Marketbites: FTX Files For Bankruptcy
Portfolio Manager Commentary:
The S&P 500 closed out its best week since June as the CPI showed slowing inflation on Thursday raising hopes that the Federal Reserve would soon slow its tightening campaign. The broader market index added 0.9%, bringing its gain for the week to 5.9%, its best week since the one ended June 24 of this year.
“From an equity market perspective, as long as the threat of much higher rates is out the way, this should remove a major headwind,” Barclays’ Emmanuel Cau wrote in a Friday note.
Investors remained fixated on the crisis in the cryptocurrency markets with prominent exchange FTX filing for bankruptcy. The CEO of FTX, Sam Bankman-Fried, also announced his resignation from the position. He will remain at the company until an orderly transition has taken place. This is a big blow to the crypto industry since FTX had been hailed as one of the more trusted platforms. The decision weighed heavily on overall crypto risk sentiment.
Lastly, casino stocks got a boost from after China said it would lift some crypto restrictions. Shares of Wynn Resorts and Las Vegas Sands were more than 8% and 6% higher, respectively.
Chart of the Day:
HSAs are now a key feature of many health-insurance plans, both for employees and individual buyers. There were about 28 million HSAs holding funds as of June 30, 2022 compared with about 17 million in 2017, according to data gathered by Devenir Research. Total funds in them grew to $98 billion at year-end 2021 from $45 billion in 2017.