Connect with us

Cryptocurrency

US Market Indices Ends Thursday in Gains Despite High CPI Figures

Published

on


The US market indices also saw a good boost as the Department of Labor released the jobless claims for the week ended June 5.

The US stock market indices defied the inflation gains in the Consumer Price Index (CPI) figures for May to close Thursday on a positive note. The S&P 500 (INDEXSP: .INX) recorded a 0.47% gain to close at 4,239.18. The Dow Jones Industrial Average (INDEXDJX: .DJI) ticked a slight gain of 0.055% to 34,466.24 while the tech-heavy Nasdaq Composite (INDEXNASDAQ: .IXIC) inked a 0.78% surge to 14,020.33.

These gains came after the CPI numbers dwarfed 13 years of record in the rise in consumer prices. For the month of May, the consumer price index inked 5% growth year-on-year. Officials are claiming that the figures only look high when compared to this period last year when economic activities were almost cripple due to lockdowns brought about by the coronavirus pandemic.

The current CPI is second to the 5.3% recorded in August 2008, right before the United States was plunged into one of the worst economic recessions in history. While the key indices such as new vehicles and food index saw mild gains, the higher inflation figures were spiked by the sectors most hit by the pandemic. This, many analysts believe is transitory.

“The strength in the top line indices was driven largely by categories that have been heavily disrupted by COVID and remain under pressure from supply chain disruptions,” wrote Eric Wingorad, senior economist at Alliance Bernstein. “The more persistent categories of inflation – the ones that do a better job of capturing the sustainable trend – are significantly more subdued. That means that the details of today’s print continue to support the idea that the spike in inflation is transitory, even if it is more intense than most forecasters (myself included) would originally have anticipated.”

The market has been largely relieved as inflation fears limited market growths over the past months. Should the inflation figures be lower, market makers fear the Feds will remove the low-interest rates and other incentives in place for economic resurgence.

US Market Indices Also Boosted by Impressive Job Data

The US market indices also saw a good boost as the Department of Labor released the jobless claims for the week ended June 5. The figure, against the expected 370,000 came in at 376,000. While this appears high, investors on Wall Street knew this data is the lowest thus far in the pandemic era, and as such, impacted equity trading activities. Here is how the FAANG stocks performed on Thursday.

Facebook Inc (NASDAQ: FB) recorded a 0.67% gain to close at $332.46 per share. Apple Inc (NASDAQ: AAPL) dropped 0.80% to $126.11 while e-commerce giant Amazon.com Inc (NASDAQ: AMZN) added $68.50 or 2.09% to $3,349.65. Netflix Inc (NASDAQ: NFLX), and Google’s parent company Alphabet Inc (NASDAQ: GOOGL) also gained 0.30% and 1.13% with shares cresting at $487.27, and $2,435.13 respectively.

Shares of United Parcel Service, Inc (NYSE: UPS) surged 1.06% to $203.20 after analysts from JPMorgan Chase & Co (NYSE: JPM) upgraded the firm’s share rating from neutral to overweight.

next Business News, Indices, Market News, News, Stocks

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.



Source link

Up Next

TSLA Stock Up 2% Today, Tesla Launches Model S Plaid

Don't Miss

CryptoPunk NFT Dubbed ‘Covid Alien’ Sold for Massive $11.8 Million at Sotheby’s

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Cryptocurrency

SIL Finance Opens Mining on Binance Smart Chain

Published

on

By


On 22nd June, the SIL Ethereum-BSC Bridging Program will commence.

Sister in Law Finance (SIL), a single-sided yield aggregator, has announced that it will open its mining operations on Binance Smart Chain (BSC) this week. This happens just after their PowerCurve Initial Decentralized Exchange Offering (IDO), which took place last week on DoraFactory.

SIL Finance has set a chain of events to take place in June. Closure of the BSC Test Drive will take place on the 21st June at 3.00 PM, UTC, and thereafter, the SIL master contract will produce SIL on every succeeding block. Additionally, at 2.00 PM UTC the same day, the NFT Mystery Box buying button will be enabled so that users can purchase SIL NFTs using SIL.

Notably, the NFT interface supports exploring SIL NFT collections or episodes and shopping SIL NFT Mystery Box of the current episode. It also enables examining Mystery Boxes purchased and turning them into concrete cards and examining statistics of these cards.

The NFT Collections are grouped into five classes namely: Common, Uncommon, Rare, Epic, and Legendary. Each of these has an acceleration rate (cast on self) that differs from its deceleration rate (cast on other users). Every episode has a specific number of cards belonging to each class. The OPEN button gives access to the randomness calculation. SIL NFT’s initial episode will be the Sister series inclusive of five faces namely: Advent, Combat, Entanglement, Phantom, and Void.

SIL Finance on Binance Smart Chain

On 22nd June UTC, the xSIL pool will be opened. The pool is a single-token yield pool and it is quite similar to xSushi. However, xSIL users gain 20% of the total profits accrued on all intermediate LP Farming yields in SIL form. The yields include Cake and Burger, among others depending on the underlying liquidity provider (LP) farms. To make use of the xSIL pool, one is required to deposit SIL into the pool and they will start owning SIL from the next block.

Also on 22nd June, the SIL Ethereum-BSC Bridging Program will commence. Through it, Ethereum SIL users will be able to make applications to convert ERC-20 SIL into BEP-20 SIL on BSC. Those that undergo the bridging process successfully will automatically enter the xSIL pool. This will have a 1-week grace period during which bridged users will be unable to withdraw SIL from the xSIL pool. However, after this window expires, users can freely remove SIL from the xSIL pool. Finally, the SIL LP pool will be opened on BSC as SIL trading on the 23rd UTC.

next Altcoin News, Blockchain News, Cryptocurrency news, News

Steve Muchoki

A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
Mythology is my mystery!
“You cannot enslave a mind that knows itself. That values itself. That understands itself.”



Source link

Continue Reading

Cryptocurrency

Morgan Stanley Invests in Security Token Startup Securitize

Published

on

By


Securitize is going to build a crypto marketplace for trading digital securities.

San Francisco-based blockchain firm Securitize has raised $48 million in a Series B funding round. Morgan Stanley led the funding for Securitize drive alongside the largest investor in the Series A funding round, Blockchain Capital.

Recall that Blockchain Capital led the Series A funding round alongside Xpring Fund and Coinbase Ventures, and raised $12.75 million. This was used to expand operations into Latin America and the Asia Pacific, as well as build an engineering team.

Interestingly, the new venture capital investment is Morgan Stanley’s first investment foray into the blockchain ecosystem. The deal will see Pedro Teixeria, co-head of Morgan Stanley Tactical Value Investing, join Securitize’s board of directors. Teixeria believes the investment is proof- positive of Morgan Stanley’s ability to think ahead of the curve and make long-term investments that will benefit its partners. He claims the investment signals their belief in the growth of digital assets and the adoption of the same.

It is worthy of note that the development comes as the San Francisco firm looks to develop a crypto marketplace, Securitize Markets, for trading digital securities. The market, when launched, will provide liquidity for private capital holdings; allowing investors to trade closely held assets. According to Carlos Domingo, the founder and Chief Executive Officer of Securitize, such a platform boasts great potential and could very well be the future of finance.

Such a convergence as this formed by Morgan Stanley and Securitize suggests that Wall Street is slowly embracing the use of digital assets as securities even as the blockchain technology backing it continues to grow.

About Securitize

Established in 2017, Securitize helps private companies leverage the power of digital assets to raise funds. The firm reports that up to 150 corporations have benefited from its blockchain-based platform, with investors reaching about 300,000. The firm also has a subsidiary that manages assets and offers Bitcoin and USDC yield funds. The crypto yield funds expose accredited and institutional investors to digital assets- cryptocurrencies and decentralized finance.

The Series B funding drive brings the blockchain firm’s total funding to $87.5 million setting the company on course to be the leader in digital assets securities.

next Business News, Cryptocurrency news, Investors News, News

An experienced writer and Fintech enthusiast, passionate about helping people take charge of, scale and secure their finances. Has ample experience creating content across a host of niche. When not writing, he spends his time reading, researching or teaching.



Source link

Continue Reading

Cryptocurrency

Amazon (AMZN) Stock Slightly Down as Investors Remain Unperturbed Ahead of Prime Day

Published

on

By


There are three key areas that inform the likelihood of a continued upsurge in Amazon (AMZN) shares.

The shares of American multinational technology company which focuses on e-commerce, cloud computing, digital streaming, and artificial intelligence company, Amazon.com Inc (NASDAQ: AMZN) was slightly down in the pre-market as volatility pushed the stock to the red zone. This current trend has failed to take into account the upcoming Amazon Prime Day, a period new offerings are expected to be unveiled.

At the time of writing, AMZN stock is 0.71% down, ar $3,462.20.

For the better part of this year, Amazon shares have not impressed longer-term investors as bear actions has largely kept the stock bound on a close-range for some time. More impressive market activity was triggered early in the day with AMZN inking close to 6 points to beat its Friday close of $3.486,90. The volatility has ushered in a correction, however, the impressions for a good uptick are currently being made evident.

Amazon is a tech giant with businesses cutting across several areas which consumers rely on. The company currently ranks as one of the firms that have the most expensive share, and the growing clamor for a stock split, a call, currently stalled with the earlier announcement of a change in the Chief Executive Position. While the stock split is not necessarily a drawback for the growth of the firm, its implementation is likely to fuel new interests.

Amazon Prime Day and Two Reasons Why Investors May Be Bullish on AMZN Stock

There are three key areas that inform the likelihood of a continued upsurge in Amazon shares, and these are outlined below.

Amazon Prime subscribers are one of the major livewires of the e-commerce giant, with revenues from this service a key aspect of Amazon’s business. There is a scheduled annual “Prime Day”, which is scheduled for June 21-22. This event represents one of the major shopping events of the year and is projected to bring in massive quarterly sales for the company.

With the stock market almost always influenced by growth, irrespective of the quarter its coming from, the stock price may see new bullish moves soon.

Amazon is gaining a good amount of traction when it comes to content streaming per its video services. While Netflix Inc (NASDAQ: NFLX) is arguably one of the biggest players in the streaming world, Amazon Video Prime is set to get new blockbusters this July, a development that can impact stock growth indirectly.

One of the highly anticipated moves, “The Tomorrow War” will begin showing on 2nd July and is billed to feature the star Chris Pratt who will be in the role of a soldier. Other movies in the pipeline include “Making the Cut” and “Luxe Listing Sydney,” all geared to help Amazon keep track of the competition and stay relevant.

Amazon was amongst the biggest beneficiaries during the COVID-19 pandemic and has continued to dominate the e-commerce ecosystem. While the trends in its relevance in this space are not all reflective in its share price, the company still maintains the lead ahead of the competition and serves as the ultimate cushion for its other products and services.

next Business News, Market News, News, Stocks, Wall Street

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.



Source link

Continue Reading
Advertisement

Trending