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The total value locked on Solana surged but is this enough to send SOL price to a new all-time high?
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The total value locked on Solana surged but is this enough to send SOL price to a new all-time high?
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(Bloomberg) — Stocks rallied across the board and bond yields tumbled, with Jerome Powell giving its clearest signal yet that the Federal Reserve will begin cutting rates in September.
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While Wall Street had already priced in the start of policy easing next month, Powell’s comments that the “time has come” validated those views. Now there are plenty of other aspects in his Jackson Hole speech that shouldn’t be overlooked. For one, the Fed chief acknowledged recent progress on inflation. Then there’s the fact the he sees the economy growing at a “solid pace” — which provides reassurance after the recent growth jitters.
But it was actually his emphasis on the “cooling labor market” that got the attention of many market observers. Basically, it was seen as an indication the Fed will do whatever it can to avoid a pronounced slowdown.
“The market should be happy with this speech because it wasn’t hawkish in any way, gave the green light for 25 basis-point rate cuts — and left the door open for even larger cuts if that becomes necessary,” said Chris Zaccarelli at Independent Advisor Alliance.
To be sure, bigger cuts could also be a warning sign for equities as they could indicate a rush prevent an economic contraction.
“It is important at this time to take a balanced approach to investing and neither plan for an imminent recession, nor chase risk and get complacent just because the Fed will be lowering rates in less than a month,” Zaccarelli noted.
Absent from Powell’s speech was any specific discussion of the destination for the federal funds rate at the end of this easing cycle or the pace of rate cuts along the way, noted Richard Clarida at Pacific Investment Management Co.
“The details are yet to come into focus, but for the Fed, the direction of travel seems clear,” said Clarida, also a former Fed vice chair. The August jobs report will likely be significant in the “25 versus 50” discussion, he said.
In the meantime, investors cheered. All major groups in the S&P 500 gained, with the gauge up over 1%. An MSCI gauge of global shares hovered near all-time highs. The Bloomberg “Magnificent Seven” gauge of megacaps rose 1.7&. The Russell 2000 of small firms jumped 3.2%.
Treasuries climbed across the curve, led by shorter maturities. The two-year yield broke below 4%. The dollar lost 1%. Swap traders are now pricing in 102 basis points of easing this year, which implies a reduction at every remaining policy meeting through December, including one jumbo 50-basis-point cut.
“Here comes the punchbowl,” said David Russell at TradeStation. “Jerome Powell came out swinging today with a litany of dovish signals. He drove the point home with a clear call for adjusting policy. This keeps a tailwind at the market’s back into year-end, making it harder to expect a retest of this month’s lows.”
To Krishna Guha at Evercore, while Powell did not explicitly reference the “size” of cuts, “pace” incorporates the possibility of moving faster than 25 basis points per meeting.
“Powell has rung the bell for the start of the cutting cycle,” said Seema Shah at Principal Asset Management. “Powell has not pre-committed to a 50 basis-point cut. But make no mistake, if the labor market shows signs of further cooling, the Fed will cut with conviction.”
Neil Dutta at Renaissance Macro Research noted that the word “gradual” was missing from his speech. Unlike some of the recent Fed speakers, Powell is not removing the optionality of doing large moves as policy adjusts, he said.
“The strike price on the fabled ‘Powell Put’ is now rising,” Dutta added.
A labor market softening more so than previously thought should spur faster and steeper interest-rate cuts by the Fed, according to the latest Bloomberg monthly survey of economists.
That should leave the federal funds rate 75 basis points lower by the end of this year from its current level — the July survey only saw 50 basis points of easing — followed by a quicker pace of reductions into 2026.
While many had their eyes peeled on Powell’s speech at the Jackson Hole symposium, to Morgan Stanley’s Michael Wilson, the jobs data in early September will be of even bigger importance.
“It’s about the labor data, period — that’s what’s going to dictate what the Fed does, they’ve said that,” Wilson, the bank’s chief US equity strategist, said in an interview with Bloomberg Television. “And that’s what the market is going to trade off of.”
Corporate Highlights:
Apple Inc. is planning to hold its biggest product launch event of the year on Sept. 10, when the company will unveil the latest iPhones, watches and AirPods, according to people familiar with the situation.
McKesson Corp. is in advanced talks to buy a controlling stake in Florida Cancer Specialists & Research Institute, a privately-held operator of oncology clinics, according to people familiar with the matter.
Slowing sales at Topgolf Callaway Brands Corp.’s namesake driving ranges and a hefty debt load that threatens to frighten off buyers spurred Raymond James to slash the company’s rating.
Workday Inc. surged after executives said the software company would sharply increase profitability over the next three years.
Cava Group Inc. soared after raising its full-year outlook after posting second-quarter results that beat expectations, the latest indicator that diners see good value in fast-casual restaurants.
Some of the main moves in markets:
Stocks
The S&P 500 rose 1.15% as of 4 p.m. New York time
The Nasdaq 100 rose 1.2%
The Dow Jones Industrial Average rose 1.1%
The MSCI World Index rose 1.2%
Bloomberg Magnificent 7 Total Return Index rose 1.7%
The Russell 2000 Index rose 3.2%
Currencies
The Bloomberg Dollar Spot Index fell 1%
The euro rose 0.7% to $1.1190
The British pound rose 0.9% to $1.3210
The Japanese yen rose 1.4% to 144.27 per dollar
Cryptocurrencies
Bitcoin rose 4.9% to $63,655.86
Ether rose 4.7% to $2,749.77
Bonds
The yield on 10-year Treasuries declined six basis points to 3.80%
Germany’s 10-year yield declined two basis points to 2.22%
Britain’s 10-year yield declined five basis points to 3.91%
Commodities
West Texas Intermediate crude rose 2.6% to $74.91 a barrel
Spot gold rose 1% to $2,510.80 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Alex Nicholson, Robert Brand and Lynn Thomasson.
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©2024 Bloomberg L.P.
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Robert F. Kennedy Jr. has called off his long-shot presidential campaign and has thrown his support behind Republican presidential nominee Donald Trump, much to the displeasure of his wife, Cheryl Hines.
Teased earlier this week by Kennedy and his running mate, Nicole Shanahan, the news became official on Friday during an announcement delivered by Kennedy, 70, in a Renaissance hotel ballroom in downtown Phoenix.
In a statement released shortly after RFK Jr.’s announcement, the Curb Your Enthusiasm actor, 58, told The Hollywood Reporter, “I’d like to extend a sincere, deeply heartfelt thank you to every person who has worked so tirelessly and lovingly on his campaign. They have accomplished feats that were said to be impossible.”
“I deeply respect the decision Bobby made to run on the principle of unity. Over the last year and a half, I have met some extraordinary people from all parties—Democrats, Republicans, and Independents.
She added, “It’s been my experience that the vast majority of people from all parties are truly good people who want the best for our country and for each other. It has been an eye-opening, transformative, and endearing journey.”
“When Trump was elected, I had to really have a long talk with myself because I thought, ‘I’m not going to make it through these four years,’” she said.
In a conversation that took place in December, Hines also commented on the 34 charges in Trump’s New York hush-money trial.
“Is Trump going to be in jail?” she asked, referring to the multiple lawsuits Trump faced. He would later be found guilty of the 34 charges, making him the first American president to be convicted of felony crimes.
“That’s the other thing I ask Bobby all the time: ‘Can Trump be president from prison?’ Bobby said, ‘It’s not in the Constitution that he can’t.’
“Because who would write it in the Constitution?” she added.
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These are the stories making headlines in fashion on Friday. Angelina Jolie fronts Tom Ford campaignThe new Tom Ford Runway Lip Color campaign is an homage to feminine beauty and power. In a campaign video debuting Sept. 3, Angelina Jolie stars as herself, studying for the role of a …
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Posted on: August 23, 2024, 02:59h.
Last updated on: August 23, 2024, 02:59h.
The 2024 odds for who will become the next president of the United States have former President Donald Trump and Vice President Kamala Harris in a dead heat.
The Democratic National Convention concluded last night with Harris formally accepting the party’s nomination for president. She was hand-picked by the party’s elite after President Joe Biden heeded calls to exit the race after concerns were raised about his mental fitness following a disastrous June debate against Trump.
Thursday night was overshadowed by a teased surprise guest, with many expecting Beyonce, Taylor Swift, or even former Republican President George W. Bush endorsing the VP for a promotion. Harris gave an energetic speech about her upbringing but critics said it was short on policy pledges.
Harris’ post-convention boost could be offset by Robert F. Kennedy Jr. this afternoon announcing the suspension of his presidential campaign and endorsement of Trump.
There are just 73 days until Nov. 5, though early voting will begin across the nation in the coming weeks and months. As of today, Harris and Trump are neck-and-neck in the minds of political bettors risking money on the 2024 outcome.
On Polymarket, a decentralized political wagering exchange that facilitates the buying and selling of election outcome shares, Trump’s stock is trading at 51 cents. Harris is a slight underdog at 48 cents, though just hours ago the two were deadlocked at 49 cents.
Polymarket says more than $710.5 million has been bet on the market. Winning shares are redeemed at a dollar each. Polymarket charges a small deposit and withdrawal fee to operate the exchange.
Smarkets, a similar online political wagering platform, has Harris’ implied odds slightly ahead of Trump’s at 50.5% to 49%. However, Smarkets’ 2024 election outcome market has traded less than $8.2 million.
Betfair, yet another peer-to-peer political betting network, has Trump and Harris each at even money.
Oddsmakers in the United Kingdom where betting on elections, both U.S. and U.K. elections, isn’t frowned upon but embraced, Harris and Trump have the same odds as of Friday afternoon.
William Hill, a leading sportsbook up and down high streets, has Harris and Trump at 10/11 (-110). The line implies odds of 52.48%, with a winning $100 bet netting $90.91.
As for the polls, the latest average compiled by Real Clear Politics has Harris up 48.4-46.9.
The U.S. government has long opposed the facilitation of gambling on elections. As a result, state gaming regulators in jurisdictions where sports betting is allowed have prohibited their sportsbooks from including political lines.
Wagering exchanges have operated in a grey area stateside, but those days could soon end.
In May, the Commodity Futures Trading Commission (CTFC), which in 2014 granted an online political wagering site a “No-Action Relief” letter suggesting the business would not face legal consequences for accepting wagers from U.S. customers, announced its change of heart in recommending that such exchanges be excluded from the marketplace.
The CTFC has taken a new approach to political wagering since Chair Rostin Benham became the boss of the independent government agency in January 2022. The CTFC is tasked with regulating derivative markets, including futures, swaps, and certain kinds of options.
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Peloton’s stock followed a record rally with another gain on Friday, but J.P. Morgan recommended investors stop buying because although quarterly results were encouraging, the outlook remains too uncertain.
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If there’s one job that consistently needs people, it’s substitute teaching. All you have to do is open up a tab in your browser and type in “jobs near me,” and you’ll start to see ads offering flexible hours and “no experience necessary” to help fill the gaps in your local school system. Teacher shortages play heavily into the need for substitute teachers, but no matter where you live…
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Apple is allegedly targeting September 10 as the date of its next hardware launch event, where the iPhone 16 family will make its grand debut alongside new watches and AirPods. The information comes from Bloomberg’s Mark Gurman, a usually very reliable source of Apple-related information.
If the event does in fact take place on September 10, then the new devices would go on sale on September 20. All of this comes from “people familiar with the situation”, as Apple hasn’t announced anything officially about its next event. The company also declined to comment on this report.
The iPhone 16 models will all get a new Capture Button (Sony says hi), and some camera improvements too, which were detailed in a leak yesterday. Of course there should be new chips too, as well as marginally larger screens. Naturally, the new devices will come with the Apple Intelligence features too.
The Apple Watch X or Apple Watch Series 10 will have larger screens while being thinner, and the vanilla AirPods will come in two models, one of them with noise cancelation for the first time in the non-Pro series.
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