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Market and Index
After more than a week of solid gains, the American stock market took a hit on Thursday with declines from most indices.
- The S&P 500 dropped 23.90 points (0.82 percent).
- The Nasdaq Composite dropped 145.57 points (1.81 percent).
- The Dow Jones Industrial Average dropped 200.91 points (0.75 percent) and is no longer in record territory.
- Guardant Health sold 12.5 million stocks during its IPO on Thursday. The impressive first day of trading resulted in the stock rallying 70 percent.
- IBM has been downgraded and analysts claim it’s time to sell. Why? Because a majority of the company’s profits are “likely irreversible structural decline,” according to analysts at MoffettNathanson.
- Snap is struggling under rising competition from Instagram and has been downgraded. Despite that, the CEO told the staff to prepare for the company to make a profit in 2019. He also apologized to users for the rushed redesign that was met with harsh criticism.
- CAD is set to rise thanks to the US – Canada trade agreement and a stronger economy, making USD/CAD a bad pair to bet on right now. Also, indicators are showing that the sell-off will continue.
- GBP/USD took an unexpected bullish turn on Thursday and we’re entering Friday with high hopes of more gains.
Commodities are giving the American stock market an edge against China in the trade war. The Chinese stock market is more prone to reacting negatively to non-energy commodity price volatility.
According to a recent survey, most Wall Street experts agree that the cryptocurrency market has reached a bottom. Yet, the market is still not stable enough for us to agree.
- Bitcoin has fallen 0.46 percent since Thursday morning.
- Ethereum has dropped 1.73 percent since yesterday.
- XRP is down 3.49 percent in the same time period.
The biggest gainers since yesterday are Genesis Vision, Aurora, and Nexo, while the biggest losers are Siacoin, NEM, and Bitcoin Gold.
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