English
Français
Deutsch
Italiano
Português
Русский
Español
简体中文
日本語
Shares of banks and other financial institutions rose, recouping some of their September losses, as investors treaded water ahead of Friday’s September jobs report.
Treasury yields fell slightly ahead of the data, easing some nerves.
“The whole world whether they know it or now have become bond traders,” said JJ Kinahan, chief executive of IG North America and president of its brokerage tastytrade.
“The stock market is taking every cue from the bond market, so moreso than probably than ever, you’re trading the bond market…and most investors under the age of 45 have never seen a rising rate environment,” Kinahan said.
The SPDR Select Sector Financial exchange-traded fund, which tracks the financial industry group on the S&P 500, rose.
Months before the collapse of FTX, some of its U.S.-based employees discovered the so-called backdoor that Alameda Research allegedly used to withdraw billions of dollars of customer funds from the cryptocurrency exchange, The Wall Street Journal reported.
Investors are growing nervous that the U.S. will lose its final AAA rating after the ouster of House Speaker Kevin McCarthy as a shutdown becomes more likely.
Write to Rob Curran at [email protected]
Read the full article here
