MarketBites: Stocks Mixed Ahead Jobs Report
Portfolio Manager Commentary:
The major indices finished mixed on Thursday. The Nasdaq was able to rise 0.41%, the Dow fell 0.26%, and the S&P 500 remained fairly steady decreasing by 0.08%. These results come after Wednesday’s across-the-board gains and before July’s jobs report is released today.
Treasury yields fell yesterday as a volatile streak continues. The streak continues as investors weigh high inflation and rising interest rates against a worsening outlook for the economy. Still, recent positive earnings reports and signs showing easing inflation rates have boosted a partial recovery after a difficult first 6 months of 2022.
The asset management company, BlackRock, and cryptocurrency company, Coinbase, have announced a partnership which boosted Coinbase Global (COIN) stock up 10%. This move will allow BlackRock’s institutional investors to buy bitcoin as many of them are increasingly interested in gaining exposure to digital asset markets in their portfolios.
Chart of the Day:
The pound fell yesterday after the Bank of England hiked interest rates and predict a long recession ahead for the UK economy.
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