By Staff Reporters
***
***
Instacart shares recently fell below its $30 IPO price.
After FTX crashed, the world of crypto seemed to belong to the largest exchange, Binance. Less than a year later, Binance is the one in distress. Under threat of enforcement actions by U.S. agencies, Binance’s empire is quaking. Over the past three months, more than a dozen senior executives have left, and the exchange has laid off at least 1,500 employees this year to cut costs and prepare for a decline in business. And while Binance still looms large in crypto, its dominance is dwindling.
Here is where the major benchmarks ended:
- The S&P 500 Index was down 63.91 points (1.5%) at 4,273.53; the Dow Jones Industrial Average (DJIA) was down 388.00 points (1.1%) at 33,618.88; the NASDAQ Composite was down 207.71 points (1.6%) at 13,063.61.
- The 10-year Treasury note yield (TNX) was up about 1 basis point at 4.548%.
- CBOEs Volatility Index (VIX) was up 1.98 at 18.89.
Utilities were the weakest sector Tuesday. The Philadelphia Utility Index (UTY) dropped almost 3% to near a 12-month low. Utility stocks, traditionally favored by some investors because of their relatively high dividend yields, have fallen out of favor as bond yields surged this year. Consumer discretionary shares were also down sharply, perhaps reflecting concern that a slowing economy will prompt consumers to cut back on big-ticket purchases.
The U.S. Dollar Index (DXY) extended a nearly three-month rally and touched a 10-month high. Volatility based on the VIX hit a four-month high.
***
Finally, Moody’s, the only major credit rating agency that still gives the US government a triple-A rating, warned that a federal government shutdown would negatively impact the country’s credit.
CITE: https://www.r2library.com/Resource
***
COMMENTS APPRECIATED
Thank You
***
***
Filed under: "Ask-an-Advisor", Alerts Sign-Up, Breaking News, iMBA, Inc., Investing | Tagged: binance, binance tumbles, CBOE, crypto, cryptocurrency, DJIA, DOW, DXY, instacart, MOODY, NSDAQ, Russell 2000, S&P 500, stock markets, triple A rating, us credit, us credit risk, UTY, VIX | Leave a comment »