BM’s daily business update provides you with a daily dose of headlines from the past 24 hours. Get a quick overview of what has happened and what could happen in the global markets to prepare yourself for the day. Subscribe to our push notifications down in the left corner to receive this and many other updates directly to your device of preference.
Find the best trading platform. You capital is at risk when trading. Be careful.Want to get notified? Get our daily market report every morning by accepting push notifications or press the push notifications icon in the left corner. Looking to start trading? Find the best CFD broker, forex broker or stockbroker. Create free demo account with Markets.com
Markets and Indices
We are still waiting for the major indices to confirm that last week’s sell-off was a correction since they all fell again on Monday.
- The S&P 500 fell 16.34 points (0.59 percent) before the bell.
- The Nasdaq Composite fell 66.15 points (0.88 percent) before closing.
- The Dow Jones Industrial Average fell 89.44 points (0.35 percent).
- Goldman Sachs slashed Netflix 12-month price target by 8.5 percent ahead of today’s earnings report. The reason is that Sachs believes higher interest rates will hurt the company.
- Goldman Sachs also claims that Apple earnings could end up on the low side due to a rapidly declining demand in China.
- While a majority of analysts are convinced that the current sell-off is a correction, Morgan Stanley’s Mike Wilson claims that we are in a “rolling bear market” and that we should expect more sell-offs.
Despite rocky developments in the eurozone, EUR/USD has gained some ground backed by a weaker dollar. Although the number of EUR shorters have increased, indicating that things are about to turn.
Gold rose on Monday but is now set to back-track ahead of this week’s FOMC meeting.
Yesterday turned out to be a hectic day on the cryptocurrency market. A sudden drop in the value of dollar-backed Tether created a scare that saw investors turn to other assets which, in turn, saw prices spike across the market.
- Bitcoin is currently up 3.21 percent since yesterday morning, trading at $6,580 after peaking just below $7,000 yesterday.
- Ethereum is up 3.34 percent during the same time period, currently trading at $208 after touching $222 yesterday.
- XRP is up 7.30 percent, trading very close to yesterday’s peak price at $0.47.
In addition, Coinbase has opened an office in Ireland in order to not lose access to Europe after Brexit.
And investment giant Fidelity, that currently handles over $7 trillion for investors, has launched a cryptocurrency product aimed at institutional investors. The new product has the potential of disrupting the market but will not be available to retail customers.
Find the best trading platform. You capital is at risk when trading. Be careful.