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Market Overview
Read time 0.7 minutes
Year To Date Performances:
| Dow Jones | 35,061.21 | 5.81% |
| S&P 500 | 4,565.72 | 19.39% |
| Nasdaq | 14,358.02 | 38.23% |
| Rusell 2000 | 1,984.89 | 13.37% |
| TSX | 20,491.17 | 5.39% |
| Bitcoin | $29,869.40 | 80.71% |
| Ethereum | $1,883.81 | 57.57% |
| US to Canadian Dollar | $1.32 | -2.98% |
The upcoming rebalancing of the Nasdaq-100 index will address its issue of excessive concentration. The top 7 stocks comprise 56% of the index, but their collective weight will be reduced to 44% after July 24. This "special rebalance" is only the second of its kind in the past 25 years, with the previous one in 2011 having no significant impact on the affected stocks. Notable declines in weight are expected for NVDA (3%), MSFT (3%), and AAPL (0.6%).
During a meeting with Biden administration officials yesterday, industry executives raised concerns and urged them to avoid further restrictions on the sale of chips and related US technology to China. This comes as China is the largest market for chipmakers worldwide, accounting for a significant portion of global semiconductor purchases. In 2022, China's share was $180 billion out of $555.9 billion.
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Headlines
Firefly, an aerospace startup, has announced closing an oversubscribed raise.
Celsius has begun its liquidation by transferring $63M to FalconX.
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