Ether ETFs Experience First Week of Outflows Since May
Ether ETFs saw a total of $341 million in inflows on Friday, marking the second consecutive day of positive inflows, primarily driven by Fidelity’s FETH fund. In contrast, bitcoin ETFs faced their sixth straight day of outflows, largely attributed to net withdrawals from BlackRock’s well-known IBIT fund, though other funds experienced minor inflows.
For the week ending August 22, ether recorded net outflows of $237 million, marking its first negative flow week since May 9. Meanwhile, bitcoin ETFs endured over $1 billion in net outflows during the same timeframe.
After achieving a record high nearly reaching $5,000 over the weekend, the price of ether began the week on a downturn, falling by 6% to below $4,600 according to Coin Metrics.
On Friday, ETH hit its previous all-time high for the first time since 2021.
— Tanaya Macheel
Intel Shares Increase After U.S. Government Acquires 10% Stake
Intel shares rose more than 2% in premarket trading, adding to a 5.5% gain seen on Friday following the U.S. government’s announcement of acquiring a 10% stake in the company.
“BIG NEWS: The United States now owns 10% of Intel, one of our great American technology companies,” stated Commerce Secretary Howard Lutnick in a post on X.
Keurig Dr Pepper Shares Drop Following JDE Peet’s Acquisition Announcement
Shares of Keurig Dr Pepper decreased over 3% in premarket trading after the company revealed plans to acquire Dutch coffee firm JDE Peet’s for $18 billion.
Post-acquisition, Keurig intends to split its beverage and coffee divisions into two distinct, publicly listed entities, effectively reversing the 2018 merger between Keurig and Dr Pepper Snapple.
— Fred Imbert, Ruxandra Iordache
Stocks in Hong Kong and China Rise, Leading Gains in Asia
Asian markets climbed on Monday, with Chinese and Hong Kong stocks leading the surge after Federal Reserve Chair Jerome Powell indicated potential monetary policy easing next month in his anticipated speech in Jackson Hole, Wyoming.
The mainland China’s CSI 300 index continued to climb for the fourth day in a row, increasing by 2.08% to finish at 4,469.22, previously reaching a 37-month high.
Hong Kong’s Hang Seng Index surged by 1.94% to 25,829.91, approaching a four-year high. This gain was largely driven by Zijin Mining Group with a 6.38% increase and NetEase, which rose by 6.04%.
The tech sector significantly contributed to the HSI’s performance, with the Hang Seng Tech index climbing 3.14% to 5,825.09, buoyed by strong performances from Nio, which increased by 15.17%, and semiconductor manufacturer ASMPT, up by 7.6%.
Taiwan’s Taiex index also performed well, rising 2.16% to 24,277.38. The Kospi index in South Korea advanced by 1.3% to finish at 3,209.86, while the small-cap Kosdaq increased by 1.98% to 798.02.
The Japanese Nikkei 225 index gained 0.41% to close at 42,807.82, and the broader Topix index increased by 0.15% to 3,105.49. Australia’s S&P/ASX 200 index ended flat at 8,972.40 after briefly surpassing 9,000 earlier in the session. The Indian benchmark Nifty 50 climbed 0.53%, with the BSE Sensex moving up by 0.51% as of 1:50 p.m. Indian Standard Time (4:20 a.m. ET).
— Amala Balakrishner
Ether Hits New Heights, Bitcoin Loses Jackson Hole Gains
Ether reached a new all-time high over the weekend after recording a record price on Friday for the first time since 2021.
The second-largest cryptocurrency peaked at $4,954.81 on Sunday but was last seen slightly up less than 1% at $4,776.46.
Conversely, bitcoin quickly eroded its Friday gains, slumping to $110,779.01, its lowest since July 10, and trading down about 2% at roughly $112,000. Bitcoin reached its most recent high on August 13.
— Tanaya Macheel
Yardeni Maintains S&P Target Amid Fed Easing Speculations
While the market responded positively last week to remarks from Fed Chair Jerome Powell suggesting potential rate cuts, August’s CPI and employment reports, along with a few other indicators, might lead the Federal Open Market Committee to delay any easing if those indicators come in higher than expected, according to Wall Street strategist Ed Yardeni.
“That’s why we are maintaining our targets for the S&P 500 at 6,600 by the end of 2025 and 7,700 by next year,” Yardeni noted in a Sunday update. “We assign this scenario a 55% likelihood … An increase will be more likely if the Fed eases as anticipated in September, possibly lifting the index to 7,000 by the end of 2025,” he added. “We foresee the bull market being increasingly driven by earnings rather than valuations through 2026.”
— Tanaya Macheel
Stocks Open Slightly Varied on Sunday Night
No significant changes were observed in initial stock performances this evening.
