gold traded around $1,950 an ounce while the yield on the US 10-year Treasury note has risen to 3.8%, approaching levels not seen in three months.
The 4,300 level on the S&P 500 will be key for the market as investors weigh whether Wall Street’s recent rally can continue. On Wednesday, the broader market index reached a high of 4,299.19. The S&P 500 hasn’t traded above that level since mid-August.
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