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US stocks slide as tech leads selloff amid jump in yields

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Investing.com– U.S. stocks fell sharply on Friday, with tech stocks leading the selloff, pressured by jump in Treasury yields.

At 12:59 p.m. ET (17:59 GMT fell 1.5% the fell 2%. The fell 1.1%, or 491 points.

Wall St slumps as tech pressured by higher treasury yields

Apple Inc (NASDAQ:) fell nearly 2%, a day after hitting a record high higher following an upgrade from tech-bull Wedbush on Thursday. 

Tesla Inc (NASDAQ:) stock fell 4.6%, while market darling NVIDIA Corporation (NASDAQ:) edged 2.9% lower.

Alphabet (NASDAQ:) fell more than 2% amid a major rout in tech.

The move lower in tech following a jump in the benchmark , which reached 4.64% earlier—its highest level since early May amid expectations for more hawkish Federal Reserve in 2025 amid inflation concerns.

“The rise in long-term yields mostly reflects a stronger growth outlook but could also signal concerns about inflation and the federal budget deficit,” DA Davidson said in a recent note. 

Rising yields translate into increased borrowing costs, which can constrain spending on innovation and expansion, further squeezing profit margins.

Microstrategy leads crypto stocks lower as gives up gains

MicroStrategy Incorporated (NASDAQ:) fell more than 3% after giving up early-day gains to lead crypto-related stocks including Coinbase Global Inc (NASDAQ:) lower. .

The slump followed struggles to its gains after topping $97,000.

Stock Markets

Kuehn Law Encourages Investors of Riot Platforms, Inc. to Contact Law Firm

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New York, New York–(Newsfile Corp. – December 28, 2024) – Kuehn Law, PLLC, a shareholder litigation law firm, is investigating whether certain officers and directors of Riot Platforms, Inc. (NASDAQ: NASDAQ:) breached their fiduciary duties to shareholders. The investigation concerns potential self-dealing. Shareholders may be entitled to damages and corporate governance reforms.

If you are a long-term RIOT stockholder please contact Justin Kuehn, Esq. here, by email at justin@kuehn.law, or call (833) 672-0814. The consultation and case are free with no obligation to you. Kuehn Law pays all case costs and does not charge its investor clients. Shareholders should contact the firm immediately as there may be limited time to enforce your rights.

Why Your Participation Matters:

As a shareholder your voice matters, and by getting involved, you contribute to the integrity and fairness of the financial markets. Your investment. Your voice. Your future.

For additional information, please visit Shareholder Derivative Litigation – Kuehn Law.

Attorney advertising. Prior results do not guarantee similar outcomes.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/235430

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Kuehn Law Encourages Investors of Krystal Biotech, Inc. to Contact Law Firm

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New York, New York–(Newsfile Corp. – December 28, 2024) – Kuehn Law, PLLC, a shareholder litigation law firm, is investigating whether certain officers and directors of Krystal Biotech , Inc. (NASDAQ: NASDAQ:) breached their fiduciary duties to shareholders. The investigation concerns potential self-dealing. Shareholders may be entitled to damages and corporate governance reforms.

If you are a long-term KRYS stockholder please contact Justin Kuehn, Esq. here, by email at justin@kuehn.law, or call (833) 672-0814. The consultation and case are free with no obligation to you. Kuehn Law pays all case costs and does not charge its investor clients. Shareholders should contact the firm immediately as there may be limited time to enforce your rights.

Why Your Participation Matters:

As a shareholder your voice matters, and by getting involved, you contribute to the integrity and fairness of the financial markets. Your investment. Your voice. Your future.

For additional information, please visit Shareholder Derivative Litigation – Kuehn Law.

Attorney advertising. Prior results do not guarantee similar outcomes.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/235429

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ProShares Files for ‘Hedged’ Bitcoin ETF Products: Details

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U.Today – American ETP issuer ProShares has made another decisive move to expand its ETF products suite. The asset manager has applied to list three new Bitcoin-linked ETF products, with stock market native products as reserves. These filings come amid growing consideration of more leniency in U.S. SEC approvals next year with a new Chairman set to take office.

ProShares Bitcoin ETF filings

Per an update from ETF Store President Nate Geraci, the three filings from ProShares include the S&P 500 Bitcoin ETF, the Nasdaq-100 Bitcoin ETF and the Gold Bitcoin ETF, respectively.

Nate Geraci states these products are long in the underlying stocks or gold. These would now feature a short USD and long Bitcoin position using offerings. The dual-faced model of these new ETFs made him call the prospective offerings “BTC hedged ETFs.”

Since spot Bitcoin and ETF products secured approval from the U.S. SEC, there has been no slowing down in the number of filings.

While the number of crypto ETFs like , Hedera, and ETF products has grown, asset managers are also intensifying how these offerings target traditional finance products more closely.

Geraci aptly observed that “Bitcoin is starting to eat tradfi.”

Year of crypto Wall Street takeover

The timing of the current filing has triggered commentary from market experts on how unrelenting ETF issuers are in driving more reach for the product. Beyond the $5,500 Ethereum price forecast from Galaxy Digital (TSX:), the firm also issued a major ETF adoption prediction.

As noted, at least one big asset manager will allocate 2% of its Assets Under Management (AuM) to Bitcoin, underscoring the potential for the asset to go mainstream on Wall Street.

Already, many traditional firms are buying Bitcoin through ETFs, complementing the unrelenting acquisitions from spot buyers like MicroStrategy.

This article was originally published on U.Today

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