Goldman says the party’s over, Tesla stock soars, and Microsoft’s Bitcoin bet: Markets news roundup
The stock market party is over, Goldman Sachs says
The era of double-digit growth in the stock market may be coming to an end.
Goldman Sachs (GS) strategists led by David Kostin estimate that the S&P 500 index will deliver an annualized return of 3% over the next decade — well below the 13% returns in the last 10 years and the long-term average of 11%.
The Dow drops 250 points as McDonald’s stock slumps with Tesla earnings up next
The Dow Jones Industrial Average and other major indexes opened lower on Wednesday as the yield on the benchmark 10-year U.S. Treasury note continued its upward climb, reaching 4.23%—a level not seen since July. However, there was some relief for investors as oil prices eased, with West Texas Intermediate (WTI) futures trading around $70.65 per barrel.
Crypto is getting hammered today and Bitcoin has dropped to $65,000
The cryptocurrency market is experiencing a downturn, closely mirroring the decline in the stock market. On Wednesday, Bitcoin saw a significant drop of over 2.5% in the past 24 hours, with its price hovering around $65,000. This decline has dashed hopes of breaking the $70,000 threshold, which had gained traction just a week prior. The downward trajectory underscores the growing volatility in the crypto market and highlights the interconnectedness between cryptocurrencies and traditional financial markets.
The Dow drops 200 points but the Nasdaq pops after Tesla’s blockbuster earnings
It was a mixed day for investors, as the Dow dropped over 200 points and the Nasdaq jumped after Tesla’s better-than-expected earnings report. In the afternoon, the Dow dropped 203 points, or 0.4%, to 42,311. Meanwhile, the Nasdaq and S&P 500 popped up 0.6% and 0.1%, respectively.
The SEC greenlit Bitcoin ETF options trading. Here come the big fish
The Securities and Exchange Commission (SEC) has granted approval for the NYSE American LLC and CBOE to list options on spot Bitcoin exchange-traded funds (ETFs), marking a significant development in cryptocurrency history. This approval paves the way for institutional investors, or “big fish,” to gain greater access to Bitcoin through more traditional financial products.
The Dow closes 400 points lower, marking its worst performance in more than a month
The Dow Jones Industrial Average and other major indexes suffered a steep decline on Wednesday as the yield on the benchmark 10-year U.S. Treasury note continued its upward climb, reaching 4.23%—a level not seen since July.
Dogecoin, ApeCoin, Solana, and more: Cryptocurrencies to watch
The crypto market is currently bullish, with growing anticipation around when bitcoin will surpass the $70,000 mark. And coming tech earnings reports could further boost the overall market sentiment.
Betting on Bitcoin? Microsoft’s shareholders will decide soon
Microsoft (MSFT) will soon determine whether to invest in Bitcoin, although the board has recommended voting against the proposal, citing that the company already considers a wide range of investable assets, including Bitcoin.
Expect the stock market ‘fear index’ to spike heading into the election, strategist says
A contested election could cause volatility in the stock market. Peter Repetto, investment strategist at iCapital, breaks down what investors can expect
GM earnings could be a great sign for Tesla and the Magnificent 7, strategist says
Peter Repetto, investment strategist at iCapital, breaks down what GM’s big earnings beat means
