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US stock futures fall, dollar rises as Italian election results add to uncertainty

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US stock index futures fell late Sunday, pointing to Monday’s losses, as an expected victory for a far-right party in Italy added to uncertainty over interest rate hikes and recession fears.

After dropping nearly 200 points earlier in the session, Dow Jones Industrial Average futures
YM00,
-0.48%

It was down about 150 points, or 0.5%, near midnight east, while S&P 500 futures were
ES00,
-0.55%

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Nasdaq 100 futures
NQ00,
-0.51%

It was also down about 0.5% in choppy trading.

Investors may have been reassured by the moderate tone taken by Italian far-right leader Giorgia Meloni on Sunday night, after partial national election results showed her party as the likely winner.

Stock futures were relatively flat before news emerged that the Brothers of Italy, a far-right party with neo-fascist roots, was expected to win. Maybe Multiplier effect on the euro, Italian banks and Italian government bondsMore faltering markets.

US dollar index
DXY,
+ 0.65%

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It rose 0.7% as the US currency extended its recent gains against the euro
USDEUR,
+ 0.57%

And the pound sterling
USD/GBP,
+ 2.57%
And the
Which It fell to a record low against the dollar.

Wall Street suffered Another week of losses on Friday In the wake of the recent jumbo interest rate hike by the Federal Reserve.

Dow Jones Industrial Average
DJIA,
-1.62%

It fell 486.27 points, or 1.6%, to close at 29590.41, while the Standard & Poor’s 500 . declined
SPX,
-1.72%

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It fell 64.76 points, or 1.7%, to close at 3,693.23 points, and the Nasdaq Composite Index
COMP,
+ 2.62%

It sank 198.88 points, or 1.8%, to close at 10,867.93 points.

Over the course of the week, the Dow is down 4% while the S&P 500 is down 4.6% and the Nasdaq is down 5.1%, according to market data from the Dow Jones.

Investors are concerned about the Fed’s ability to achieve a so-called “soft landing” – raising interest rates enough to slow growth but not enough to cause a recession.

“We need to slow down,” Atlanta Fed President Rafael Bostik said in an interview on Sunday. But Bostick said he is optimistic that a smooth landing can be achieved, and that “the economy will absorb our actions and slow down in a relatively orderly manner.”

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MicroStrategy is at its lowest level since 2020 after the sales were revealed

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(Bloomberg) — Shares of MicroStrategy touched their lowest level since August 2020 after the enterprise software company, which in recent years has been known as the largest buyer of bitcoin, revealed its first sale of the token.

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The stock fell 1.1 percent to $136.63 on Thursday, down 75 percent this year. Bitcoin rose less than 1% to around $16,590 and is believed to have fallen 64% since the start of the year.

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In a filing on Wednesday, MicroStrategy said it acquired approximately 2,395 Bitcoin between the beginning of November and December 21 through its subsidiary MacroStrategy, and paid out approximately $42.8 million in cash. It then sold 704 of the tokens on Dec. 22 for a total of about $11.8 million, citing tax purposes, before buying another 810 of them two days later.

Matt Malley, chief market strategist for Miller Tabak + Co. Step down as CEO. This news means they don’t seem to want to do that anytime soon.”

Overall, MicroStrategy held about 132,500 bitcoins worth over $4 billion USD as of December 27th. The company paid an average purchase price of $30,397 per bitcoin.

“Given MicroStrategy’s $2.4 billion in leverage, we believe the company may have a lot of leverage over Bitcoin, and may face some liquidity risk,” Jefferies analyst Brent Thiel wrote in a note on Wednesday. Thill has an “underperform” rating on the stock and a price target of $110.

Over the years of the pandemic, MicroStrategy has become well known for its Bitcoin takeovers, largely led by Saylor. Earlier this year, Saylor stepped down from that role and now serves as CEO at the company and continues to lead its bitcoin strategy.

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MicroStrategy was trading around $120 before Saylor first announced the company’s Bitcoin purchases in 2020. The stock reached an all-time high of $1,315 in February 2021.

(Updates to include the stock’s closing price in the second paragraph.)

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Bankman-Fried May File Petition in New York Federal Court Next Week Before Judge Louis Kaplan By Cointelegraph

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Former FTX CEO Sam Bankman-Fried is set to appear in court on the afternoon of January 3 to enter a lawsuit over two counts of wire fraud and six counts of conspiracy against him related to the collapse of cryptocurrency exchange FTX, according to Reuters. mentioned on December 28, citing court records. Bankman-Fried will appear before District Judge Lewis Kaplan in Manhattan.

Judge Kaplan was appointed to hear the case on December 27 after the original judge in the case, Ronnie Abrams, Resigned herself because of connections between FTX and the law firm Davis Polk & Wardwell, where her husband is a partner. The company provided advisory services to FTX in 2021.