Marketbites: Nasdaq Surges, Ends Losing Streak
Portfolio Manager Commentary:
Even with global growth concerns, the major indices closed higher on Wednesday with the Nasdaq ending a seven-day losing streak. The S&P rose 1.83%, the Dow gained 1.40%, and the Nasdaq was able to notch a 2.14% rise. The Nasdaq’s seven-day losing streak was the worst stretch for the tech-heavy index since 2016. Meanwhile, oil prices and treasury yields fell. Crude oil settled at $81.94 per barrel, its lowest price since January.
The Fed released its Beige Book on Wednesday which is its summary of current economic conditions. The report showed that economic activity has remained fairly stagnant across the U.S. and growth prospects remain weak.
Twitter stock jumped 6.60% yesterday after a judge blocked Elon Musk’s bid to delay trial over his $44 billion takeover of the company. The judge also ruled that Musk is allowed to amend his countersuit to incorporate allegations from a whistleblower complaint by Twitter’s former head of security.
Chart of the Day:
Trading volumes for major U.S. crypto exchanges are now a quarter of their 2021 peak. This comes right after many of these exchanges, Coinbase in particular, had ramped up staffing to handle the workload.