| May 05, 2022 | | | |  | Jeff Bergstrom
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John Lothian News | |
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| | | | | | Lead Stories | | | Nasdaq tumbles 5% in sharpest fall since 2020
Financial Times
Wall Street stocks suffered steep declines on Thursday in an abrupt reversal from a rally in the previous trading session, with the Nasdaq registering its biggest fall since 2020.
The Nasdaq Composite, comprised of many of the largest US technology companies, fell nearly 5 per cent in early afternoon trading in New York, the heaviest intraday drop since September 2020.
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US Stock Market News: Nasdaq, S&P 500 Index Fall in Widespread Selloff
Matt Turner - Bloomberg
U.S. stocks sank on Thursday, completely erasing their gains from the prior session amid a broad-based selloff in risk-assets that sent tech shares tumbling by the most in more than three months
The benchmark S&P 500 Index was down 4% as of 12:00 p.m. in New York. All of the 11 major industry groups declined, with the information technology, consumer discretionary, communication services and financials sectors leading losses. The tech-heavy Nasdaq 100 index tumbled as much as 5.1%, its biggest intraday drop since Jan. 24, while the blue-chip Dow Jones Industrial Average dropped 3.4%.
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'A violent unwinding of crowded positions': Dow plunges 1,000 points as investors brace for more volatility and uncertainty
Quentin Fottrell - MarketWatch
Markets tumbled Thursday, with the Dow Jones Industrial Average DJIA, the S&P 500 SPX, and the Nasdaq Composite all shedding Wednesday's gains.
On Wednesday, markets rallied after the Federal Reserve hiked the benchmark interest rate by 50 basis points. Fed chair Jerome Powell said the central bank was not likely to hike its benchmark interest rate by 75 basis points at its next meeting, all but promising consecutive 50-basis-point rate hikes.
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Most Americans were feeling gloomy even before Thursday's dramatic dive in stocks â and now they fear a prolonged bear market
Andrew Keshner - MarketWatch
In a matter of hours, promising signs from of stock market rally have turned into pessimism, even panic.
For retail investors trying to get their legs during a volatile moment, Thursday's deep downward lurch is exactly what they didn't want. But it might be what they knew was bound to happen all along.
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Dow plunge puts blue-chip gauge on track for biggest 2-day swing since 2020
William Watts - MarketWatch
The stock market's Thursday plunge puts the Dow Jones Industrial Average on track for its biggest two-day downside turnaround since June 2020.
Other major U.S. indexes were also on track for stomach-churning declines following a Wednesday relief rally. Stocks soared Wednesday after the Federal Reserve delivered a widely expected half percentage point interest rate increase and Chairman Jerome Powell signaled at least two more outsize hikes were likely but said an even larger 75 basis point move wasn't being actively considered.
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Wall Street tumbles on fear Fed may need bigger rate hike to tame inflation
Devik Jain and David French - Reuters
Wall Street's main indexes tumbled on Thursday as investors fretted the Federal Reserve's rate hike might not be enough to bring inflation under control and the U.S. central bank might need to take more drastic action.
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Stock market has not hit bottom yet, expert says
Talia Kaplan - Fox Business
Eddie Ghabour, the co-founder of Key Advisors Group LLC, argued on Thursday as U.S. stocks tanked that the market has not yet hit bottom.
The wealth advisor provided the insight on "Varney & Co." on Thursday as U.S. stocks gave back nearly all of the gains from Wednesday's Fed-fueled rally.
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| | | | | | Exchanges | | | MIAX Options Exchange - Introducing Support For Complex Stock Tied Orders Up To 4 Decimal Places Beginning May 9, 2022
Press Release
As previously announced in the November 11, 2021 Alert, the MIAX Options Exchange will introduce support for Complex Stock Tied Orders (including cQCC Orders submitted with the stock component) with a net price of up to 4 decimal places. Firms are encouraged to ensure conformance to the MIAX Options' market data specifications existing support of prices to 4 decimal places. Complex Customer Cross ("cC2C") Orders, Complex Orders without Stock and Simple Orders will continue to support prices of up to 2 decimal places.
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Cboe Global Markets Reports Trading Volume for April 2022
CBOE
Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, today reported April monthly trading volume statistics across its global business lines.
The data sheet "Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of certain April trading statistics and market share by business segment, volume in select index products, and RPC/net capture, which is reported on a one-month lag, across business lines.
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ICE 1Q Net Up as Market Volatility Boosts Exchange Revenue
MarketWatch
Intercontinental Exchange Inc. posted an increase in first-quarter earnings as energy- and stock-market volatility boosted revenue at its exchanges, offsetting a slowdown in mortgage-related operations, which it has recently expanded.
The exchange operator and mortgage-data provider Thursday posted net income attributable to the company of $657 million, or $1.16 a share, up from $646 million, or $1.14 a share, a year earlier.
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CME Group Inc. Announces Preliminary Results from its 2022 Annual Meeting of Shareholders
CME Group
CME Group Inc. (NASDAQ: CME) today announced the preliminary shareholder voting results from its 2022 annual meeting.
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Miami International Holdings Reports April 2022 Trading Results; MIAX Pearl Equities Sets Market Share and Volume Records
MIAX
Miami International Holdings, Inc. (MIH) today reported April 2022 trading results for its U.S. exchange subsidiaries - MIAX , MIAX Pearl and MIAX Emerald (together, the MIAX Exchange Groupâ¢), and Minneapolis Grain Exchange (MGEXâ¢).
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April 2022 figures at Eurex
Eurex
Total traded derivatives contracts at Eurex grew by 14 percent in April, from 119.7 million to 136.8 million compared to the same month last year. Interest rate derivatives showed the strongest year-on-year growth, up 21 percent from 40.7 million traded contracts to 49.2 million, while equity index derivatives grew by 14 percent, from 51.2 million traded contracts to 58.2 million. Total contracts traded in equity derivatives grew again by 6 percent.
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| | | | | | Regulation & Enforcement | | | FINRA Reminds Members of Their Sales Practice Obligations for Complex Products and Options and Solicits Comment on Effective Practices and Rule Enhancements
FINRA
The availability of complex products and options can potentially expand the investment opportunities for retail investors and, if properly understood, offer favorable investment outcomes (e.g., enhancing returns, limiting losses or improving diversification). However, important regulatory concerns arise when investors trade complex products without understanding their unique characteristics and risks. Like complex products, trading in options may pose risks if investors do not have the financial experience to understand options and options trading strategies. Therefore, we have taken steps to address complex products and options over the years, including publishing guidance regarding sales practice concerns raised by complex products and options; issuing investor-focused alerts to highlight the risks of these products; adopting rules with specific requirements for particular complex products and for options; and examining members for compliance with SEC and FINRA rules.
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| | | | | | Strategy | | | Scared About Stocks? That's Your Signal to Start Buying.
Steven M. Sears - Barron's
It's hard to economically describe the current market environment and investor sentiment, but horripilation comes close. The mid-17th century word describes hair standing up on the skin due to cold, fear, or excitement.
Many investors are experiencing that sensation as it becomes clear that the mighty "Fed put" that long supported the stock market is expiring. The stock market has to stand on its ownâand it is having a hard time maintaining its equilibrium.
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Opinion: The S&P 500's major trends are bearish, even after that Fed-induced surge
Lawrence G. McMillan - MarketWatch
This past week, the S&P 500 index traded at new intraday and closing lows for 2022, breaking below the February lows. However, a massive rally day quickly followed, based on an extremely oversold condition and the results of the Federal Reserve meeting.
The major focus is that the S&P chart is still in a downtrend (blue lines on the accompanying chart), and that is bearish. Within that bearish range, though, the bulls are trying to once again establish support in the general area near 4100.
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| | | | | | Miscellaneous | | | Wall Street Bonuses Could Drop 40% This Year
Jennifer Surane - Bloomberg
Wall Street's dealmakers may see bonuses for 2022 drop as much as 40% as initial public offerings and underwriting businesses continue to slow.
That's according to the latest projections by Alan Johnson, managing director of the compensation consultancy Johnson Associates Inc. This year's once-in-a-generation levels of inflation will also weigh on pay, Johnson said Thursday in a report.
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