The wrap
- S&P 500 7,659.44 -1.09%
- Nasdaq-100 29,188 -2.50%
- FTSE 100 10,650 -0.06%
- S&P 500 ETF $763.25 -1.11%
- Gold ETF $382.01 -0.18%
- Gold $4,157.45 -0.19%
- GBP/USD 1.3330 +0.43%
- Bitcoin $81,537 +0.11%
- Ethereum $2,416.82 +0.30%
On Friday the S&P 500 closed down 1.09% at 7,659.44, and the Nasdaq-100 fell 2.50% to 29,188. The S&P 500 ETF closed down 1.11% at $763.25 the same day. The FTSE 100 told a calmer story, closing down 0.06% at 10,650 on Tuesday, a session that came well before Friday's sell-off.
The heaviest losses came from Strategy (formerly MicroStrategy), which dropped 9.56% to $136.83, Palantir, down 7.22% to $186.03, and AMD, which fell 5.95% to $528.75, all on Friday. The data offers no explanation for those moves, so none is given here. ExxonMobil rose 2.46% to $178.98, Coca-Cola gained 2.07% to $93.90 and Procter & Gamble added 1.45% to $159.35.
Oil (WTI) closed up 1.05% at $99.00 on Friday. Gold closed down 0.19% at $4,157.45 in the last session, and the gold ETF slipped 0.18% to $382.01 on Friday. According to MarketWatch, silver's recent 50% drop from a record high hints that an economic slowdown looms.
The rest of today's wrap
Bitcoin rose 0.11% to $81,537 in the past 24 hours, and Ethereum added 0.30% to $2,416.82 over the same period. The crypto Fear and Greed index reads 55, which is labelled Greed. Across the tracked assets, 24 sit in an Uptrend, 20 are Sideways and 10 are in a Downtrend. According to CoinDesk, Goldman, Wells Fargo and Morgan Stanley see tokenisation as a growth play rather than a threat, and a BIS paper finds that banks could slow stablecoin growth by paying savers more.
US consumer prices rose to 3.74% in September, up from 3.4% previously, according to the US Bureau of Labor Statistics. Core inflation climbed to 2.56% from 2.45%. In the UK, CPI rose to 3.1% in August from 2.9%, according to the Office for National Statistics. US M2 money supply reached $23,342.8bn in August, up 5.66% year on year.
The Fed funds effective rate sits at 3.88%, inside the 3.75 to 4.00% target range, and the Bank of England Bank Rate is 3.75%. The US 2-year Treasury yield stands at 4.74% and the 10-year at 5.09%. According to CNBC, a $2 trillion deficit and 5% Treasury yields are becoming America's biggest economic challenge.
Next up is the UK inflation release on 21 October, followed by the Federal Reserve rate decision on 28 October. The Bank of England decides on 5 November, and the US inflation release follows on 10 November. CNBC reports that most expect the Fed to hold rates in October, though Kevin Warsh could surprise markets.
Written by AI (Claude, claude-haiku-5-5) from the market data on this site at the time shown, and checked against that data before publishing. Prices at the time of writing; they will have moved since. Educational only, not financial advice.