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Stock Market Today: Live Updates

Stock Market Today: Live Updates


Grayscale Unveils New Filings for Ether ETFs

Crypto investment firm Grayscale took another step on Tuesday in promoting an ether exchange-traded fund.

The company filed a Form S-3 with the United States Securities and Exchange Commission for Grayscale Ethereum Trust (ETHE)which is part of the process of converting this fund into an ETF.

Grayscale also deposit to create a Grayscale Ethereum Mini Trust, which would presumably have lower management fees than ETHE.

While the SEC gave the green light to Bitcoin ETFs earlier this year, the regulator has yet to approve an Ethereum ETF. Industry experts expect an update next month, although many are skeptical of approval.

Grayscale played a key role in efforts to get a Bitcoin ETF approved, including suing the SEC. The Grayscale Bitcoin Trust (GBTC) is the largest Bitcoin ETF, although it has suffered outflows since its conversion in January.

Jesse Book

Capital Economics sees Fed rate cut starting in September

“[G]the row is strong; inflation, by the Fed's preferred measure, has not slowed as much as expected; and officials were likely spooked by concerns about sticky inflation,” Neil Shearing, chief economist at Capital Economics, wrote Monday. “It makes sense for the Fed to delay rate cuts until the end of this year: in the absence of an economic shock, there is no urgency to cut.”

The view of London-based Capital Economics is that it makes more sense for the European Central Bank and the Bank of England to ease monetary policy before the United States. “Growth in these economies is weaker, inflation is closer to target and after chasing the Fed out there is a risk that policy will become too tight as more households and businesses refinance their debt at a fixed rate. »

Neither central bank should wait for the Fed to act first, Shearing said. Both have moved independently of the Fed during previous economic cycles.

Markets are too pessimistic about interest rate policy in the second half of 2024 and into 2025, Capital Economics said. “Developments on the inflation front have muddied the waters, but we still expect the Fed, ECB and Bank of England to cut interest rates more than markets currently anticipate over the next 18 month and we believe that the ECB and the BoE will act in June even if the Fed is now waiting for September to take its first steps.

Scott Schnipper

The S&P 500 Financials will outperform the S&P 500 by 3 percentage points in 2024

Don't look now, but S&P 500 financial stocks are outperforming the broader market, as measured by the S&P 500, by 9.3% to 6.3% so far in 2024. They're even beating the gain of 6.1% of the S&P 500 technology index this year.

“Banks remain strong globally,” trumpets the note to clients Tuesday morning from the Strategas Securities technical and macroeconomic research team led by Chris Verrone. “One of the most impressive responses to the market's emerging oversold situation came from the financial sector, with the sector once again pushing towards new heights of relative performance,” Strategas said. “Some 25 members of Russell 1000 Financial have found their way to [Monday’s] Relatively high 3-month list, with capital markets, banking and consumer finance names leading the way. »

The 25 financial stocks at relative highs ranged from Bank of America with a market value of nearly $300 billion, up to SLM Corp.., at around 5 billion dollars.

The relative strength of financial stocks is not limited to the United States either. “Globally, European and Japanese banks have also maintained their leadership advantage as the broader market has consolidated/corrected,” Strategas said. ADR in a British bank Barclaysfor example, are ahead by 22.5% in 2024, even outpacing the 16.6% rally of S&P 500 Communication Services stocks.

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S&P 500 Financials vs. S&P 500 in 2024.

Watch Stocks Make Big Moves After Hours

Here are some of the names showing significant movement in after-hours trading:

  • You're here The electric vehicle maker rose 8.2% despite lower-than-expected expectations on both lines. Tesla shared its new initiative to offer an affordable model.
  • Mattel The toy maker jumped 2.4% after reporting smaller losses per share than Wall Street expected.
  • Visa The financial name rose 2.6% following a better-than-expected earnings report.

See the full list here.

Alex Haring

S&P 500 futures are higher

S&P 500 futures rose shortly after 6 p.m. ET.

Futures tied to the benchmark rose 0.2%, while futures on the Nasdaq 100 rose 0.4%.

Dow futures added just 7 points, trading slightly above the flat line.

Alex Haring




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