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Wall Street gains slightly early in the session
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Coinbase under pressure from rising crypto industry regulatory solutions
Monday's session on Wall Street began with moderate gains in US stock prices. However, their scale is small due to the uncertainty arising from tomorrow's US CPI inflation reading. The macro calendar for today's session does not contain any important publications for investors. After the end of the session on Wall Street, their quarterly results will be presented by: Palantir Technologies (PLTR.US) and SolarEdge Technologies (SEDG.US).
Bowman comments from the Fed:
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile appMiki Bowman of the Fed indicates in today's speech that the Fed still has much work to do in achieving financial stability. She emphasises that further monetary tightening is needed to achieve the desired level of inflation.
Bowman also indicates that interest rates need to reach a restrictive level and will remain there for an extended period of time.
Chart of S&P500 index futures (US500). Today's session started with slight increases in the benchmark 500 largest US companies. The quotations are still below the 50% Fibo retracement zone. Source: xStation 5
Company news
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Microsoft (MSFT.US) shares gain nearly 1.5% at the beginning of the session. The mood is improved by stock analysts who are optimistic about the company's long-term prospects.
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Coinbase (COIN.US) is under downward pressure at the start of Monday's session due to tighter regulations on stablecoins and staking in the US. The Financial Times reports that regulator the New York Department of Financial Services has called on Paxos to stop issuing the third largest stablecoin on the market, BUSD to the Binance exchange. Paxos announced this morning that it will suspend the issuance of BUSD at the request of the NYDFS. As a result, the Binancecoin (BNB) exchange token has come under pressure and is already losing nearly 8%.
Source: xStation 5
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Zillow Group (Z.US) is up nearly 4.4%, reacting positively to an upgraded recommendation from Evercore ISI, which upgraded the company's shares to 'outperform'.
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Meta (FB.US) shares are gaining more than 2.5% following news reported by the Financial Times that the company intends to continue its cycle of employee redundancies.
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Barclays downgraded shares of Zim Integrated Shipping Services Ltd. (ZIM.US) to 'underweight'. The bank believes that oversupply in 2023 will have a bad impact on the shipping company's stock price.
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Manchester United (MANU.US) shares gain nearly 5.4% early in the session on rumours of Qatar's interest in acquiring the club.
The largest percentage change among US companies early in today's session. Source: xStation 5
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