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US STOCKS-S&P 500, Dow headed lower a day after Fed hints at 'taper…
By Medha Singh
May 20 (Reuters) – Futures signaled a lower open for the Dow and the S&P 500 on Thursday following signs the Federal Reserve policymakers discussed tapering of bond purchases last month, while jobless claims data showed an improving labor market.
Leading losses among the 30 blue-chip Dow components in premarket 10 trading platform binary option was Cisco Systems Inc, down 5.4%, after the network gear maker cautioned that supply chain issues will linger through the end of 2021 and forecast its current-quarter profit below estimates.
The number of Americans filing for new claims for unemployment benefits fell to 444,000 in the week ended May 15, down for the third straight time to its lowest since a pandemic-led recession.
Wall Street’s main indexes fell for the third consecutive session on Wednesday after minutes from Fed’s meeting last month indicated many policymakers thought it would be appropriate to discuss easing crisis-era support in upcoming meetings if the strong economic momentum is sustained.
However, many analysts viewed the statement as old news as economic data since then has showed an unexpected slowdown in the labor market, fanning inflation worries.
“Unprecedented stimulus, supply chain imbalances, and prospects for a record tight U.S. labor market are creating high uncertainty about the inflation outlook,” said Linda Duessel, senior strategist at Federated Hermes.
Signs of rising inflation have increased bets that the Federal Reserve may tighten its policy soon, hitting rate-sensitive growth stocks that set the tech-heavy Nasdaq on track for its fifth consecutive weekly drop.
Bitcoin regained some lost ground to trade near $40,000, a day after a brutal selloff.
Crypto-exchange operator Coinbase Global, miners Riot Blockchain and Marathon Digital Holdings rebounded between 2.7% and 7.3% in sympathy with the digital coin.
At 8:35 a.m. ET, Dow e-minis were down 87 points, or 0.26%, S&P 500 e-minis were down 4 points, or 0.1%, and Nasdaq 100 e-minis were up 11.75 points, or 0.09%.
Kohl’s Corp raised its forecast for 2021 sales, as the department store operator bets on a shopping boom but the outlook fell short of analysts’ estimates, sending its shares down 6.2%.
Ralph Lauren Corp dropped 3.5% after it forecast full-year sales below analysts’ estimates.
(Reporting by Medha Singh and Shashank Nayar in Bengaluru; Editing by Maju Samuel)
Bitcoin blow as HSBC vows to steer clear of the cryptocurrency
Bitcoin was dealt a fresh blow after HSBC’s chief executive declared the bank would not touch it.
Noel Quinn said the lender will not offer the crypto-currency to clients, blaming its volatility and lack of transparency.
The stance is in contrast to rivals such as Goldman Sachs, which in March started a crypto-currency trading desk, while established fund management giants like Fidelity are offering bitcoin to clients.
Crypto snub: HSBC chief exec Noel Quinn said the lender will not offer Bitcoin to clients, blaming its volatility and lack of transparency
Quinn said: ‘Given the volatility we are not into bitcoin as an asset class.
If our clients want to be there then of course they are, but we are not promoting it as an asset class within our wealth management business.
RELATED ARTICLES Share this article Share 495 shares HOW THIS IS MONEY CAN HELP ‘I view bitcoin as more of an asset class than a payments vehicle, with very difficult questions about how to value it on the balance sheet of clients because it is so volatile.’
Quinn added that his sceptical attitude towards crypto-currencies arose from the difficulty of working out who owns them, which could leave the bank vulnerable to money laundering.
Bitcoin prices have fluctuated wildly in recent weeks.
In April the coin was closing in on the $65,000 mark but it was trading at around $31,000 over the weekend. Last night it was worth around $37,600.
The decision by HSBC is another blow to the currency after Tesla chief executive Elon Musk last week backtracked on previous statements allowing the electric car maker’s customers to buy its vehicles using bitcoin.
Musk had been one of Bitcoin’s biggest fans with Tesla snapping up £1billion worth in February.
Last Wednesday China’s three main financial watchdogs also banned its banks, insurers and payments firms from processing transactions in bitcoin.
The virtual coins were not ‘real currency’ and ‘should not and cannot be used as currency in the market’, the regulators said, warning that ‘speculative trading’ was ‘disrupting the financial order’.
The People’s Bank of China’s said in a statement that financial and payment institutions should not accept crypto-currencies as payment or offer services and products related to them.
Virtual currency ‘is not a real currency’ and ‘should not and ian higgins binary option training cannot be used as currency in the market’, the bank said.
The Chinese have historically taken a hard line to crypto-currency trading, worried that the asset class encourages money laundering.
In 2017 China closed the country’s bitcoin exchanges, which had previously accounted for the majority of global trading.
Nevertheless more than 75 per cent of bitcoin mining – when new bitcoins are entered into circulation – around the world is still done in China.
Some of HSBC’s largest customers are in China and so it comes as no surprise that the bank and the government are aligned.
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