BM Market Report 07/09 – 2018: Goldman Sachs, Robinhood, and the Swedish Election

BM Market Report 07/09 – 2018: Goldman Sachs, Robinhood, and the Swedish Election

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Bitcoin Breaks $8,000 and Traders Prepare for an Extended Rally
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What Does the SegWit2x Mean For You and Your Bitcoins?

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Markets and Indexes

On Thursday, the S&P 500 and the Nasdaq Composite fell for the fourth day in the row although not by much. In total, the S&P 500 is down less than 1 percent in the past week and Nasdaq is down a little over 2.5 percent.

The Dow Jones Industrial Average, on the other hand, closed 22 points higher yesterday. That means the index is roughly 250 points from its all-time high which was recorded in January of this year.

Goldman Sachs’ CFO commented on the cryptocurrency meltdown that the investment bank set off earlier this week. He claims that the bank is developing a cryptocurrency derivative and describes reports on the situation as “fake news” to CNBC.

Stocks

  • The stock and cryptocurrency trading platform Robinhood is reportedly looking to go public and is now searching for a CFO.
  • Okta shares surged 16 percent in after-hours as a result of a positive earnings report.
  • Broadcom published a quarterly report that beat the estimates which saw the stock surge 4.1 percent in after-hours.

As of company reports to keep an eye on today, there isn’t too much to get excited about. On the American market, Fastenal Company, Ashmore Group, and a handful of smaller companies have reports planned. In Europe, Finnair is responsible for the main company report of the day.

Forex

  • Later today, a non-farm payroll report (NFP) is being published and it’s definitely news to trade on. GBP/USD and EUR/USD both have a tendency to react aggressively to the NFP.
  • With the Swedish election coming this weekend, and the up-rise of eurosceptic parties in the country, it’s time we start keeping an eye on the EUR and the SEK. Both Friday and early next week could see wide-spread volatility for the two currencies.

Commodities

Gold keeps falling as the American economy is strengthening. A strong NFP could push the price of gold down even further before the weekend.

Cryptocurrencies

By the looks of it, the extensive sell-off has passed but not without leaving devastation across the market.

  • Bitcoin is currently up 1.15 percent, however, the asset is trading at $6,528 after having lost more than $1,000 during Thursday.
  • Ethereum is up 1.23 percent but performed even worse than BTC yesterday. ETH is currently trading at $230 which is the lowest price since September 14th 2017.
  • XRP has recovered quite well from its losses and is currently up 5.10 percent.

Top performers in the past 24 hours are MCO, Holo, and Dentacoin with gains of 16.78, 16.54, and 13.85 percent respectively.

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