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Home CRYPTO

Hester Peirce Confirms SEC’s Legal Doubts on Crypto Crackdown

by Sham
September 24, 2024
in CRYPTO, FEATURED, OPINION, POLITICS
Reading Time: 4 mins read
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  • US stocks traded relatively flat on Monday as investors sought clarity on the economic and political landscape.
  • Gold prices reached new all-time highs amid global uncertainty, while natural gas prices spiked over 4% due to potential supply disruptions from a storm in the Gulf of Mexico.
  • Tesla rallied 4% while General Motors fell 2.7% reacting to a proposed US export ban on Chinese-made vehicles, and Ciena received a double upgrade from Citigroup.

Wall Street kicked off the week on a cautious note, with major indexes trading relatively flat as investors seek more clarity on the economic and political landscape.

NEW: 🇺🇸 SEC commissioner @HesterPeirce admits the SEC should have admitted long ago that crypto was not a security pic.twitter.com/7b83UBq3im

— BlockNews.com (@blocknewsdotcom) September 24, 2024

Private Sector Survey Shows Output Growth

A widely followed private sector survey by SP Global revealed that output growth slightly exceeded expectations in September, buoyed by stronger services activity. However, the report also signaled a reawakening of inflationary pressures, raising concerns about future monetary policy moves.

Kamala Harris Leads 2024 Election Betting Odds

The latest betting-implied odds from Polymarket show Kamala Harris at 51% to win the 2024 US presidential election, surpassing former President Donald Trump who has seen his consensus slip in recent weeks.

Gold Sets New All-Time Highs

Among major assets, gold continues its upward momentum, setting new all-time highs as investors flock to safe-haven assets amid global uncertainty.

Natural Gas Prices Spike

Meanwhile, natural gas prices spiked over 4%, hitting a three-month high early Monday. The rise follows the formation of another storm in the Gulf of Mexico which threatens to further disrupt supply chains already impacted by Hurricane Francine.

Middle East Tensions Remain High

The geopolitical situation in the Middle East remains tense, with Israel targeting new Hezbollah sites in Lebanon and the US sending additional military troops to the region amid rising conflict.

Oil Prices Fall Despite Turmoil

Despite the turmoil, oil prices fell by 2%, suggesting that supply fears may be easing for the moment.

Bitcoin Shows Little Movement

In the cryptocurrency space, Bitcoin (BTC-USD) eased by 0.5%, showing little movement.

Major US Indices Edge Lower

The Nasdaq 100 fell 0.1%. The S&P 500 slipped 0.1%. The Dow Jones edged 0.1% lower. The Russell 2000 declined 0.6%.

Notable Stock Movers

Tesla Inc (TSLA) rallied 4% while General Motors Co (GM) fell 2.7%, reacting to the latest export ban proposal from the US administration on Chinese-made vehicles.

Intel Corp (INTC) rose over 3% amid rumors that Qualcomm Inc (QCOM) is exploring a potential takeover. Shares of Qualcomm fell 2%.

Ciena Corp (CIEN) obtained a double upgrade from Sell to Buy by Citigroup.

Viking Therapeutics Inc (VKTX) fell over 6% amid negative weight-loss study data.

Conclusion

Major US indexes traded cautiously to start the week as investors monitor the economic landscape and geopolitical tensions. Safe havens like gold rallied while oil declined. Stocks were mixed with Tesla among the top gainers.

Tags: all-time highsDonald TrumpKamala HarrisPolymarketWall Street
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