Wall Street Soars, Small Caps Surge Following Fed's Dovish Comments: Market Updates for Friday
Market Rebound: Wall Street experienced a significant rebound after a volatile week, driven by dovish comments from Federal Reserve officials suggesting a potential rate cut next month, with the probability of a December cut rising to 70%.
Sector Performance: All 11 S&P 500 sectors saw gains, particularly basic materials and consumer discretionary, while homebuilders, tracked by the XHB ETF, surged 5.3%, marking their best day since April.
Interest Rates and Treasury Yields: Treasury yields fell, with the 10-year note dropping to 4.05%, the lowest since late October, as investors reacted to the dovish shift in monetary policy.
Struggles in AI and Crypto: Despite the overall market rally, AI stocks like Oracle continued to decline, while cryptocurrencies like Bitcoin and Ethereum also faced losses, with Bitcoin dipping to an intraday low of $80,000.
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US Bitcoin Spot ETF Experienced a Net Outflow of $147.4 Million Yesterday, While Ethereum Had a Net Outflow of $64.6 Million
US Bitcoin ETF Net Outflow: The net outflow of the US Bitcoin spot ETF was reported at $147.4 million, with significant contributions from BlackRock and Fidelity.
BlackRock and Fidelity Contributions: BlackRock's Bitcoin ETF saw an outflow of $102.8 million, while Fidelity's Bitcoin ETF experienced an outflow of $44.6 million.
US Ethereum ETF Net Outflow: The net outflow for the US Ethereum spot ETF was $64.6 million, with BlackRock and Grayscale being the main contributors.
BlackRock and Grayscale Contributions: BlackRock's Ethereum ETF had an outflow of $59.0 million, and Grayscale's Ethereum ETF saw an outflow of $14.6 million.
Grayscale Bitcoin Trust Mini ETF Launches on Morgan Stanley Platform
Announcement of New ETF: Grayscale CEO Peter Mintzberg announced the launch of the Grayscale Bitcoin Mini Trust ETF (ticker: BTC), which is now live on the Morgan Stanley platform.
Access to Significant Assets: The ETF provides access to over $7.4 trillion in advisor-managed assets under management (AUM).