Emerging markets said to see the next bull run as the ‘sell U.S.’ narrative gains ground
Emerging markets stocks are in the spotlight again as the “sell U.S.” narrative gains fresh momentum, following Moody’s recent downgrade of the U.S. credit rating.
The Bank of America heralded emerging markets as “the next bull market” recently.
“Weaker U.S. dollar, U.S. bond yield top, China economic recovery…nothing will work better than emerging market stocks,” Bank of America’s team, led by investment strategist Michael Hartnett, said in a note.
Similarly, JPMorgan upgraded emerging market equities from neutral to overweight on Monday, citing thawing U.S.-China trade tensions and attractive valuations.
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—Lee Ying Shan
Stocks close lower Wednesday
Stocks closed lower Wednesday afternoon.
The Dow Jones Industrial Average lost 816.80 points, or 1.91% to 41,860.44. The S&P 500 shed 1.61% to 5,844.61. The Nasdaq Composite slid 1.41% to 18,872.64.
— Sarah Min
Crypto stocks climb as bitcoin hits a record high
Romain Costaseca | Afp | Getty Images
Bitcoin broke through its January high-water mark to set a new record above $109,000 on Wednesday, helping fuel a rally in crypto-related stocks.
Shares of Coinbase were up 2.7% on the day, while brokerage stock Robinhood climbed 1.5%. MARA Holdings jumped more than 4%.
Bitcoin’s high for the day is $109,500, according to Coin Metrics.
Bitcoin hit a record high on Wednesday.
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