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☆ Goldman Sachs: Here are the 20 options trades to make now using an investing strategy that has outperformed the market for the last 27 years
▼ + stars: | 2023-08-17 | by ( Mark Reeth | ) www.businessinsider.com time to read: +3 min

Goldman Sachs created an options investing strategy that has outperformed the S&P 500 for 27 years. Analysts at Goldman Sachs break down the 20 stocks that investors can use this strategy with now. Market-beating options trading strategyIn essence, this profitable options strategy boils down to one simple concept: overwriting. "Over the past 27 years, buy-write strategies have outperformed the total return of the S&P 500 on a risk-adjusted basis," Marshall wrote. So, Marshall screened for stocks in the top two-thirds of Goldman Sachs' stock coverage universe, as well as stocks with implied volatility in the top two-thirds.

Persons: Goldman Sachs, John Marshall, Marshall, Sharpe, outperforming Organizations: Goldman

☆ Yield gap between China and US widens to highest since 2007 after surprise rate cut
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +3 min

And markets widely expect the PBOC to loosen monetary policy further. But the divergent monetary policy paths between the world's two largest economies widened the yield gap to 164 basis points between China's benchmark 10-year government bonds and U.S Treasuries s - the highest since February 2007. "More broadly, recent economic data releases in China have been disappointing, while those in the U.S. have surprised to the upside." The widening yield gap reduced foreign appetite in China's onshore yuan bonds, with latest official data showing overseas investors' holding declined in July. But the expectations for further monetary easing and capital outflow risks has pressure on the Chinese yuan to depreciate further.

Persons: Janet Yellen, Mark Schiefelbein, David Chao, Eugenia Victorino, SEB, Winni Zhou, Tom Westbrook, Simon Cameron, Moore Organizations: Rights, People's Bank of China, Asia, Thomson Locations: United States, Diaoyutai, Beijing, China, Rights SHANGHAI, SINGAPORE, Invesco, U.S, Asia

☆ Coinbase wins key regulatory approval to offer crypto futures in the US
▼ + stars: | 2023-08-16 | by ( Allison Morrow | ) edition.cnn.com time to read: +1 min

New York CNN —Coinbase has won a crucial regulatory approval that will allow the platform to provide US-based investors access to the crypto derivatives market. The approval comes from the National Futures Association, a self-regulatory body designated by the Commodity Futures Trading Commission, nearly two years after Coinbase applied to register as a futures merchant. Crypto derivatives make up more than 75% of all global crypto trades, but such products had been off-limits for investors in the United States, in part because of their complexity and high levels of risk. “This is a significant milestone for bringing federal regulatory oversight over the crypto markets,” said Faryar Shirzad, Coinbase’s chief policy officer. “Offering US investors access to secure and regulated crypto futures is key to unlocking growth and enabling broader participation in the cryptoeconomy,” said Andrew Sears, the CEO of Coinbase Financial Markets.

Persons: New York CNN — Coinbase, Coinbase, ”, Faryar Shirzad, Andrew Sears Organizations: New, New York CNN, National Futures Association, Commodity Futures Trading Commission, NFA, Securities and Exchange Commission, Binance, Coinbase Locations: New York, United States

☆ HKEX first-half net profit rises 31%, CEO is 'quite optimistic' about medium term outlook
▼ + stars: | 2023-08-16 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Hong Kong Exchanges and Clearing reported a 31% jump in net profit for the first six months of the year, compared to a year ago — and its CEO has expressed optimism about the medium-term outlook. HKEX's half-year net profit jumped to 6.31 billion Hong Kong dollars ($806.6 million) from HK$4.84 billion a year ago, boosted by the "robust growth" in its derivatives market, the exchange said in its press release. Revenue from its core businesses rose to HK$9.73 billion in the January to June period, up 5% year-on-year. Aguzin acknowledged that investors are in an "environment of caution" right now, with geopolitics being one of the factors. Still, he expressed optimism for the exchange's near term outlook, on hopes of lower inflation numbers and additional stimulus from China.

Persons: Nicolas Aguzin, Emily Tan, Aguzin, we've Organizations: Hong Kong Exchanges, Hong Kong, HK, Revenue Locations: China

☆ Coinbase wins approval to offer crypto futures trading in US
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +2 min

A representation of the cryptocurrency is seen in front of Coinbase logo in this illustration taken, March 4, 2022. The approval was granted by the National Futures Association (NFA), a self-regulatory organization designated by the Commodity Futures Trading Commission (CFTC). The NFA approval, which came nearly two years after Coinbase filed its application, could allow the company to expand into a largely untapped market. In July, crypto derivatives trading volumes globally totaled about $1.85 trillion, according to research firm CCData. The latest offerings will be from Coinbase Financial Markets, a unit of Coinbase.

Persons: Dado Ruvic, Coinbase, Brian Armstrong, Gary Gensler's, Niket, Saumyadeb Organizations: REUTERS, Securities and Exchange Commission, SEC, National Futures Association, Commodity Futures Trading Commission, Coinbase Financial, Thomson Locations: Bengaluru

☆ JPMorgan, US Virgin Islands trade accusations over Epstein
▼ + stars: | 2023-08-15 | by ( Us Appeals Judge Faults Probe Of Federal Circuit'S Pauline Newman | Andrew Goudsward | Law Firm Clifford Chance Posts Increased Revenue | ) www.reuters.com time to read: +4 min

REUTERS/Mike Acquire Licensing Rights Read moreCompanies JPMorgan Chase & Co FollowNEW YORK, Aug 15 (Reuters) - JPMorgan Chase (JPM.N) and the U.S. Virgin Islands traded new accusations this week in legal filings over their relationships with the late disgraced financier Jeffrey Epstein. The largest U.S. bank detailed how Epstein allegedly funneled hundreds of thousands of dollars in payments and loans to a former U.S. Virgin Islands governor and his wife. The territory in a separate filing cited a 2011 email from a senior JPMorgan executive about suspicious cash withdrawals by Epstein. The filing containing the U.S. Virgin Islands accusations was more than 680 pages. The U.S. Virgin Islands also failed to show that the bank committed obstruction, JPMorgan said.

Persons: JP Morgan Chase, Mike, JPMorgan Chase, Jeffrey Epstein, Epstein, John de Jongh, Cecile, John Duffy, JE, Duffy, Mary Erdoes, “, Erdoes, Jonghs, USVI, JPMorgan, Nupur Anand, Tatiana Bautzer, Lananh Nguyen, David Gregorio Our Organizations: JP, Co, JPMorgan Chase, REUTERS, JPMorgan, U.S . Virgin Islands, U.S . Virgin, Thomson Locations: New York, U.S, Manhattan

☆ China c.bank seen leaving policy loan rate unchanged on Tuesday
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +3 min

Paramilitary police officers stand guard in front of the headquarters of the People's Bank of China, the central bank (PBOC), in Beijing, China September 30, 2022. REUTERS/Tingshu Wang/File PhotoSHANGHAI/SINGAPORE, Aug 14 (Reuters) - China's central bank is expected to keep rates on its medium-term policy loans unchanged on Tuesday, a Reuters survey showed, despite fresh signs the economic recovery is losing momentum. The People's Bank of China (PBOC) last lowered the rate by 10 basis points to 2.65% in June. "We believe more pro-growth policies are warranted to support the economic growth, and further easing in monetary policy can be expected," analysts at BofA Global Research said. They expect a 15-basis-point cut in one-year loan prime rate (LPR) in total in the third quarter of the year.

Persons: Tingshu Wang, Li Hongwei, Zhou, Tom Westbrook, Jacqueline Wong Organizations: People's Bank of China, REUTERS, HSBC, BofA Global Research, July's, Thomson Locations: Beijing, China, SHANGHAI, SINGAPORE, United States, Shanghai, Singapore

☆ This earnings season has presented investors with a once-in-a-decade opportunity. Here are 10 options trades to make now to take advantage of it, according to Goldman Sachs.
▼ + stars: | 2023-08-14 | by ( Mark Reeth | ) www.businessinsider.com time to read: +2 min

John Marshall of Goldman Sachs thinks a straddle options strategy is the perfect way to capitalize. "This spread between the realized moves and implied moves is currently at +0.1%, the highest in a decade considering a like-for-like universe of stocks." While a 0.1% difference may seem small, it's a window of opportunity for investors utilizing the right options strategy. To that end, Marshall and his team compiled a list of 10 stocks they think are ripe for an options straddle strategy ahead of earnings. Those stocks are below, as well as their tickers, earnings dates, implied and historical earnings day moves, the difference between the two, and the at-the-money straddle pricing Marshall is targeting.

Persons: Stocks, John Marshall, Goldman Sachs, Marshall Organizations: Evercore ISI, Goldman, Marshall

☆ Inflation data backs a soft landing, but it might not be enough to stop the market's swoon
▼ + stars: | 2023-08-10 | by ( Bob Pisani | ) www.cnbc.com time to read: +3 min

The consumer price index report out Thursday is supportive of a soft landing. We'll see if it turns around this recent swoon in the stock market. There's an old saw on Wall Street: in corrections it takes a lot longer to lose the first 5% because people buy the dip. The macro data (China excepted), including today's CPI, has been supportive of the soft landing. There's a huge swath of investors that seem perfectly happy to collect 5% yields on their 1-year Treasuries, market rally be damned.

Persons: it's, Chris Murphy, Eric Johnston, Cantor Fitzgerald, Cash, Johnston, Anthony, Webull, Mark Newton, Fundstrat Organizations: Susquehanna International Group, CPI, Nvidia, Microsoft Locations: China

☆ Inside Goldman Sachs' coveted summer internship for aspiring investment bankers, where there's no such thing as 'busy work.'
▼ + stars: | 2023-08-10 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +17 min

Goldman Sachs' summer internship program is harder to get into than Harvard. This summer Goldman hosted 2,970 interns, about 500 of whom were placed in the investment bank, according to stats provided by Goldman. Some rising juniors are also part of the internship classes, however, including Stephenson, who applied for her first Goldman internship during her freshman year of college. Last summer, Stephenson took the subway to work, which had its share of problems. According to Friedland, there's no "busy work" or "shadowing" and the senior bankers rely on the interns to do real work.

Persons: Goldman Sachs, Goldman, India Stephenson, Stephenson, she'd, she's, It's, Dave Friedland, Friedland, they'll, —, Conrad, I'm, it's, I've, you've, Nobody's, that's, we've Organizations: Harvard, Princeton, Investment Banking, Committee, Columbia University, University of Michigan, Brookfield, Investment, Goldman, Columbia Locations: India, Goldman's, Manhattan, San Francisco, New York City, Naya, there's, multitask, Goldman

☆ Dollar eases as China deflation lures investors into risk assets
▼ + stars: | 2023-08-09 | by ( Amanda Cooper | ) www.reuters.com time to read: +3 min

LONDON, Aug 9 (Reuters) - The dollar eased on Wednesday after data showed the Chinese economy slipped into deflation last month, which upped the chances for the government to roll out extra stimulus measures and nudged investors into risk assets. Dollar selling by state-owned Chinese banks helped the yuan rally from a one-month low, dealers said. The Chinese central bank's stronger-than-expected exchange-rate fixing at 7.1588 per dollar before the open signalled its discomfort with the yuan's recent declines. The dollar index - which measures the performance of the U.S. currency against six others - eased 0.1%, paring some of Tuesday's 0.47% rise. "Chinese inflation data showed that consumer prices have barely moved in July, confirming that the world’s second-largest economy is stalling and may be moving into deflation," he said.

Persons: There's, Ray Attrill, Ricardo Evangelista, Chris Scicluna, Patrick Harker, Raphael Bostic, Michelle Bowman, Kevin Buckland, Brigid Riley, Simon Cameron, Moore, Kirsten Donovan Organizations: National Australia Bank, Federal Reserve, Daiwa Capital, ECB, Bank of England, Philadelphia Fed, Atlanta Fed, Fed, Thomson Locations: China, Tokyo

☆ These stocks with upcoming earnings are short-squeeze candidates, Goldman says
▼ + stars: | 2023-08-06 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

A solid second-quarter earnings season is spooking short-sellers and creating big rallies for some of the most doubted stocks in the market, according to Goldman Sachs. "Stocks with low short interest declined on their earnings day, while stocks with the highest short interest rallied significantly. This average outperformance for the high short interest cohort was even evident after adjusting for the cost of options prior to their earnings report (i.e. There are several stocks with upcoming earnings reports that have high short interest, according to Goldman Sachs. The short interest in Plug Power — or the percentage of available shares that are sold short — is above 23%, according to FactSet.

Persons: Goldman Sachs, Sesha, Phani Organizations: Wall Street, Energy, Holdings, Marathon

☆ Berkshire posts record operating profit, rising rates boost Buffett's returns
▼ + stars: | 2023-08-05 | by ( Jonathan Stempel | ) www.reuters.com time to read: +5 min

"The earnings impact of higher interest rates on investment income is offsetting the economic softness caused by those same rates," he added. Investors closely watch Berkshire because of Buffett's reputation, and because results from the Omaha, Nebraska-based company's operating units often mirror broader economic trends. NOT LOVING VALUATIONSQuarterly operating profit rose 7% to $10.04 billion, or about $6,938 per Class A share, from $9.42 billion a year earlier. Berkshire repurchased $1.4 billion of stock in the quarter, down from $4.4 billion from January to March. Overall profit from Berkshire Hathaway Energy, where Berkshire has a 92% stake, was little changed at $785 million.

Persons: Warren Buffett, Rick Wilking, Berkshire Hathaway, Jim Shanahan, Edward Jones, Buffett, Cathy Seifert, Seifert, PacifiCorp, Jonathan Stempel, Ira Iosebashvili, Angus MacSwan, Jan Harvey, Alistair Bell, Diane Craft Organizations: Berkshire Hathaway Inc, Omaha , Nebraska U.S, REUTERS, Berkshire, Berkshire's Clayton Homes, Profit, BNSF, Forbes, Berkshire repurchased, Apple, Berkshire Hathaway Energy, Occidental Petroleum, Thomson Locations: Omaha , Nebraska, Berkshire, Alleghany, Oregon, An Oregon, Occidental, New York

☆ Berkshire posts record operating profit, $35.9 billion of net income
▼ + stars: | 2023-08-05 | by ( Jonathan Stempel | ) www.reuters.com time to read: +4 min

Quarterly operating profit topped $10 billion for the first time but grew just 7%, in part from recent purchases of the Alleghany insurer and Pilot truck stop operator. Second-quarter operating profit rose to $10.04 billion, or about $6,938 per Class A share, from $9.42 billion a year earlier. Net income totaled $35.91 billion, or $24,775 per Class A share, compared with a year-earlier $43.62 billion loss. Pilot added $114 million to operating profit. Overall profit from Berkshire Hathaway Energy, in which Berkshire has a 92% stake, was little changed at $785 million.

Persons: Warren Buffett, Rick Wilking, Berkshire Hathaway, Cathy Seifert, Seifert, Buffett, PacifiCorp, Jonathan Stempel, Angus MacSwan, Jan Harvey, Alistair Bell Organizations: Berkshire Hathaway Inc, Omaha , Nebraska U.S, REUTERS, Berkshire, Clayton Homes, BNSF, Berkshire repurchased, Apple, Occidental Petroleum, Berkshire Hathaway Energy, Forbes, Thomson Locations: Omaha , Nebraska, Berkshire, Alleghany, Occidental, An Oregon, New York

[1/3] Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in Manhattan in New York City, New York, U.S., October 26, 2020. Nonfarm payrolls increased by 187,000 jobs last month, the Labor Department said in its closely watched employment report on Friday, slightly below expectations of 200,000 jobs. U.S. Treasury yields dropped after jobs data on Friday showed the U.S. economy added fewer jobs than expected in July, but investors hesitated to rule out further monetary tightening. Oil prices headed for a sixth straight weekly gain, driven by the prospect of reduced supply from Saudi Arabia and Russia. U.S. crude rose 1.4% to $82.69 per barrel and Brent was at $86.10, up 1.13% on the day.

Persons: Mike Segar, Rick Rieder, Randy Frederick, Charles Schwab, Frederick, Sterling, Fitch, Brent, Lawrence Delevingne, Amanda Cooper, Elizabeth Howcroft, Ankur Banerjee, Sruthi Shankar, Sharon Singleton, Nick Macfie, Diane Craft Organizations: Wall, New York Stock Exchange, REUTERS, Apple, Treasury, U.S ., Labor Department, Dow Jones, Nasdaq, FTSE, U.S . Federal, Bank of England, U.S . Treasury, Thomson Locations: Manhattan, New York City , New York, U.S, Austin , Texas, United States, Saudi Arabia, Russia, Boston, London

☆ Goldman Sachs says Coinbase will remain challenged until crypto can prove its utility — What Wall Street is saying after earnings
▼ + stars: | 2023-08-04 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +5 min

Late Thursday, the company posted a loss of 42 cents per share on revenue of $708 million for the second quarter. Analysts surveyed by Refinitiv expected a loss of 77 cents per share on revenue of $633 million. However, trading volumes have remained low, even as the crypto market is enjoying a couple of nice rallies this year. "Until we see evidence of mass adoption of crypto for everyday utility, we believe fundamentals will remain challenged, and thus we remain Sell rated [on Coinbase]." "While Coinbase is taking industry market share on the deterioration of business at Binance, it seems to be under-growing certain smaller domestic platforms, reflecting a different sort of competitive landscape."

Persons: Crypto, Coinbase, Goldman Sachs, Refinitiv, Will Nance, Nance, Needham, Binance, Piper Sandler, Raymond James, Michael Bloom Organizations: U.S . Securities, Exchange, SEC, BTC, JPMorgan, Bank of America Locations: Wall, Binance, Underperform

☆ Goldman Sachs' summer internships are coming to a close. A former intern turned partner breaks down the 5 secrets to successfully snagging a return offer.
▼ + stars: | 2023-08-04 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +12 min

This summer Goldman hosted 2,970 interns, about 500 of whom were placed in the investment bank, according to stats provided by Goldman. They advised future Goldman interns to learn how to multitask and have a solutions-oriented mindset, among other suggestions. "You go into someone's office, you don't sit there and say, 'I don't know how to do this,'" he said. As selective as the application process is, Goldman summer analysts are not expected to know how to do their jobs before they start. "I said, I'm really nervous, I don't know how to model.

Persons: Goldman Sachs, Dave Friedland debunks, Stephenson, —, it's, Goldman, Dave Friedland, India Stephenson, Friedland, David Freidland Goldman Sachs Friedland, we've, It's, Princeton University —, they're, who's, I'm Organizations: Wall, Cross Markets, Investment Banking, Committee, Columbia University, University of Michigan, Princeton University Locations: dealmaking, India

☆ Downside protection costs are at a 15-year low, Bank of America says. Here's how to hedge
▼ + stars: | 2023-08-03 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

The cost of hedging against a potential stock market downturn has hit a 15-year low, according to research from Bank of America. On the other end of the spectrum, a call option's value typically rises when the S & P 500 goes up. Bank of America said that the cost of downside protection had fallen to a 15-year low, reaching 3.3% of a portfolio. The Global X S & P 500 Tail Risk ETF provides a potential alternative for those wanting to avoid trading options. This ETF offers exposure to the S & P 500 index, while using protective puts to mitigate significant sell-offs of more than about 10%.

Persons: Benjamin Bowler Organizations: Bank of America, Bank of, Street

☆ BoE’s inflation firefighting will outlast peers
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +2 min

The Bank of England on Thursday raised UK interest rates by a quarter of a percentage point to a 15-year peak of 5.25%. Governor Andrew Bailey and his colleagues also vowed monetary policy would remain “sufficiently restrictive for sufficiently long” to bring inflation down to the BoE’s 2% target. As for the BoE, traders are betting that rates will hit 5.5% in September and stay elevated for the whole of next year. Despite an early start, Bailey’s fight against stubborn inflation is likely to drag on for longer. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Andrew Bailey, BoE, Bailey, Bailey’s, Francesco Guerrera, Lisa Jucca, Oliver Taslic Organizations: Reuters, Bank of England, U.S . Federal Reserve, European Central Bank ., ECB, Twitter, Thomson

☆ VIEW Bank of England raises rates for a 14th time
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +7 min

The BoE raised interest rates by 25 basis points to 5.25% and said high inflation meant it was unlikely to stop raising rates any time soon. However, with Thursday's decision, traders began to price in a lower peak in UK rates. MONEY MARKETS: Interest-rate derivatives showed traders believe UK rates will peak around 5.67% by March, compared with an expected peak of 5.73% in the run-up to the decision. Rising interest rates means higher borrowing costs, which will lead to larger monthly mortgage payments for many homeowners." The Bank of England remains committed to bringing inflation down, unfortunately raising interest rates is one of the only tools the Bank can use to sap demand out of the economy."

Persons: BoE, Sterling, VIVEK PAUL, we’ll, STUART COLE, JEREMY BATSTONE, CARR, RAYMOND JAMES, MARCUS BROOKES, ” SEEMA SHAH, Rishi Sunak, GILES COGHLAN, THOMAS PUGH, JOHN LEIPER, Amanda Cooper, Samuel Indyk Organizations: Bank of England, FTSE, BLACKROCK, LONDON, TOM HOPKINS, Bank of, RSM, Bank, EMEA, Thomson Locations: LONDON, EUROPEAN, U.S

☆ Consistency in bank earnings this season has been a 'key theme,' strategist says
▼ + stars: | 2023-08-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailConsistency in bank earnings this season has been a 'key theme,' strategist saysViktor Hjort, global head of credit and equity and derivatives strategy at BNPP, says corporates in the U.S. and Europe, on the other hand, have had a "fairly mixed" season.

Persons: Viktor Hjort Locations: U.S, Europe

☆ Europe’s inflation data “meh” leaves ECB in limbo
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +2 min

Monday’s first estimate of consumer price data for July reinforces the case for a pause on rising rates, but for Lagarde the picture is frustratingly unclear. Lagarde’s hardline colleagues will point out that’s too fast to bring inflation back to the ECB’s 2% target. Markets aren’t sure, ascribing a 70% chance to a pause in September, according to derivatives pricing data collected by Refinitiv. Revisions to the July numbers will follow and policymakers will get inflation data for August before they meet on September 14. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Christine Lagarde, “, Monday’s, Francesco Guerrera, George Hay, Pranav Kiran Organizations: Reuters, European Central Bank, ECB, Twitter, Walmart, BT boss’s, of Japan, Thomson Locations: Frankfurt

☆ India regulator says no proposal to curb retail derivatives trades -statement
▼ + stars: | 2023-07-29 | by ( ) www.reuters.com time to read: +1 min

July 29 (Reuters) - India's market regulator said on Saturday there was no proposal to curb retail participation in equity derivative markets but that it was considering a client risk assessment. Reuters reported on Friday that the Securities and Exchange Board of India (SEBI), seeking to reduce risks for retail investors, would propose linking the amount of equity derivatives they may trade to their wealth. Citing what it said were speculative media reports, SEBI said in a statement, "It is clarified that there is no proposal to curb retail participation in derivative markets". But it said it was examining whether existing requirements for participating in the derivative markets could be extended to include a risk assessment of clients. "SEBI’s focus has always been on adequate risk management, while ensuring ease of doing business and compliance, rather than on placing any curbs on trading," the regulator said.

Persons: SEBI, Jayshree, William Mallard Organizations: Reuters, Securities and Exchange Board of India, Thomson

☆ Wall St Week Ahead Hopes of 'Goldilocks' economy, rate peak buoy US stocks
▼ + stars: | 2023-07-28 | by ( David Randall | ) www.reuters.com time to read: +5 min

The S&P 500 is up nearly 19% this year after gaining around 1% in the past week. At the same time, investors believe the Fed is unlikely to deliver much more of the monetary policy tightening that shook markets last year. A test of the economy comes next week, when the U.S. reports employment numbers for July. The tech-heavy Nasdaq 100 is up nearly 44% year-to-date, while the S&P 500 information technology sector has gained nearly 46%. The S&P 500 tech sector now trades at 28.2 times forward earnings, from 19.6 at the start of the year.

Persons: Brendan McDermid, Jerome Powell, Bob Kalman, Torsten Slok, Burns McKinney, Randy Frederick, wouldn't, David Randall, Ira Iosebashvili, Deepa Babington Organizations: New York Stock Exchange, REUTERS, Federal, Miramar Capital, Apollo Global Management, Meta, Roku Inc, NJF Investment Group, Apple, Microsoft, Schwab Center, Financial Research, Thomson Locations: New York, U.S, Miramar

☆ Binance and its CEO seek dismissal of CFTC complaint
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +1 min

July 27 (Reuters) - Binance and its CEO Changpeng Zhao have filed a motion to dismiss a complaint filed against the exchange by the U.S. Commodity Futures Trading Commission (FTC), the company said in a court filing on Thursday. The CFTC sued Binance, Zhao and former Chief Compliance Officer Samuel Lim in March alleging that they violated the Commodity Exchange Act and certain related federal regulations, and for operating what the regulator said was an "illegal" exchange and a "sham" compliance program. The Court should dismiss the complaint in its entirety," Binance said. Lim filed a separate motion to dismiss the CFTC claims against him. Reporting by Juby Babu in Bengaluru; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: Changpeng Zhao, Binance, Zhao, Samuel Lim, Lim, Juby Babu, Tom Hogue Organizations: U.S . Commodity Futures Trading Commission, CFTC, Thomson Locations: Bengaluru

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