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Daily Markets Update: Nasdaq Hits Record as Yields Top 5.3%, TSX Flat, Loonie Near 70¢

  S&P/TSX 35,518.55 +0.04% S&P 500 7,773.99 +0.66% Nasdaq 27,477.31 +1.05% Brent US$100.42 -1.8% USD/CAD 1.4250 Flat US 10-yr 5.315% +3.8 bp Monday, October 5 close, with Asia’s Tuesday session. Wall Street’s tech rally pushed the Nasdaq to a fresh record on Monday even as long-term bond yields kept climbing: the U.S. 10-year Treasury yield settled at 5.315%, a new 52-week high. Canada’s TSX barely moved, with tech gains offsetting a slide in energy and financials, and Cenovus fell after unveiling a C$5.7-billion takeover of Athabasca Oil. Oil dropped nearly 2% as G7 emergency stock releases and rising Middle East exports eased supply fears, and the loonie hovered near 70 U.S. cents, close to its weakest level in about 18 months. Canada: TSX Flat as Tech Offsets Energy Index / Stock Close Change S&P/TSX Composite 35,518.55 +0.04% Shopify (SHOP) — +5.7% Athabasca Oil (ATH) — +13.5% Cenovus Energy (CVE) C$44.86 -3.0% Suncor Energy (SU) — -1.2% The TSX added 15.90 points ...
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Bitcoin Surges to New Heights: Record Highs Amidst Dollar Weakness

 


Bitcoin, the original cryptocurrency, has achieved a remarkable milestone, soaring past $72,000 for the first time. This surge marks the sixth consecutive day of gains, propelling its year-to-date rally to an impressive 70%. The driving force behind this ascent? Massive inflows into US exchange-traded funds (ETFs).

Market Insights

  • Bitcoin’s Rally: The virtual currency surged by as much as 4%, reaching a peak of $72,234 on Monday. Notably, smaller tokens like Ether, Solana, and Avalanche also experienced gains.
  • Institutional Interest: Investors have poured nearly $10 billion into a batch of new Bitcoin ETFs since their launch in the US just two months ago. This influx has ignited a broad surge across crypto markets.
  • Global Acceptance: The London Stock Exchange has confirmed its acceptance of applications for admitting Bitcoin and Ether exchange-traded notes. Additionally, Thailand’s securities regulator has granted retail investors permission to buy overseas crypto ETFs.
  • Technical Indicators: Other bullish signals include the upcoming quadrennial “halving” event scheduled for April, which will reduce Bitcoin’s supply growth by half. Furthermore, growing open interest in Chicago-based CME Group’s Bitcoin futures market and a rebound in the funding rate indicate heightened interest from both institutional and retail traders.

As Bitcoin continues its meteoric rise, all eyes remain on the crypto landscape. 


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