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☆ Wall Street near flat after First Republic news, awaiting Fed
▼ + stars: | 2023-05-01 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

The Fed, which has been raising rates to cool inflation, is expected to hike rates an additional 25 basis points on Wednesday. REUTERS/Brendan McDermidEnergy (.SPNY) was down the most of the major S&P 500 sectors, falling 1.3% as crude oil prices declined , . First-quarter results from S&P 500 companies have mostly beaten expectations, easing economic concerns. The S&P 500 technology index (.SPLRCT) climbed 0.2% on Monday, offsetting some of the day's weakness. The S&P 500 posted 35 new 52-week highs and one new low; the Nasdaq Composite recorded 88 new highs and 188 new lows.

While SoftBank had said in March it planned to list Arm in the U.S. stock market, the company's IPO registration shows that it is pressing ahead with the blockbuster offering despite adverse market conditions. Arm plans to sell its shares on Nasdaq later this year, seeking to raise between $8 billion and $10 billion, the sources said. SoftBank and Arm declined to comment. There are signs that the IPO market is beginning to thaw. Arm's IPO preparations are being led by Goldman Sachs Group Inc (GS.N), JPMorgan Chase & Co (JPM.N), Barclays (BARC.L) and Mizuho Financial Group (8411.T).

But the benchmark S&P 500 (.SPX) advanced for the week as well as the day and registered a second consecutive monthly gain. For the month the S&P rose 1.5% while the Dow added 2.5% and the Nasdaq was barely higher. For the week the S&P rose 0.9% in line with the Dow's weekly gain and the Nasdaq rose 1.3%. While the S&P 500 bank index closed up 1.1%, shares in First Republic tumbled in the regular session and after the close. The S&P 500 posted 25 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 66 new highs and 136 new lows.

Microsoft shares rallied 7.2% following upbeat quarterly earnings and sales, including of robust artificial intelligence products. The Dow Jones Industrial Average (.DJI) fell 228.96 points, or 0.68%, to 33,301.87; and the S&P 500 (.SPX) lost 15.64 points, or 0.38%, at 4,055.99. The S&P 500 technology index (.SPLRCT) was the sole gainer among the benchmark's 11 major industry sectors, adding 1.7%. Of the 163 S&P 500 companies that reported first-quarter profit through Wednesday morning, 79.8% topped analysts' expectations, as per Refinitiv IBES data. It helped push the S&P 500 bank index (.SPXBK) down 1.4% on the day.

This helped push the Dow Jones Transport Average index (.DJT) down 3.6%, for its biggest one-day drop since September. The Nasdaq Composite (.IXIC) dropped 238.05 points, or 1.98%, to 11,799.16 in its biggest one-day percentage decline since March 9. The KBW Regional Banking index (.KRX) dropped 3.9% as First Republic (FRC.N) shares fell 49%, hitting a record low. General Motors Co (GM.N) shares fell 4% after it cautioned that 2022 price gains will not last as the year goes on, even as it lifted full-year profit and cash flow forecasts. On U.S. exchanges 10.78 billion shares traded compared with the 10.32 billion average for the last 20 sessions.

First Republic reported a more than $100 billion plunge in deposits in the quarter in the aftermath of the biggest turmoil to hit the banking sector since 2008. Regional bank PacWest Bancorp (PACW.O) fell 9%, Western Alliance Bancorporation (WAL.N) 6%, Zions Bancorp (ZION.O) 5% and brokerage Charles Schwab Corp (SCHW.N) was down 4%. First Republic said on Monday it was "pursuing strategic options" to quickly strengthen the bank, without providing details. Options include an asset sale of up to $100 billion, a source familiar with the situation said on Tuesday. "So it's tough to even describe it as good asset and bad asset," Chiaverini said.

☆ Individual Investors Are Still Hungry for Stocks—While Shunning Risk
▼ + stars: | 2023-04-23 | by ( Jack Pitcher | ) www.wsj.com time to read: 1 min

Individual investors scooped up shares of single stocks and exchange-traded funds at a near-record clip in the first quarter. They appear to have learned some lessons in risk taking as well. Individuals bought a net $77.7 billion in equities and ETFs on U.S. exchanges in the first three months of the year, according to Vanda Research data, which excludes contributions to 401(k)s and other retirement accounts. That sum trails only the first quarters of 2021 and 2022, when they bought about $80 billion.

The benchmark S&P 500 has been generally stable over early stages of a first-quarter earnings season that investors expect to show tepid results. For the week, the S&P 500 slipped 0.1%, the Dow dipped 0.2% and the Nasdaq lost 0.4%. Amazon shares rose 3% on Friday after a research firm predicted the online retailer's business in North America would beat Wall Street's estimates. The materials group (.SPLRCM) fell 0.9%, most among S&P 500 sectors, weighed down by declines in Freeport-McMoRan Inc (FCX.N) and Albemarle Corp (ALB.N). So far, analysts have largely retained last week's expectations of a near-5% year-on-year fall in quarterly profits at S&P 500 companies, according to Refinitiv data.

☆ Wall St dips to lower close as rate hike bets firm, banks jump
▼ + stars: | 2023-04-14 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

"Today we're taking bit of a breather," said Sal Bruno, chief investment officer at IndexIQ in New York. Citigroup Inc (C.N), JPMorgan Chase & Co (JPM.N) and Wells Fargo & Co (WFC.N) beat earnings expectations, benefiting from rising interest rates and easing fears of stress in the banking system. The S&P 500 banking sector (.SPXBK) jumped 3.5% and JPMorgan Chase surged 7.6%, its biggest one-day percentage gain since Nov. 9, 2020. Among the 11 major sectors of the S&P 500, seven ended the session lower, with real estate (.SPLRCR) falling most. The S&P 500 posted 11 new 52-week highs and two new lows; the Nasdaq Composite recorded 47 new highs and 205 new lows.

☆ Wall Street closes lower after Fed minutes, inflation data
▼ + stars: | 2023-04-12 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

The minutes followed a cooler-than-expected inflation report which belied stickier underlying data and cemented the likelihood of another policy rate hike when the Fed convenes next month. REUTERS/Brendan McDermid"(Economic) data has been very mixed so investors are overacting to any positive or negative hint of Fed rate hike policy. Analysts now expect aggregate first-quarter S&P 500 earnings down 5.2% year-on-year, a stark reversal from the 1.4% annual growth seen at the beginning of the quarter. Among the 11 major sectors of the S&P 500, seven ended in negative territory, with consumer discretionary (.SPLRCD) suffering the largest percentage loss. The S&P 500 posted 12 new 52-week highs and two new lows; the Nasdaq Composite recorded 64 new highs and 187 new lows.

Of the 11 S&P 500 sector indexes, seven declined, led lower by industrials (.SPLRCI), down 2.25%, followed by a 1.72% loss in energy (.SPNY). The S&P 500 declined 0.58% to end the session at 4,100.68 points, closing lower for the first time in a week. The Nasdaq declined 0.52% to 12,126.33 points, while the Dow Jones Industrial Average declined 0.59% to 33,403.04 points. REUTERS/Brendan McDermidHealthcare (.SPXHC) and utilities (.SPLRCU), which many investors expect to hold up better during an economic slowdown, were among the few S&P 500 sector indexes gaining on Tuesday. The S&P 500 posted 14 new highs and one new lows; the Nasdaq recorded 64 new highs and 238 new lows.

The CFTC sued Binance, Zhao and its former top compliance executive with "willful evasion" of U.S. law, "while engaging in a calculated strategy of regulatory arbitrage to their commercial benefit." "Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint," Zhao said in a statement. Firms such as brokers that facilitate U.S. customers' trading of such products are required to register with the agency. 'PIRATE SHIP'Founded in Shanghai in 2017, Binance sits at the heart of the global crypto industry. With a holding company based in the Cayman Islands, Binance has never revealed the location of its core exchange.

LONDON, March 27 (Reuters) - Funds have dumped their bets on higher copper prices as the turbulence triggered by the collapse of Silicon Valley Bank continues to roil financial markets. The investment community has turned net short of CME copper for the first time in five months, while funds have cut their long exposure on the London Metal Exchange (LME). Investors' negativity towards Doctor Copper contrasts with the bullish headlines generated by the FT Commodities Global Summit. Investment funds bought into copper in January, the net long position expanding from 11,830 to 32,397 contracts at the end of the month. Bulls such as Trafigura and Goldman Sachs contend it's a very thin inventory cushion if China rediscovers its copper mojo.

☆ Wall St ends sharply lower as Powell warns inflation fight continues
▼ + stars: | 2023-03-22 | by ( Stephen Culp | ) www.reuters.com time to read: +5 min

The three major U.S. stock indexes, which were mostly directionless prior to the Fed announcement, jumped higher then deflated as investors digested the accompanying statement and Chair Jerome Powell's subsequent Q&A session. Worries persist that the Fed's aggressive battle against inflation could tip the economy into recession, and recent turmoil in the banking sector, sparked by failures of SVB Financial Group (SIVB.O) and Signature Bank (SBNY.O), have exacerbated those fears. All 11 major sectors of the S&P 500 ended the session deep in negative territory, with real estate (.SPLRCR) suffering the steepest percentage drop, its largest one-day plunge since Sept. 13. The S&P 500 posted six new 52-week highs and 13 new lows; the Nasdaq Composite recorded 44 new highs and 179 new lows. Volume on U.S. exchanges was 11.84 billion shares, compared with the 12.70 billion average over the last 20 trading days.

☆ Wall Street ends green on bank bounce as Fed takes focus
▼ + stars: | 2023-03-21 | by ( Stephen Culp | ) www.reuters.com time to read: +5 min

Still, despite its recent resurgence, the S&P Banks index has lost more than 18% of its value just this month. "The Fed will raise interest rates by 25 basis points and the market won't care," Pursche added. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 20, 2023. The S&P 500 posted 5 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 48 new highs and 114 new lows. Volume on U.S. exchanges was 11.75 billion shares, compared with the 12.63 billion average over the last 20 trading days.

☆ An odd benefit of the Silvergate fallout is the outlook for stablecoins has just gotten rosier
▼ + stars: | 2023-03-15 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +5 min

Stablecoins have been touted as one of the biggest beneficiaries of the end of Silvergate and Signature . The problem is, though, that stablecoin issuers still need access to a crypto bank, so the risk is now further concentrated." The legislation — the Pennsylvania Republican's second effort that year — would have required stablecoins to be fully backed by reserves. De-risked from the banking system Some stablecoins may offer an on-ramp into crypto, but they won't take the place of bank accounts . Some in crypto have been pointing out that although Silvergate and Signature were the biggest crypto banks, they weren't the only ones.

☆ Crypto just lost both of its main banks. Here's what it means for the industry going forward
▼ + stars: | 2023-03-13 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

The days before the industry had crypto-forward banks to turn to were some of the darkest for the industry. At the end of February, three major banking regulators issued a joint statement warning banks of the liquidity risks associated with banking crypto companies. "Banks and law firms are getting a clear message from regulators: distance yourselves from crypto companies," said Ric Edelman, founder of the Digital Assets Council of Financial Professionals. "But for the moment, crypto companies are increasingly finding themselves where cannabis companies were a decade ago." Employees work at a Signature Bank branch in Manhattan on March 13, 2023 in New York City.

☆ Atlas Energy valued at $1.75 billion after shares fall in U.S. debut
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

March 9 (Reuters) - Shares of Atlas Energy Solutions Inc (AESI.N) fell nearly 3% in their U.S. market debut on Thursday, valuing the oilfield services firm at $1.75 billion. The Austin, Texas-based company's shares opened at $17.5, below its initial public offering price of $18 a share. Atlas raised $324 million in its IPO on Wednesday after it sold 18 million shares at $18 apiece, below a range of $20 to $23 set earlier. Reuters was the first to report last year that Atlas was preparing for an IPO which could value the company at $2 billion to $3 billion. Calgary-based energy company Greenfire Resources and clean energy producer NET Power plan to merge with blank-check companies to go public in the United States.

☆ Bitcoin, ether fall after go-to crypto bank Silvergate announces liquidation
▼ + stars: | 2023-03-09 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

The slight move lower began late Wednesday, a few hours after Silvergate Capital announced it will wind down operations and liquidate its crypto-friendly bank. Crypto prices fell on Thursday after Silvergate, a bank that has been at the center of the industry's growth, made a decision to shut down. "This likely consolidates crypto exposure to a handful of smaller banks, which means more liquidity risk and more concentration risk. "We've also noticed a drop in liquidity on both USD crypto pairs and U.S. exchanges as liquidity providers are taking a wait-and-see approach. In the short term, lower liquidity will lead to more volatility in markets and bigger price moves up or down."

☆ Wall Street closes sharply higher, notches weekly gains as Treasury yields ease
▼ + stars: | 2023-03-03 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

The week also saw the benchmark S&P 500 break through its 50- and 200-day moving averages, two closely watched technical levels. [1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 3, 2023. Fourth-quarter earnings season is on the final stretch, with all but seven of the companies in the S&P 500 having reported. This would imply the S&P 500 entered a three-quarter earnings recession in the closing months of 2022, per Refinitiv. The S&P 500 posted 23 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 79 new highs and 57 new lows.

☆ Stocks gain as Bostic backs quarter-point hike
▼ + stars: | 2023-03-02 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

The 10-year yield was last up 6.7 basis points to 4.064%. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was down 0.4 basis points at 4.885% after earlier touching a fresh 15-year high at 4.944%. [1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 2, 2023. Advancing issues outnumbered declining ones on the NYSE by a 1.19-to-1 ratio; on Nasdaq, a 1.10-to-1 ratio favored advancers. The S&P 500 posted 10 new 52-week highs and 13 new lows; the Nasdaq Composite recorded 80 new highs and 153 new lows.

☆ Stocks close slightly up after prior week's selloff
▼ + stars: | 2023-02-27 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

All three main stock indexes climbed more than 1% shortly after the opening bell, in part due to an easing in Treasury yields, and all three closed well off their session highs. Stocks steadily gave up gains throughout the session as U.S. Treasury yields moved off the day's lows. Traders work on the trading floor at the New York Stock Exchange (NYSE) in New York City, U.S., January 27, 2023. Advancing issues outnumbered declining ones on the NYSE by a 1.69-to-1 ratio; on Nasdaq, a 1.41-to-1 ratio favored advancers. The S&P 500 posted 4 new 52-week highs and 8 new lows; the Nasdaq Composite recorded 71 new highs and 102 new lows.

☆ S&P ends down as Fed minutes fail to halt losing run
▼ + stars: | 2023-02-22 | by ( David French | ) www.reuters.com time to read: +4 min

However, a general weakening in the final hour of trading pushed both the S&P 500 (.SPX) and the Dow Jones Industrial (.DJI) back into the red. The Dow fell 84.5 points, or 0.26%, to 33,045.09, the S&P lost 6.29 points, or 0.16%, to 3,991.05 and the Nasdaq added 14.77 points, or 0.13%, to 11,507.07. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., February 17, 2023. Most of the 11 major S&P 500 sectors fell, with energy (.SPNY) and real estate (.SPLRCR) the poorest performers. The S&P 500 posted four new 52-week highs and one new low; the Nasdaq Composite recorded 36 new highs and 110 new lows.

☆ S&P 500 ends down as investors fret about interest rates
▼ + stars: | 2023-02-18 | by ( Noel Randewich | ) www.reuters.com time to read: +4 min

S&P 500 tradingMicrosoft Corp <MFST.O> fell 1.6% and Nvidia (NVDA.O) dipped 2.8%, both weighing on the S&P 500 as the yield on 10-year Treasury notes hit a three-month high. Of the 11 S&P 500 sector indexes, six rose, led by consumer staples (.SPLRCS), up 1.29%, followed by a 1% gain in Utilities (.SPLRCU). For the week, the S&P 500 fell 0.3%, the Dow lost 0.1% and the Nasdaq climbed 0.6%. Advancing issues outnumbered falling ones within the S&P 500 (.AD.SPX) by a 1.1-to-one ratio. The S&P 500 posted eight new highs and one new low; the Nasdaq recorded 75 new highs and 68 new lows.

☆ Crypto giant Binance moved $400 million from U.S. partner to firm managed by CEO Zhao
▼ + stars: | 2023-02-16 | by ( ) www.cnbc.com time to read: +6 min

The Binance.US account was registered under the name of BAM Trading, the U.S. exchange's operating company, according to the records. Prime Trust made $650 million in wire transfer deposits into the Binance.US account during the quarter, the bank records show. A Binance.US spokesperson, Kimberly Soward, did not address Reuters' questions about the transfers detailed in the bank records. The Binance global exchange, Binance CEO Zhao and Prime Trust did not respond to detailed questions about the transfers. The Binance.US account records reviewed by Reuters detail each transaction between January and the end of March 2021.

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