News
Quant Stock Trades Are Breaking Away From Bonds
All through the pandemic era and its aftermath, Jerome Powell lived rent-free in the heads of Wall Street stock traders. As he cut interest rates to historic lows and then again when he ramped them up to decade highs, money managers sweated over his every word and deed – buying or selling shares in line with their supposed sensitivity to monetary policy. That drove the fortunes of practically all investment strategies — and none more so than two equity trades known as value and growth.
U.S. Economy Weakens in August as Stagnation Rears Head, PMIs Suggest
Business activity in the U.S. rose at a weaker pace in August, as activity teetered near stagnation across the private sector, according to a purchasing managers' survey published Wednesday. The S&P Global Flash Composite Output Index--which gauges activity in the manufacturing and services sectors--fell to 50.4 in August from 52.0 in July, the lowest rate in six months. The reading suggests that U.S. economic output is expanding, albeit only marginally, coming in just above the 50 no-change mark.
Investors Say They’ll Stick With Gold as Fed Cycle Nears End
Gold isn’t losing its allure, according to a dozen money managers who all told Bloomberg News they expect to maintain or raise their exposure to the precious metal in the coming 12 months. Bullion has stumbled in recent weeks in the face of multiple headwinds from surging real yields to a stronger US dollar and the prospect of US rates staying higher for longer. The survey of investors — from sovereign wealth managers to hedge funds — offered some modest optimism for price prospects into 2024.
Bitcoin (BTC) Prices Indicate Overselling, Relative Strength Index Suggests
A technical analysis indicator shows extreme oversold conditions in Bitcoin as surging bond yields weigh over risk assets, including cryptocurrencies. Bitcoin's 14-day relative strength index (RSI) has dropped well below 30, indicating oversold conditions. The indicator has dropped to its lowest since the coronavirus-induced crash of March 2020. The RSI is a momentum indicator ranging between 0 to 100 that shows the asset's recent price movement relative to its average price movement over a specific period, usually 14 days.
From Joe
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