Stock Markets
S&P 500 ends lower as traders eye potential pause in rate hikes
The S&P 500 ended lower on Monday as investors weighed whether the U.S. Federal Reserve might pause its interest rate hikes at its upcoming policy meeting, while Apple briefly hit a record high before losing ground.
Apple Inc (NASDAQ:AAPL) ended 0.8% lower after the world’s most valuable company unveiled an augmented-reality headset called the Vision Pro, its riskiest and biggest bet since the introduction of the iPhone. Earlier Apple rose as much as 2.2% to an all-time high.
Other heavyweight growth stocks were mixed, with Nvidia (NASDAQ:NVDA) Corp dipping 0.4% and giving back some of its recent gains, and Tesla (NASDAQ:TSLA) Inc adding 1.7% after the electric vehicle maker’s sales of China-made cars in China jumped in May.
The S&P 500 on Friday closed at its highest level in over nine months after a report showed that wage growth moderated in May.
Following a stronger-than-expected earnings season and expectations the Fed could pause its aggressive monetary tightening cycle, the S&P 500 is up nearly 20% from its closing low in October, lifted by gains in heavyweight tech stocks including Apple, Nvidia and Microsoft Corp (NASDAQ:MSFT).
Reinforcing expectations the Fed could pause its rate hikes, a survey from the Institute for Supply Management showed the U.S. services sector barely grew in May as new orders slowed, pushing a measure of prices paid by businesses for inputs to a three-year low, which could aid the Fed’s fight against inflation.
“That bad news is good news in terms of the Fed. The bad news, meaning weak economic reports, is actually good news because it makes it more likely the Fed will pause its series of interest rate hikes, believing they have begun to do their trick bringing inflation down,” said Tim Ghriskey, senior portfolio strategist Ingalls & Snyder in New York.
Traders have priced in a nearly 80% chance that the Fed will hold interest rates at its June 13-14 policy meeting, according to CME Group’s (NASDAQ:CME) FedWatch tool, although they expect another hike in July.
The S&P 500 declined 0.20% to end the session at 4,273.79 points.
The Nasdaq declined 0.09% to 13,229.43 points, while Dow Jones Industrial Average declined 0.59% to 33,562.86 points.
Of the 11 S&P 500 sector indexes, seven declined, led lower by industrials, down 0.71%, followed by a 0.58% loss in energy.
Palo Alto Networks (NASDAQ:PANW) Inc climbed 4.4%, with the cybersecurity firm set to replace Dish Network (NASDAQ:DISH) Corp in the S&P 500 index on June 20. Dish shares fell 2.7%.
Big U.S. banks slipped after the Wall Street Journal reported that U.S. regulators were preparing to tighten rules for large banks, which could include raising their capital requirements by 20% on average.
Declining stocks outnumbered rising ones within the S&P 500 by a 1.5-to-one ratio.
The S&P 500 posted 17 new highs and four new lows; the Nasdaq recorded 90 new highs and 54 new lows.
Volume on U.S. exchanges was relatively light, with 9.7 billion shares traded, compared to an average of 10.5 billion shares over the previous 20 sessions.
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.
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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:
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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.
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