[{"category":{"name":"Trending News","exported_url":"trending-news"},"id":"5540ac0e-c2f2-4be1-a2e2-68ce0c3414d1","updated_at":"2024-01-08T10:40:27.173399+00:00","account":{"firstName":"Marigold","lastName":"Vance"},"description":"Update the latest stock market recap, economic news, along with updates on the cryptocurrency market and BTC-spot ETF progress. ","sapo":"Explore the week's stock market recap, including Apple's 6% decline and the influence of rising yields and the Fed's policy outlook. Plus, get the latest updates on the cryptocurrency market and BTC-spot ETF developments. Stay informed!","title":"Top Financial News For The Week Ending January 7, 2024","content":"

Key Takeaways:

The stock market ended a nine-week winning streak as profit-taking hit mega-cap and high-performing stocks.
Apple (AAPL) saw a 6% drop due to analyst downgrades and antitrust concerns, impacting the broader tech sector.
Sectors that struggled in 2023 showed gains during the week, including utilities, energy, and consumer staples.
BTC experienced price fluctuations amid rumors of potential SEC actions, while 11 BTC-spot ETF issuers remain contenders. Late comments from Better Markets introduced uncertainty.
Upcoming U.S. House Committee on Financial Services hearings, particularly one on digital assets, garnered attention in the crypto community.

Top Stock News:

1. Stocks Register Losses After Nine-Week Winning Streak

Following a remarkable nine-week winning streak that closed out 2023, the stock market experienced losses as investors engaged in profit-taking activities. This downturn was particularly pronounced in mega-cap stocks and those that outperformed the previous year.

Weekly Market Stats

Weekly Market Stats. Source: Edward Jones

2. Tech Giant Apple Takes a Hit

Notably, tech giant Apple (AAPL) faced significant losses, plummeting nearly 6% after two analyst downgrades and news that the Department of Justice (DOJ) is approaching an antitrust case against the company. This contributed to the broader decline in the technology sector.

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3. Market Sector Performance

Sectors that struggled in 2023 saw some of the most significant gains during this week's downturn. The utilities sector, which fell 10.2% the previous year, recorded a 1.8% gain. The energy sector, with a 4.8% decline in 2023, rose 1.1% during the week. Even the consumer staples sector, which had a 2.2% drop in 2023, closed the week with a modest gain of 0.03%.

4. Market Rate Impact

The negative bias in the market was also influenced by rising market rates, with the 10-year yield surpassing 4.00%. The 10-year note yield climbed 16 basis points to 4.04%, while the 2-year note yield increased by 14 basis points to 4.39%.

5. Fed's Rate-Cut Expectations and Economic Data

The Federal Reserve's policy outlook and economic data contributed to market uncertainty. The committee indicated that the policy rate might be near its peak for this tightening cycle, but the Fed did not entirely rule out the possibility of future rate hikes. Strong economic data from the labor market added to rate-cut uncertainty.

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Top Crypto News:

1. Crypto Market Cap Reaches Highest Level Since May 2022

The total cryptocurrency market cap experienced a week of ups and downs, ultimately reaching $1,617 billion, marking its highest point since May 2022. Progress towards a Bitcoin (BTC) spot exchange-traded fund (ETF) contributed to increased demand for cryptocurrencies. However, the market also faced volatility due to fake news and heightened scrutiny of the U.S. crypto industry.

2. BTC-Spot ETF Developments

Throughout the week, there were significant developments in the pursuit of a BTC-spot ETF. Rumors that the U.S. Securities and Exchange Commission (SEC) might reject or delay BTC-spot ETF applications caused a temporary decline in the crypto market. BTC's price dropped by 4.42% on Wednesday but managed to recover from a low of $41,495, closing the day at $43,028.

Bloomberg Intelligence ETF Analyst James Seyffart provided updates on the BTC-spot ETF-related activities and noted that all 11 BTC-spot ETF issuers remained in contention. However, late in the week, Better Markets submitted comments shortly before the comment period closed, creating uncertainty about their potential impact on the SEC's decision. Despite these fluctuations, BTC ended the week in positive territory, rising by 3.77% to $44,009.

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3. Senator Elizabeth Warren and Regulatory Hearings

The U.S. House Committee on Financial Services announced upcoming sub-committee hearings, including one that drew attention from the crypto community. On January 10, the sub-committee on Capital Markets and Digital Assets, Financial Technology & Inclusion will hold a hearing titled "Regulatory Whiplash: Examining the Impact of FSOC’s Ever-Changing Designation Framework on Innovation." Amicus Curiae attorney John E. Deaton expressed interest in testifying, highlighting his commitment to representing the interests of token holders and holding the SEC accountable.

4. SEC v. Coinbase and the Terraform Labs Ruling

In the SEC's case against Coinbase (COIN), the SEC requested that Judge Katherine Failla consider the recent SEC v. Terraform Labs ruling as it relates to Coinbase's Motion for Judgment. The SEC argued that the Terraform Labs ruling supports its opposition to Coinbase's motion, citing that the Terraform court had resolved issues relevant to Coinbase's case in the SEC's favor.

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Top Financial News For The Week Ending January 7, 2024

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