As holders of bitcoin they undermine the very purpose, and so the long-term value, of a cryptocurrency. And as ETFs launched at a moment of popularity they might be repeating the mistake of many past thematic funds by buying at a peak.
Fed Tiptoes Toward Dialing Back Key Channel of Monetary Tightening
Though the Federal Reserve stopped raising interest rates last summer, it is quietly tightening monetary policy through another channel: shrinking its $7.7 trillion holdings of bonds and other assets by around $80 billion a month.
Now that, too, may change. Fed officials are to start deliberations on slowing, though not ending, that so-called quantitative tightening as soon as their policy meeting this month. It could have important implications for financial markets.
Donald Trump Routs Rivals in Iowa Caucuses
WEST DES MOINES, Iowa-Donald Trump won the Iowa caucuses Monday night with the largest margin in the history of the first Republican presidential nominating contest, cementing an early victory in his defiant bid to return to the White House.
The Associated Press declared Trump the winner roughly a half-hour after the caucuses convened. The call came so quickly that at some caucus locations, attendees hadn't even finished making speeches of support for the various candidates.
New York Plans to Spend Billions More on Migrant Crisis
ALBANY, N.Y.-New York state officials said they would direct another roughly $2 billion to fund the cost of caring for migrants in New York City, adding to the fiscal toll of a crisis that has overwhelmed the city's normal network of homeless shelters.
Both Gov. Kathy Hochul and New York Mayor Eric Adams on Tuesday will unveil proposed budgets for the next fiscal year. Particularly in the city, the cost of caring for tens of thousands of migrants who have come to New York, usually after crossing the southern border illegally, has come to dominate municipal spending calculations.
Write to paul.larkins@dowjones.com TODAY IN CANADA
Earnings:
None scheduled
Economic Calendar (ET):
0815 Dec Housing Starts
0830 Dec CPI
Expected Major Events for Tuesday
04:30/JPN: Nov Revised Retail Sales
07:00/UK: Dec UK monthly unemployment figures
07:00/GER: Dec CPI
09:00/ITA: Dec CPI
10:00/GER: Jan ZEW Indicator of Economic Sentiment
13:15/CAN: Dec Housing Starts
13:30/US: Jan Empire State Manufacturing Survey
13:30/CAN: Dec CPI
All times in GMT. Powered by Kantar Media and Dow Jones.
Expected Earnings for Tuesday
AMCON Distributing Co (DIT) is expected to report for 1Q.
Anixa Biosciences Inc (ANIX) is expected to report for 4Q.
Applied Digital Corp (APLD) is expected to report for 2Q.
Bank First Corp (BFC) is expected to report $2.85 for 4Q.
Barrick Gold Corp (ABX.T,GOLD) is expected to report for 4Q.
Calavo Growers (CVGW) is expected to report $0.33 for 4Q.
Cohbar Inc (CWBR) is expected to report for 3Q.
Dakota Gold Corp (DC) is expected to report for 4Q.
FB Financial Corp (FBK) is expected to report $0.60 for 4Q.
First Bancorp Inc (FNLC) is expected to report for 4Q.
Flanigan's Enterprises Inc (BDL) is expected to report for 4Q.
Fulton Financial Corp (FULT) is expected to report $0.40 for 4Q.
Goldman Sachs Group (GS) is expected to report $3.62 for 4Q.
Guaranty Bancshares Inc (GNTY) is expected to report $0.47 for 4Q.
Hancock Whitney Corp (HWC) is expected to report $0.52 for 4Q.
Interactive Brokers Group Inc (IBKR) is expected to report $1.53 for 4Q.
Jewett-Cameron (JCT-T,JCTCF) is expected to report for 1Q.
Mercantile Bank Corp (MBWM) is expected to report $1.24 for 4Q.
Morgan Stanley (MS) is expected to report $0.98 for 4Q.
Nicolet Bankshares Inc (NIC) is expected to report $1.90 for 4Q.
PNC Financial Services Group (PNC) is expected to report $2.12 for 4Q.
Pinnacle Financial Partners Inc (PNFP) is expected to report $1.39 for 4Q.
Progress Software Corp (PRGS) is expected to report $0.32 for 4Q.
Silvergate Capital Corp (SICP) is expected to report for 4Q.
TSR Inc (TSRI) is expected to report for 2Q.
Union Bankshares Inc (UNB) is expected to report for 4Q.
Video Display Corp (VIDE) is expected to report for 3Q.
WaFd Inc (WAFD) is expected to report $0.77 for 1Q.
Powered by Kantar Media and Dow Jones.
ANALYST RATINGS ACTIONS
89bio Cut to Sector Perform From Outperform by RBC Capital
Axonics Cut to Hold From Buy by Truist Securities
Axonics Cut to Market Perform From Outperform by Leerink Partners
Axonics Cut to Neutral From Buy by CL King
Axonics Cut to Neutral From Overweight by Piper Sandler
Barnes & Noble Education Cut to Hold From Buy by Needham
CF Industries Raised to Equal-Weight From Underweight by Barclays
Chesapeake Energy Raised to Buy From Neutral by Citigroup
Chesapeake Energy Raised to Buy From Neutral by Mizuho
Ciena Raised to Outperform From In-Line by Evercore ISI Group
Elastic Cut to Equal-Weight From Overweight by Barclays
First Fincl Northwest Cut to Neutral From Buy by DA Davidson
Great Ajax Cut to Market Perform From Market Outperform by JMP Securities
Healthpeak Properties Raised to Sector Outperform From Sector Perform by Scotiabank
Intl Flavors & Fragrances Raised to Buy From Hold by Jefferies
Jamf Holding Cut to Equal-Weight From Overweight by Barclays
Juniper Networks Cut to Sector Weight From Overweight by Keybanc
Live Nation Raised to Buy From Neutral by Roth MKM
Mohawk Raised to Sector Perform From Underperform by RBC Capital
Nevro Cut to Sector Perform From Outperform by RBC Capital
Outset Medical Cut to Sector Perform From Outperform by RBC Capital
Pegasystems Raised to Equal-Weight From Underweight by Barclays
Potbelly Raised to Buy From Hold by Benchmark
PROS Holdings Raised to Overweight From Sector Weight by Keybanc
Qualcomm Raised to Buy From Neutral by Citigroup
Regeneron Pharma Raised to Outperform From Sector Perform by RBC Capital
Snowflake Cut to Equal-Weight From Overweight by Barclays
Summit Materials Cut to Sector Perform From Outperform by RBC Capital
Taylor Morrison Home Raised to Outperform From Sector Perform by RBC Capital
Tenable Holdings Raised to Buy From Hold by WestPark Capital
Twilio Raised to Overweight From Neutral by Piper Sandler
Vulcan Materials Cut to Sector Perform From Outperform by RBC Capital
ZoomInfo Technologies Cut to Equal-Weight From Overweight by Barclays
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
01-16-24 0608ET
