Fundamental analysis
08 June, 2023
The S&P 500 and Nasdaq closed in negative territory on Wednesday as investors took profits after a months-long megacap stocks run and ahead of key economic and policy events next week. U.S. inflation data is expected to show consumer prices eased slightly in May from the previous month but with elevated core prices. Weighing on stocks, the two-year U.S. Treasury yield and benchmark 10-year yield increased after the Bank of Canada raised interest rates, adding to investor jitters about the Federal Reserve's next U.S. interest rate decision. Coinbase shares advanced 3.20% the day after they hit a seven-month low, as the company's CEO reassured customers that their funds were safe and blasted the U.S. Securities and Exchange Commission over its lawsuit. On Tuesday, the SEC sued the largest U.S. crypto exchange, accusing it of operating illegally, without having first registered with regulator. Cathie Wood's Ark Invest bought 419,324 shares of Coinbase on Tuesday.
