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Tech rally rolls on, Oil nears US$100 and markets eye US CPI
Confirmed
In Short: Tech stocks experienced a decline, with the S&P 500 dropping 0.71% and the Nasdaq falling about 1%, according to NBC News.
Cleveland Fed President Beth Hammack highlighted that inflation remains too high and suggested that the Federal Reserve should hike interest rates to control it, as reported by Fxstreet. Money markets now assign a 61% probability of a rate increase by the Fed in September, up from 54% previously.
Meanwhile, Anthropic, a leading AI company, is reportedly preparing for a potential IPO in October, with investor marketing set to begin by mid-month, according to Tronweekly. However, the IPO prospectus is expected to be delayed by two weeks until late September.
Oil prices continued to rise, with American and African crudes soaring as China's oil imports rebounded, according to Oilprice. Copper prices also experienced their longest weekly winning streak since 1994, with the physical market becoming increasingly thin.
Checkers & Rally's CEO, Chris Tebben, noted that consumers are increasingly focused on affordability, leading the company to offer a $4 Unbeatable Meal Deal, which includes a choice of a Classic Burger, Spicy Chicken Sandwich, or Loaded Tender Wrap, plus Value Fries, eight Chicken Bites, and a 16-ounce drink. Tebben emphasized that the definition of value extends beyond price, focusing on offering customers a complete meal.
What's confirmed
What's still developing
- The S&P 500 dropped 0.71%, while the tech-heavy Nasdaq fell about 1%.
- The US Nonfarm Payrolls in August exceeded the forecast of 56K, coming in at 162K and above July’s print of 21 K.
- The swap markets indicate that speculators expect the BoE to hike rates twice in six months.
- Home - Cryptocurrency News - Anthropic IPO Nears as $65 Billion Revenue Signals Strong AI Demand Anthropic is reportedly preparing for a potential IPO in October, with investor marketing possibly beginning by mid-month.
- Also Read | HYPE Price Targets $100 as Whale Buying and Hyperliquid Buybacks Fuel Rally Sources familiar with Anthropic IPO’s timeline say the company will delay the publication of its IPO prospectus by two weeks until late September.
- “Governments around the world are feeling the pressure from bond markets, but the situation is particularly acute for the UK, where Andy Burnham’s grand promises about reforming the economy are about to meet the cold reality of high debt levels and rocketing borrowing costs,” Chris Beauchamp, chief market analyst at IG, said.
- The yield on the 10-year UK gilt climbed four basis points on Wednesday morning to near 5.27 per cent, which followed the previous day’s rally that saw yields spike as much as 15 basis points.
- Checkers & Rally's CEO Chris Tebben says consumers squeezed by higher everyday costs are making affordability a bigger factor in where they eat.