Positive Reaction To Inflation Data, Bank Earnings Leads To Strength On Wall Street

Posted on October 12, 2024 by RTT Staff Writer

Following the modest pullback seen in the previous session, stocks showed a strong move back to the upside during trading on Friday. The major averages more than offset yesterday’s losses, with the Dow and the S&P 500 reaching new record closing highs.

The major averages pulled back off their best levels going into the close but remained firmly positive. The Dow jumped 409.74 points or 1.0 percent to 42,863.86, the S&P 500 climbed 34.96 points or 0.6 percent to 5,815.03 and the Nasdaq rose 60.89 points or 0.3 percent to 18,342.94.

For the week, the Dow surged by 1.2 percent, while the Nasdaq and the S&P 500 both shot up by 1.1 percent.

The strength on Wall Street partly reflected a positive reaction to a Labor Department report showing producer prices in the U.S. were unexpectedly unchanged in September.

The Labor Department said its producer price index for final demand came in flat in September after rising by 0.2 percent in August. Economists had expected producer prices to inch up by 0.1 percent.

The report also said the annual rate of growth by producer prices slowed to 1.8 percent in September from an upwardly revised 1.9 percent in August.

Economists had expected the annual rate of producer price growth to dip to 1.6 percent from the 1.7 percent originally reported for the previous month.

The data reinforced optimism the Federal Reserve will continue lowering interest rates in the coming months, although hopes for another 50 basis point cut next month have largely evaporated.

“After an upside surprise from the September CPI report, producer prices came in below expectations and provide support for a 25bps rate cut in November,” said Matthew Martin, Senior U.S. Economist at Oxford Economics.

Traders also reacted positively to earnings news from big-name banks, with shares of Wells Fargo (WFC) surging by 5.6 percent after the company reported better than expected third quarter earnings.

JPMorgan Chase (JPM) also jumped by 4.4 percent after reporting third quarter results that exceeded analyst estimates on both the top and bottom lines.

Meanwhile, a steep drop by shares of Tesla (TSLA) limited the upside for the Nasdaq, with the electric vehicle maker plunging by 8.8 percent amid a negative reaction to its long-awaited robotaxi event.

Sector News

Banking stocks saw substantial strength on the upbeat earnings news from Wells Fargo and JPMorgan, driving the KBW Bank Index up by 3.0 percent to its best closing level in over two years.

Significant strength was also visible among transportation stocks, as reflected by the 2.1 percent surge by the Dow Jones Transportation Average.

Brokerage stocks also showed a strong move to the upside on the day, with the NYSE Arca Broker/Dealer Index climbing by 1.7 percent.

Biotechnology, computer hardware and natural gas stocks also saw notable strength, moving higher along with most of the other major sectors.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Friday. Japan’s Nikkei 225 Index climbed by 0.6 percent, while China’s Shanghai Composite Index tumbled by 2.6 percent.

Meanwhile, the major European markets all moved to the upside over the course of the session. While the German DAX Index advanced by 0.9 percent, the French CAC 40 Index climbed by 0.5 percent and the U.K.’s FTSE 100 Index edged up by 0.2 percent.

In the bond market, treasuries moved modestly higher after trending lower over the past several sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, dipped 2.3 basis points to 4.073 percent.

Looking Ahead

Next week’s U.S. economic calendar starts off relatively quiet but picks up later in the week the release of reports on retail sales and industrial production.

Earnings news is also likely to attract attention, with Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), Johnson & Johnson, UnitedHealth (UNH), Morgan Stanley (MS) and Netflix (NFLX) among the companies due to report their quarterly results.

Asian Markets Trade Mostly Higher

Posted on October 11, 2024 by RTT Staff Writer

Asian stock markets are trading mostly higher on Friday, despite the broadly negative cues from Wall Street overnight, as data showing the bigger-than-expected increase in US consumer prices further offset optimism the US Fed will continue to aggressively lower interest rates in the coming months. China is also falling as the markets await potential fiscal stimulus announcements on Saturday. Asian markets ended mostly higher on Thursday.

Following the data, Atlanta Fed President Raphael Bostic told the Wall Street Journal he was “definitely open” to leaving interest rates unchanged in November.

CME Group’s FedWatch Tool is currently indicating an 84.0 percent chance the Fed will lower rates by 25 basis points next month after slashing rates by 50 basis points last month.

The Australian stock market is modestly lower in choppy trading on Friday, reversing the gains in the previous two sessions, following the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling to near the 8,200 level, with weakness in iron ore miners and financial stocks partially offset by gains in gold miners, technology and energy stocks amid spike in crude oil and bullion prices.

The benchmark S&P/ASX 200 Index is losing 10.60 points or 0.13 percent to 8,212.40, after hitting a low of 8,200.00 earlier. The broader All Ordinaries Index is down 8.40 points or 0.10 percent to 8,490.30. Australian markets ended modestly higher on Thursday.

Among major miners, BHP Group and Rio Tinto are losing almost 1 percent each, while Fortescue Metals is down more than 1 percent, while Mineral Resources is gaining almost 1 percent.

Oil stocks are mostly higher. Woodside Energy is advancing more than 1 percent and Santos is adding almost 1 percent, while Origin Energy and Beach energy are edging up 0.1 to 0.4 percent each.

Among tech stocks, Afterpay owner Block is advancing more than 3 percent, while Xero and Zip are adding almost 1 percent. WiseTech Global is declining almost 1 percent. Appen is flat.

Among the big four banks, Commonwealth Bank is losing almost 1 percent, while National Australia Bank, ANZ Banking and Westpac are edging down 0.2 to 0.4 percent each.

Gold miners are mostly higher. Evolution Mining, Newmont and Northern Star Resources are gaining almost 2 percent each, while Resolute Mining is advancing more than 3 percent and Gold Road Resources is adding more than 2 percent.

In the currency market, the Aussie dollar is trading at $0.674 on Friday.

Extending the gains in the previous two sessions, the Japanese stock market is notably higher on Friday, despite the broadly negative cues from Wall Street overnight. The benchmark Nikkei 225 is moving above the 39,600 level, with gains across most sectors led by index heavyweights and financial stocks.

The benchmark Nikkei 225 Index closed the morning session at 39,612.82, up 231.93 points or 0.59 percent, after touching a high of 39,662.42 earlier. Japanese stocks closed modestly higher on Thursday.

Market heavyweight SoftBank Group is losing almost 1 percent, while Uniqlo operator Fast Retailing is gaining more than 3 percent. Among automakers, Honda is gaining almost 1 percent and Toyota is edging up 0.5 percent.

In the tech space, Advantest is gaining more than 1 percent, while Tokyo Electron and Screen Holdings are adding almost 1 percent each.

In the banking sector, Mitsubishi UFJ Financial and Mizuho Financial are gaining 1.5 percent, while Sumitomo Mitsui Financial is adding more than 2 percent.

Among major exporters, Mitsubishi Electric and Canon are losing almost 1 percent each, while Sony is more than 1 percent and Panasonic is edging up 0.4 percent.

Among other major gainers, Fujikura is adding more than 3 percent, while Dai-ichi Life Holdings and Chugai Pharmaceutical are advancing almost 3 percent each.

Conversely, there are no other major losers.

In economic news, the M2 money stock in Japan was up 1.3 percent on year in September, the Bank of Japan said on Friday – coming in at 1,252.0 trillion yen. That was unchanged from the August reading, although shy of forecasts for 1.5 percent. On a monthly basis, M2 was up 1.0 percent – accelerating from 0.6 percent in the previous month.

In the currency market, the U.S. dollar is trading in the higher 148 yen-range on Friday.

Elsewhere in Asia, Taiwan is up 1.2 percent, while New Zealand, Singapore, South Korea and Indonesia are higher by between 0.1 and 0.6 percent each. China and Malaysia are down 1.5 and 0.2 percent, respectively. Hong Kong is closed for the Double Ninth Festival.

On Wall Street, stocks saw modest weakness during trading on Thursday after turning in a strong performance in the previous session. The major averages all gave back ground, with the Dow and the S&P 500 pulling back off yesterday’s record closing highs.

The major averages moved to the upside going into the close of trading but remained in the red. The Dow slipped 57.88 points or 0.1 percent to 42,454.12, the Nasdaq edged down 9.57 points or 0.1 percent to 18,282.05 and the S&P 500 dipped 11.99 points or 0.2 percent to 5,780.05.

The major European markets also moved to the downside on the day. While the U.K.’s FTSE 100 Index edged down by 0.1 percent, the French CAC 40 Index and the German DAX Index both dipped by 0.2 percent.

Crude oil prices rose sharply on Thursday as worries about escalating tensions in the Middle East outweighed uncertainty about the outlook for demand. West Texas Intermediate Crude oil futures for November ended higher by $2.61 or about 3.56 percent at $75.85 a barrel.

European Economic News Preview: UK GDP Data Due

Posted on October 11, 2024 by RTT Staff Writer

Monthly GDP estimates, industrial production and foreign trade from the UK and final inflation from Germany are the top economic news due on Friday.

At 2.00 am ET, the Office for National Statistics releases UK GDP, industrial output and foreign trade figures. The economy is forecast to grow 0.2 percent on month in August after remaining flat in July.

Economists expect UK industrial output to climb 0.2 percent in August, in contrast to the 0.8 percent decrease in July. The trade deficit is expected to narrow to GBP 18.8 billion from GBP 20.0 billion in the prior month.

In the meantime, Destatis publishes Germany’s final inflation data for September. The flash estimate showed that consumer price inflation softened to 1.6 percent from 1.9 percent in August. The statistical office is expected to confirm the preliminary estimate.

At 3.00 am ET, the State Secretariat for Economic Affairs publishes Swiss consumer climate data.

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Fisher-Price Recalls 2.2 Mln Snuga Swings After 5 Deaths Reported

Posted on October 11, 2024 by RTT Staff Writer

Fisher-Price Inc., owned by toymaker Mattel, Inc., is recalling around 2.2 million Snuga Infant swings citing risk of suffocation after 5 deaths were reported since 2012, according to the U.S. Consumer Product Safety Commission.

The recall involves all models of Fisher-Price Snuga Swings, which are infant swings with a front to back and side-to-side motion. The swing has 90 degrees of rotation, two seat back positions and folds up for storage. All 21 models feature the same design with minor differences in fabric colors and toy accessories.

Since 2010, the New York-based company sold around 2.1 million swings in the U.S., about 99,000 swings in Canada and about 500 swings in Mexico.

The swings were manufactured in China and Mexico, and sold at Amazon, Toys R Us, Walmart/Sams Club, and Target nationwide from October 2010 through January 2024 for about $160.

The agency noted that if the swing is used for sleep and if bedding materials are added, the headrest and body support insert on the seat pad can increase the risk of suffocation.

Between 2012 and 2022, there have been reports of five deaths involving infants 1 to 3 months of age when the product was used for sleep. In most of those incidents, the infants were unrestrained and bedding materials were added to the product.

Consumers are urged to immediately remove both the headrest, by cutting the tether, and the body support insert from the seat pad before continuing to use the swing for awake-time activities.

They are also asked to never use these products for sleep and to never add blankets or other materials to the swing, even after the headrest and the body support insert have been removed.

Fisher-Price has offered a $25 refund to consumers who remove and destroy the headrest and body support insert.

Fisher-Price recently called back about 366,200 units of Dumbbell toy sold with Baby Biceps Gift Set in the U.S. and about 37,850 units in Canada citing choking hazard.

Earlier in March, the company recalled about 204,000 units of Donald Duck and Daisy Duck figures sold in the Little People Mickey and Friends figure pack, citing choking hazard to young children.

Bank Of Korea Cuts Key Rate For First Time In More Than 4 Years

Posted on October 11, 2024 by RTT Staff Writer

The Bank of Korea lowered its base rate for the first time in more than four years on Friday, in order to stimulate economy as inflation weakened to the lowest since early 2021 and household debt began to slow on tight macroprudential policies.

The Monetary Policy Board headed by Rhee Chang Yong decided to cut the Base Rate by 25 basis points to 3.25 percent from 3.50 percent.

The board judged that it is appropriate to slightly moderate the restrictive monetary policy and examine the impact of this going forward. However, one member Chang Yongsung voted to maintain the base rate at 3.50 percent.

The reduction came after holding the policy rate for thirteen consecutive meetings and marked the first cut since May 2020.

Rhee said that it is fine to see today’s decision as a hawkish cut.

In September, consumer price inflation weakened to 1.6 percent, which was the lowest since February 2021, largely due to the sharp fall in petroleum prices and the base effect.

The bank forecast inflation to fall slightly below the previous forecast of 2.5 percent this year due to downward pressures from supply side factors. Meanwhile, core inflation is projected to remain stable at around 2 percent.

In the second quarter, the economy had contracted 0.2 percent on weaker consumption and investment.

Policymakers observed that uncertainties surrounding the 2.4 percent economic growth outlook for this year and 2.1 percent for 2025 have heightened compared to August due to delayed recovery in domestic demand.

The bank also said that housing prices in the Seoul area and household debt growth are anticipated to gradually slow due to the effects of tightened macroprudential policies.

Capital Economics’ economist Gareth Leather said with growth struggling and inflation below target, the bank will resort to more easing over the coming months.

ING economist Min Joo Kang said a November rate cut is off the table and the likely time for the next reduction will be March.

As BoK seems to be well aware of the risks of rate cuts in the face of rising housing debt, it will be a while before the BoK takes further easing steps, the economist noted.

Antipodean Currencies Rise Amid Risk Appetite

Posted on October 11, 2024 by RTT Staff Writer

The Antipodean currencies such as the Australia and the New Zealand dollars strengthened against their major currencies in the Asian session on Friday, as investor sentiment boosted after data showed the bigger-than-expected increase in U.S. consumer prices further offset optimism the U.S. Fed will continue to aggressively lower interest rates in the coming months. China is also falling as the markets await potential fiscal stimulus announcements on Saturday.

Following the data, Atlanta Fed President Raphael Bostic told the Wall Street Journal he was “definitely open” to leaving interest rates unchanged in November.

CME Group’s FedWatch Tool is currently indicating an 84.0 percent chance the Fed will lower rates by 25 basis points next month after slashing rates by 50 basis points last month.

Crude oil prices rose sharply as worries about escalating tensions in the Middle East outweighed uncertainty about the outlook for demand. West Texas Intermediate Crude oil futures for November ended higher by $2.61 or about 3.56 percent at $75.85 a barrel.

In the Asian trading today, the Australian dollar rose to a 4-day high of 1.6204 against the euro, from yesterday’s closing value of 1.6220. The aussie may test resistance around the 1.60 region.

Against the U.S. and the Canadian dollars, the aussie advanced to a 2-day high of 0.6750 and a 1-week high of 0.9283 from yesterday’s closing quotes of 0.6739 and 0.9266, respectively. If the aussie extends its uptrend, it is likely to find resistance around 0.69 against the greenback and 0.94 against the loonie.

The aussie edged up to 100.39 against the yen, from Thursday’s closing value of 100.25. On the upside, 103.00 is seen as the next resistance level for the aussie.

The NZ dollar rose to 2-day highs of 0.6106 against the euro and 1.7913 against the euro, from yesterday’s closing quotes of 0.6092 and 1.7937, respectively. If the kiwi extends its uptrend, it is likely to resistance around 0.63 against the greenback and 1.77 against the euro.

Against the Australia and the yen, the kiwi edged up to 1.1044 and 90.79 from Thursday’s closing quotes of 1.1058 and 90.65, respectively. The next possible upside target for the kiwi is seen around 1.09 against the aussie and 93.00 against the yen.

Looking ahead, Canada jobs data for September, U.S. PPI for September, U.S. University of Michigan’s consumer sentiment for October, U.S. WASDE report and U.S. weekly Baker Hughes oil rig count data are slated for release in the New York session.

UK Economy Returns To Growth

Posted on October 11, 2024 by RTT Staff Writer

The UK economy returned to growth in August but the pace of expansion was weaker than in the first half of the year, official data revealed Friday.

The real economy grew 0.2 percent in August after showing nil growth in July and June, the Office for National Statistics said. The rate came in line with expectations.

In the three months to August, real GDP advanced 0.2 percent compared to the three months to May and gained 0.8 percent from the same period last year.

UK Chancellor Rachel Reeves said it is welcome news that growth has returned to the economy.

“While change will not happen overnight, we are not wasting any time on delivering on the promise of change,” she said.

Although the economy grew in August, the pace of growth is slowing after a short-lived burst of activity earlier in the year, ING economist James Smith said.

ONS director of economic statistics Liz McKeown said all the main sectors of the economy grew in August but the broader picture is one of slowing growth in recent months, compared to the first half of the year.

On the production-side, the dominant service sector edged up 0.1 percent on month, the pace of growth as seen in July.

At the same time, industrial output rebounded 0.5 percent, following a revised fall of 0.7 percent in the previous month and also came in better than forecast of 0.2 percent increase.

The growth was underpinned by the 1.1 percent increase in manufacturing output. Output was forecast to grow 0.3 percent after July’s 1.2 percent decrease.
Moreover, construction output climbed 0.4 percent, offsetting the 0.4 percent fall in July.

Data showed that the annual fall in industrial production slowed to 1.6 percent from 2.2 percent and the decline in manufacturing eased to 0.3 percent from 2.0 percent.

The visible trade deficit narrowed to GBP 15.06 billion from GBP 18.87 billion in the previous month. At the same time, the surplus on trade in services decreased to GBP 14.1 billion from GBP 14.2 billion a month ago.

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Warren Buffett Cuts Stake In Bank Of America To Below 10%

Posted on October 11, 2024 by RTT Staff Writer

Billionaire investor Warren Buffett’s Berkshire Hathaway Inc. has reduced its stake in Bank of America Corp. to below the key 10 percent regulatory threshold. With this, Berkshire is no longer required to report its related transactions frequently.

In a filing with the U.S. Securities and Exchange Commission, Berkshire disclosed the sale of around 9.54 million shares in total, in three transactions made between October 8 and 10.

With the sale, the company now holds 775 million shares of the banking major, representing a stake of about 9.99 percent.

As per the SEC’s requirment, shareholders who own more than 10 percent of any company’s stake are required to report related transactions within two business days.

Berkshire, which began a selling spree in mid-July, reportedly has gained about $10.5 billion so far from the stake sale in the bank.

In July, Berkshire sold about 33.9 million shares for around $1.48 billion.

Despite these sales, Berkshire remains Bank of America’s biggest institutional investor.

It was in 2011 that Buffett’s Berkshire bought $5 billion worth preferred stock and warrants in the bank. In 2017, these were converted to common stock, making Berkshire the largest shareholder in the bank. In 2018 and 2019, Buffett reportedly bought 300 million more shares.

The news comes as the bank is preparing to report its third-quarter results next week. The company has been reporting weak earnings in the past few quarters.

Among other major company invetments, Berkshire reportedly sold nearly half of its stake in Apple Inc. in August, immediately following the release of the tech major’s quarterly results, citing China risk. The sale resulted in Berkshire divesting around 390 million Apple shares, equivalent to a net value of $75.5 billion. Consequently, Buffett’s cash reserves increased to about $276.9 billion.

In May also, Berkshire had trimmed a portion of its significant stake in Apple, reportedly citing tax reasons.

Despite the significant divestment, Berkshire still holds around 400 million Apple shares valued at $84.2 billion.

Pound Rises On Upbeat U.K. Factory Data

Posted on October 11, 2024 by RTT Staff Writer

The British pound weakened against other major currencies in the European session on Friday, after the release of upbeat U.K. monthly factory data and an expected GDP growth in August.

Data from the Office for National Statistics showed that the U.K. industrial output rebounded 0.5 percent, following a revised fall of 0.7 percent in the previous month and also came in better than forecast of 0.2 percent increase.

The growth was underpinned by the 1.1 percent increase in manufacturing output. Output was forecast to grow 0.3 percent after July’s 1.2 percent decrease.

Moreover, construction output climbed 0.4 percent, offsetting the 0.4 percent fall in July.

Data showed that the annual fall in industrial production slowed to 1.6 percent from 2.2 percent and the decline in manufacturing eased to 0.3 percent from 2.0 percent.

At the same time, data showed the U.K. economy returned to growth in August, but the pace of expansion was weaker than in the first half of the year.

The real economy grew 0.2 percent in August after showing nil growth in July and June, the Office for National Statistics said. The rate came in line with expectations.

In the three months to August, real GDP advanced 0.2 percent compared to the three months to May and gained 0.8 percent from the same period last year.

U.K. Chancellor Rachel Reeves said it is welcome news that growth has returned to the economy.

The Bank of England (BoE) has two policy meetings left this year, and traders anticipate that at least one of them will see an interest rate reduction.

In the European trading today, the pound rose to 1.3082 against the U.S. dollar and 0.8369 against the euro, from early lows of 1.3041 and 0.8385, respectively. The pound may test resistance near 1.33 against the greenback and 0.82 against the euro.

Against the Swiss franc and the yen, the pound edged up to 1.1206 and 194.58 from early lows of 1.1181 and 193.87, respectively. If the pound extends its downtrend, it is likely to find support around 1.13 against the franc and 197.00 against the yen.

Cryptos Rebound After CPI-led Losses

Posted on October 11, 2024 by RTT Staff Writer

Cryptocurrencies rebounded after declining in the aftermath of the monthly update for the U.S. that showed a lesser-than-expected progress on the inflation front.

Data released by the U.S. Bureau of Labor Statistics on Thursday showed annual headline inflation in the U.S. edging down to 2.4 percent from 2.5 percent in August missing market expectations of a reading of 2.3 percent. The core component thereof which was seen steady at 3.2 percent unexpectedly edged up to 3.3 percent. Month-on-month inflation which was seen edging down to 0.1 percent from 0.2 percent in the previous month unexpectedly remained steady at 0.2 percent. The core component thereof which was seen edging down to 0.2 percent from 0.3 percent in the previous month unexpectedly remained steady at 0.3 percent.

Meanwhile, weekly data released by the U.S. Department of Labor showed initial jobless claims rising to 258 thousand during the week ended October 5, from 225 thousand a week earlier and far exceeding market expectations of a level of 230 thousand.

The disappointment on the inflation front, sobered by the job market update however caused a repricing in rate cut expectations, lifting the 6-currency Dollar Index to a high of 103.18 on Thursday. It has since retreated to 102.89.

Overall crypto market capitalization which dropped to a low of $2.03 trillion earlier in the trade is currently at $2.14 trillion.

Bitcoin slipped 0.10 percent overnight to trade at $60,981.44, around 17 percent below the all-time high. BTC has dropped 0.53 percent in the past week while holding on to gains of more than 44 percent in 2024. The original cryptocurrency traded between $61,236.72 and $58,895.21 in the past 24 hours.

Data from Farside Investors on Bitcoin Spot ETF products in the U.S. showed net outflows rising to $81.1 million on Thursday from $40.6 million on Wednesday. The third day of continuous negative flows witnessed outflows from iShares Bitcoin Trust (IBIT), Fidelity Wise Origin Bitcoin Fund (FBTC), Bitwise Bitcoin ETF(BITB) and Ark 21Share Bitcoin ETF(ARKB).

Ethereum gained 0.74 percent in the past 24 hours to trade at $2,412.00, around 51 percent below the previous peak. Weekly gains are at 1.5 percent. Gains in 2024 are a little less than 6 percent. Ether traded between $2,417.29 and $2,329.78 in the past 24 hours.

Data from Farside Investors on Ethereum Spot ETF products in the U.S. showed inflows of $10.1 million on Thursday versus nil flows on Wednesday.

Bitcoin’s crypto market dominance has dropped to 56.48 percent from 56.75 percent a day earlier. Ethereum’s share of the overall crypto market has increased to 13.59 percent from 13.52 percent a day earlier.

4th ranked BNB (BNB) decreased 0.5 percent overnight, limiting weekly gains to 2.7 percent at its current trading price of $566.34.

5th ranked Solana (SOL) rallied 1.96 percent overnight lifting gains to 1.6 percent in the past week. SOL is currently trading at $141.99.

7th ranked XRP(XRP) gained 2.3 percent to trade at $0.5382 amidst Ripple Labs filing a cross-appeal in its dispute with the SEC. The SEC had earlier in the month filed an appeal in respect of the verdict given in August. Meanwhile, Bitnomial Exchange LLC, an entity regulated by the Commodity Futures Trading Commission has filed a suit against the SEC contesting its claim that XRP is a security.

8th ranked Dogecoin (DOGE) added 1.8 percent overnight to trade at $0.1086.

9th ranked TRON (TRX) shed 0.21 percent overnight. TRX is currently trading at $0.1593.

10th ranked Toncoin (TON) rallied 2.5 percent overnight but has lost more than 3percent in the past week. TON is currently changing hands at $5.19.

36th ranked dogwifhat (WIF) topped overnight gains with a surge of 11.6 percent. 88th ranked EigenLayer (EIGEN) and 56th ranked Popcat (POPCAT) followed with overnight gains of more than 9 percent. 52nd ranked Sei (SEI) also rallied 8.6 percent in the past 24 hours.

98th ranked First Neiro on Ethereum (NEIRO) is the greatest laggard, shedding more than 4 percent overnight. NEIRO however tops gains over the past week as well as over the past 30 days.

63rd ranked Helium (HNT) and 47th ranked Fantom (FTM) have both lost more than 2 percent overnight. 93rd ranked FTX Token (FTT) is the only other cryptocurrency among the top 100 to trade with overnight losses of more than a percent.

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