Arm, a British chipmaker owned by Softbank, made its public debut on Thursday. The stock immediately surged over 20% in the first
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2023-09-15 | Sign Up | View Online | Advertise
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Market Snapshot 📷
S&P 500 4,505.10 +0.84%
Nasdaq 13,926.05 +0.81%
Dow 34,907.11 +0.96%
10-Year 4.288% +0.04%
Oil 90.69 +2.45%
Gold 1,932.00 -0.03%

*All data as of the previous day’s market close.

Markets & Economy
US wholesale inflation ticked up last month, exceeding expectations (2 min read)

The produce price index (PPI), which measures inflation at wholesale level, climbed 0.7% last month, which was slightly above the 0.4% estimated by economists. However, the core PPI, which strips out food and energy, only rose 0.2% in August as the surge in oil prices last month contributed the most to the upticks, similar to the CPI data yesterday. Despite these inflationary pressures, US retail sales  still increased by 0.6% in August, outperformed expectations.
European Central Bank hikes rates to record level, hints at possible peak (3 min read)

The European Central Bank (ECB) has raised its key interest rate for the 10th consecutive time, reaching a record 4%. This move was not widely expected by the market as the European economy continues to weaken over the last several months. The decision was partly driven by higher inflation projections, with the forecast for 2023 revised up to 5.6%. However, the ECB also indicated that further rate hikes may be off the table for now.
Business & Stocks
Arm stock jumps over 20% in highly anticipated IPO (3 min read)

Arm, a British chipmaker owned by Softbank, made its public debut on Thursday. The stock immediately surged over 20% in the first 30 minutes of trading. Arm's IPO is one of the most high-profile offerings on the Nasdaq since the 2021 IPO boom. The company is known for its chip designs used in tech devices, with a growing focus on AI. Its major clients include Apple, Nvidia, Alphabet, AMD, Intel, and Samsung who have collectively committed nearly $1 billion in this IPO.
Nvidia CEO Offloads More Shares Amid 211% Year-to-Date Stock Rally (2 min read)

Nvidia's CEO has sold more company shares, according to recent SEC filings. This follows his previous sale of shares worth $42 million last week. Although these sales were part of the options package predetermined earlier this year, some analysts are still concerned it might trigger a stock sell-off. However, the company has been reporting strong quarterly results this year and many investors believe the surging demand in AI will continue to drive Nvidia higher.
Funds & ETFs
Covered Call ETFs Arrive in the Sweet Spot (3 min read)

Covered call ETFs, which generate steady income from call options, have been gaining more attention. These ETFs can potentially perform better when markets move in short bursts without significant trends. For example, the Global X NASDAQ Covered Call ETF (QYLD) has outpaced the Nasdaq 100 over the last two years due to its call option strategy. As the current market remains volatile, some investors have fled to these ETFs. More on the various segments of covered call ETFs, including dividend stocks and bonds, are available in this article.
Franklin Templeton Files for Spot Bitcoin ETF (2 min read)

Franklin Templeton has joined the spot Bitcoin ETF race as the firm filed to launch one earlier this week. This comes as more traditional asset managers like BlackRock and Fidelity are also moving into cryptocurrency ETFs. Currently, the SEC still does not approve spot Bitcoin ETFs, which invest directly in Bitcoin. However, recent industry developments and Grayscale lawsuit victory have raised the likelihood of an SEC approval later this year.
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