TUESDAY MARKET UPDATE
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Good Morning Everyone!
Hedge Fund leverage is near all-time lows and retail investment accounts have record cash. Sounds like we’re closer to stock market bottom than top.
Sitting on 3900-support ahead of FOMC meeting tomorrow
Decision at 2 p.m. tomorrow
10yr 3.5% highest level since 2011
2 yr 3.9% highest level since 2007
Only 16% of the S&P 500 stocks have dividend yields higher than the 2-year Treasury
Lowest since 2006
Crude 85 flat
International Energy Agency called for a global ban on petrol and diesel cars by 2035
Electric cars are currently 1% of global car sales
The IEA says this needs to increase to 20-25% by 2030.
Cuts Q3 guide on shortages and inflation
Ford expects to end Q3 with over $2 billion worth of vehicles (40-45 vehicles) awaiting parts, pushing profit to Q4
Supply chain tightness not over yet
Ford announced based on recent negotiations, inflation-related supplier costs will run higher in Q3
Nasdaq’s big crypto push
New Nasdaq Digital Assets unit
Run by former Gemini employee
Offer custody services for BTC and ETH to institutional investors
Competing with Coinbase, Anchorage Digital, Bit Go, etc.
Open to exploring partnerships and deal opportunities
SEC charges influencer over unregistered 2018 ICO (initial coin offering)
ICO charge is not the big story
SEC’s language suggests it believes ALL Ethereum transactions fall under its purview
“Saying that enables [the SEC] to characterize doing business on the Ethereum blockchain, as doing business on a US securities exchange” - Brian Fyre (University of Kentucky law professor)
Supply held by long-term holders (HODLers) reaches new ATH at 13.62 million
HODL: 65% of Bitcoin’s supply hasn’t moved in at least a year:
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