Top Financial News Today Friday August 11, 2023

Top stocks news

• On Friday, the Dow Jones gained 0.3%, the S&P 500 lost 0.11%, and the Nasdaq dropped 0.56%, while for the week, the Dow rose 0.62%, the S&P 500 fell 0.31%, and the Nasdaq declined 1.9%.
• Rising crude prices boosted the energy sector, with Occidental Petroleum benefiting from a U.S. grant. Meanwhile, U.S.-listed Alibaba and JD.com shares fell due to disappointing Beijing stimulus and weakening post-pandemic recovery in China.
• In the year leading to July, the U.S. producer price index (PPI) rose by 0.8%, a significant uptick from the 0.2% increase in the previous month, driven by rising service costs.

• U.S. consumer sentiment decreased in August, but optimism about future inflation reduction persisted, according to a preliminary University of Michigan survey.

• The 2-year U.S. Treasury yield at 4.88% influenced major tech stocks negatively, as higher interest rates could hinder their growth prospects and attract risk-averse investors towards bonds.

Top cryptos news

• SEC delayed a decision on spot bitcoin ETF. The U.S. regulators extended its review of a joint application from ARK/21Shares and sought public comment on a rule change required to permit the creation of the new fund.
• Worldcoin team revealed to offer reservations feature, allowing individuals to secure their WLD tokens without the necessity of verifying their World ID immediately.

• Daily active users on Coinbase’s layer 2 blockchain have reached 136,000 for the first time. Meanwhile, CryptoRank also revealed Base now ranks 4th in daily transactions per second among layer 2 solutions.

• An increase in open interest alongside a rise in market capitalization suggests an influx of new money in the SHIB market. This scenario has historically presaged weakness in bitcoin, the leading cryptocurrency by market value.
• Crypto users have reported seeing “wonky” prices for Ripple’s XRP token on Gemini that XRP displayed price on the exchange rise above $1 a number of times, even spiking to $50.

• Top cryptos gainers of the day

1. Hedera (HBAR)

HBAR surged as the Federal Reserve has included the HBAR-enabled platform Dropp in their list of service providers.

2. Fetch.ai (FET)

FET price gained 8.96% following the new #AI Agent technology launch.

3. Fei protocol (FEI)

FEI's price surged by 6.45% in the past 24 hours, driven by investors' optimistic outlook.

4. THORChain (RUNE)

"THORChain (RUNE) go up 11.77% within one day after offering swaps that outperform native $ETH DEXs for $WBTC.

5. Chromia (CHR)

CHR price rose after Chromia's announcement of a clarifying blog post about their "net" terms, encompassing #Testnet, #Mainnet, and #Appnet.