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Market Overview
Read time 0.7 minutes
Year To Date Performances:
| Dow Jones | 34,472.98 | 4.03% |
| S&P 500 | 4,436.01 | 16.00% |
| Nasdaq | 13,721.03 | 32.10% |
| Rusell 2000 | 1,870.03 | 6.81% |
| TSX | 19,879.79 | 2.24% |
| Bitcoin | $26,429.10 | 59.90% |
| Ethereum | $1,674.82 | 40.09% |
| US to Canadian Dollar | $1.35 | -0.39% |
Standard and Poor's recently reduced ratings for five US banks, namely Associated Banc Corp, Comerica, KeyCorp, Valley National, and UMB Financial. Moreover, the outlooks for River City Bank and S&T Bank have been changed to negative. This action follows Moody's, another rating agency, which downgraded 10 mid-sized lenders earlier in the month. The primary reason for these downgrades, as stated by S&P, is the liquidity crunch many banks are facing as customer deposits move to high-yielding alternatives in response to rising interest rates.
Only 11 publicly traded companies are the immediate beneficiaries of the ongoing AI revolution (according to Goldman Sachs). These stocks are categorized into three groups: "enablers," which comprise semiconductor manufacturers and related equipment providers; "hyper scalers," the mega-cap companies that are commercializing AI on a vast scale; and "empowered users," or businesses that harness AI for their operations. Impressively, these selected stocks have outpaced the equal-weight S&P 500 by 62 percentage points. Their outlook is also bullish, with all 11 companies witnessing positive earnings per share (EPS) revisions since Q1, in contrast to a 1% decline in EPS estimates for the broader S&P 500 during the same timeframe.
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Headlines
The Bank of England is predicting that there will be a spike in the rate of corporate defaults in the coming months.
Coinbase has purchased shares in Circle.
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