[{"category":{"name":"Trending News","exported_url":"trending-news"},"id":"95206a9c-34b3-4cc5-90aa-f9883e584b6f","updated_at":"2023-11-13T09:29:26.926283+00:00","account":{"firstName":"Marigold","lastName":"Vance"},"description":"The stock market had a positive week, with major indices recording gains. Bitcoin surged to an 18-month high on spot ETF hopes, altcoins saw significant gains, with Solana leading the pack.","sapo":"The stock market had a positive week, with major indices recording gains. Bitcoin surged to an 18-month high on spot ETF hopes, altcoins saw significant gains, with Solana leading the pack.","title":"Top Financial News Of The Week Ended November 12, 2023","content":"

Key Takeaways

Vanguard Mega Cap Growth ETF gained 3.4%; Small and mid-cap stocks declined, information technology and communication services sectors increased.
82% of S&P 500 companies exceeding EPS estimates.
Economic data: September trade deficit -$61.5 billion, rising inflation concerns.
U.S. Treasury bond auctions impacted markets; Powell warned of potential interest rate tightening.
Cryptocurrency highlights: Bitcoin at 18-month high, Altcoins surge, SEC open to FTX reboot, BlackRock plans Ethereum ETF, Poloniex was hacked.

Top Stock Takeaways

1/ Positive Performance in the Market for the Week

The market had a positive week, with the Vanguard Mega Cap Growth ETF (MGK) outperforming the S&P 500, gaining 3.4%. However, small and mid-cap stocks like the Russell 2000 and S&P Mid Cap 400 saw declines. Among the S&P 500 sectors, six out of eleven recorded gains, led by information technology and communication services, while the energy, utilities, and real estate sectors declined the most. The Nasdaq Composite (NDAQ) surged 2.05%, the S&P 500 (SPX) gained 1.08%, and the Dow Jones Industrial Average (DJIA) rose 0.61%.

Weekly market stats

Weekly market stats. Source: Edward Jones

2/ Corporate Earnings Highlights

In recent earnings reports, Walt Disney (DIS) stood out with impressive results. Of the S&P 500 companies reporting Q3 results (81% so far), 82% exceeded EPS estimates, though the market response to these beats was modest. In contrast, companies with lackluster results saw substantial stock price declines, the largest since Q2 2011, per Factset data.

3/ Economic Data Highlights

In September, the trade deficit was -$61.5 billion, reflecting strength in both imports and exports. Consumer credit increased by $9.0 billion, indicating slowed credit expansion due to tighter lending standards and higher interest rates. The weekly MBA Mortgage Applications Index rose by 2.5%. Wholesale inventories grew by 0.2% in September. Initial claims were 217,000, while continuing claims reached their highest level since April. The preliminary November University of Michigan Consumer Sentiment was 60.4, with concerns about rising inflation expectations.

4/ Treasury Bond Auctions Impact Markets

The recent U.S. Treasury bond auctions had a notable impact on both equity and bond markets. The 30-year Treasury bond auction, in particular, garnered less interest and marked a turning point, ending the winning streak for major indexes.

5/ Fed Chair's Warning

ederal Reserve Chair Jerome Powell warned that interest rates may need further tightening if inflation remains high. His remarks contradicted market expectations of a more dovish stance after weak economic data. The Fed's decisions will depend on economic figures, but some members, like Atlanta Fed's Bostic, believe additional rate hikes may not be necessary.

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Top Crypto Takeaways

1/ Bitcoin Reaches 18-Month High on Spot ETF Hopes

Bitcoin (BTC) surged to an 18-month high on Thursday, fueled by optimism surrounding the potential approval of a spot ETF. The U.S. Securities and Exchange Commission now has an eight-day window to approve the applications for a Bitcoin ETF. Bitcoin is up 5.91% over the past 7 days and closed the week at $37,133.

2/ Altcoins Surge, with Solana Leading the Pack

Solana (SOL) continued its impressive rally, reaching a price of $56.29, up 36.66% in the past seven days, likely due to a short squeeze and renewed institutional interest.

Ethereum (ETH) crossed the $2,000 mark for the first time since July. Chainlink (LINK) also experienced significant gains, up 31% over the past week due to Digital Asset Broker (DAB) using Chainlink’s network to improve document transfer.

3/ SEC Chair Gary Gensler Open to FTX Reboot Under Legal Conditions

SEC Chair Gary Gensler has expressed a willingness to consider the reboot of the crypto exchange FTX, provided that any new leadership complies with legal regulations. Gensler emphasized the importance of investor confidence, proper disclosures, and avoiding conflicts of interest in the crypto industry.

4/ BlackRock's Surprise Ethereum ETF Plan Confirmed

In a surprise move, BlackRock has revealed plans to launch an Ethereum ETF via a Nasdaq listing. The asset manager's stealth registration of its Ethereum Trust in Delaware preceded the Nasdaq filing, catching traders off guard and driving up Ethereum prices. This move signals BlackRock's belief in the long-term value of Ether and its intention to lead the charge in the Ethereum ETF space.

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5/ Poloniex Hacked: $65M Stolen in Major Security Breach

Cryptocurrency exchange Poloniex, owned by Justin Sun, has been hacked, with an estimated $65 million worth of crypto stolen. The hack was first spotted by blockchain security firm PeckShield and involved over 300 transactions. The stolen funds were used to purchase Tron (TRX), temporarily boosting its price by over 25%.

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Top Financial News Of The Week Ended November 12, 2023

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