Markets PLUNGE as Fed Looks To Remove Stimulus This Year

Global markets tumbled on fears over slowing global growth Thursday, as well as the Fed’s plans to taper asset purchases. 

The Federal Reserve Open Market Committee minutes state that the Fed is preparing to taper its bond purchases in 2021. 

Fed officials stressed that the reduction in asset purchases does not mean that the Fed will also raise interest rates. However, that was not enough to reassure the markets, which are now addicted to Fed’s easy money. (Story continues below.)

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Investors will be looking at jobless claims data, set to be released before the market opens. 

Equities

U.S. stock futures were in free-fall after the Fed announced it would remove some of the monetary support in 2021. 

Level Chg. Chg. %
DOW Futures 34,608.00 -300 -0.86
S&P 500 Futures 4,362.75 -31.75 -0.72%
Nasdaq Futures 14,766.25 -83 -0.56%

 

U.S. Dollar and Treasuries

U.S. Treasury yields dropped  The yield on the 10-year Treasury rose three basis points. The dollar strengthened.

 

Price Chg. Chg. %
U.S. Dollar Index (DXY): 93.31 +0.17 (+0.19%)

 

Yield Change Previous close
U.S. 1 Year Treasury Bill 0.068% -0.003 0.070%
U.S. 2 Year Treasury Note 0.210% -0.004 0.213%
U.S. 5 Year Treasury Note 0.744% -0.026 0.770%
U.S. 10 Year Treasury Note 1.233% -0.028 1.262%
U.S. 20 Year Treasury Bond 1.778% -0.056 1.797%
U.S. 30 Year Treasury Bond 1.856% -0.043 1.899%

 

Stocks To Watch

Biotech company Sonnet BioTherapeutics more than doubled in value on retail investor interest. Investors believe that the small-cap company is a good target for a short squeeze. 

PharmaCyte Biotech dropped after almost doubling in value during Wednesday’s regular trading hours. The surge was triggered by the company’s listing on Nasdaq. 

Eros STX Global, a studio company, surged after closing a major deal with Amazon to stream its upcoming releases. 

 

Symbol Price Chg. Chg. % Volume
Sonnet Biotherapeutics SONN $1.56 +0.8149 +109.37% 18.54M
PharmaCyte Biotech PMCB $4.02 -5.88 -59.39% 12.18M
Eros STX Global ESGC $0.81 +0.1507 +22.86% 4.24M

 

 

Commodities To Watch

Oil was in free-fall as investors worried about falling global demand due to the spread of the delta variant, combined with increasing supply from top producers. Gold strengthened, despite the dollar rally. 

Price Chg. %
WTI Crude Oil $63.22 -3.42%
Brent Crude Oil $66.17 -3.02%
Natural Gas $3.79 -1.71%
Gold $1,790.10 0.32%
Silver $23.32 $0.00
Copper $3.99 -3.07%
Soybeans $1,339.25 -1.03%

 

Crypto

Crypto coin market cap dropped below $2 trillion amid profit-taking. 

Global cap global cap chg.%
$1.90T 0.46%

  

Symbol Price Chg. % Market Cap.
Bitcoin BTC $44,342.34 -0.98% $833.22b
Etherium ETH $2,988.12 -0.53% $348.87b
Cardano ADA $2.08 +5.94% $64.60b
Ripple XRP $1.11 +2.95% $48.87b
Dogecoin DOGE $0.2981 +3.93% $39.02b

 

 

 

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