Fidelity Digital Assets publishes research on Lightning Network, Fold goes public, SEC fights crypto fraud, and bitcoiner Howard Lutnick is confirmed as U.S. Commerce Secretary.
Your day-ahead look for Feb. 21, 2025
There's no doubt that the world's second-most valuable stock is important. But the AI harbinger has taken on a different role of late as other stocks have supplanted the "Magnificent Seven" as the engine of this year's gains.
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The S&P 500 suffered its largest single-day percentage drop since December 18, as did the small cap Russell 2000. For the week, all three indexes lost ground, with the Dow registering its steepest Friday-to-Friday plunge since mid-October. "I don't like all this red on a Friday," said Greg Bassuk, CEO at AXS Investments in New York.
Chinese tech stocks listed in Hong Kong advanced on Friday for their best weekly winning streak since 2020, as earnings surprises and optimism about the artificial intelligence sector drew global investors rotating funds into the sector. The Hang Seng Tech Index closed up 6.5%, its best single-day gain since October, to reach its highest in three years. That took its weekly gain to more than 6% in its sixth straight week of advances, the longest winning streak since May 2020.
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Global equity funds continued to see robust inflows, with the majority directed to European equity funds, which hit record highs fueled by hopes for peace in Ukraine and a surge in the defense sector due to anticipated increases in military spending. Also, a U.S. inflation report suggesting that the Federal Reserve's preferred measure of prices might be cooler than anticipated, bolstered stock prices and fund inflows during the week. Investors ploughed a robust $13.35 billion into global equity funds during the week, significantly outweighing $5.32 billion worth of net purchases the previous week, LSEG Lipper data showed.
The reconfigured unit signals a more hands-off approach on digital currencies, but legal experts to not expect major changes in cyber risk disclosure.
The South African alternative investment firm has bought one bitcoin.
