Financial Analyst/Content Writer, RADEX MARKETS
Lawrence J. came from a strong technical and engineering background before pivoting into a more financial role later on in his career. Always interested in international finance, Lawrence is experienced in both traditional markets as well as the emerging crypto markets. He now serves as the financial writer for RADEX MARKETS.
PODÍL
Market participants have had a few days to mull it over and have collectively decided to ignore the simmering tensions in the Middle East and instead focus back on the hot trade of the year that is the semiconductor industry. South Korean giant SK Hynix has officially raised $26.5 billion in its listing on the Nasdaq stock exchange and will start trading later today at $149 per share once the US session gets underway. The hype is strong, with demand for the new shares running at seven times the amount made available. All the semiconductor stocks that got hammered earlier in the week subsequently rebound in spectacular fashion once the bout of profit-taking concluded, leaving many companies with a higher valuation than that with which they started the week. Micron (MU), Sandisk (SNDK), Western Digital (WDC), Advanced Micro Devices (AMD) all performed admirably, while the sector in general rallied after Micron committed to invest $250 billion in the United States through 2035, as part of a greater strategic push to repatriate chip production back to US soil. Meanwhile, oil prices managed to simmer down to the mid-$70 range yesterday, despite fresh strikes between the two belligerents, as officials around the world lamented the unravelling of the memorandum of understanding and the end of the painstakingly established ceasefire.
Funnily enough, the most interesting development from the Federal Reserve this week was not the FOMC minutes from the June 17th meeting, which revealed very little from the suddenly tight-lipped committee, but the release of the names of the experts who will make up the Fed’s new task forces. Chairman Kevin Warsh first announced the five task forces last month, which include communications, balance sheet policy, data, inflation frameworks, and finally productivity and jobs. Several weeks later, we now know who is involved. Some of the more prominent names include Mervyn King, former governor of the Bank of England, who will form part of the communications task force; Raghuram Rajan, former head of India's central bank, who will join the branch responsible for balance sheet policy; former Walmart CEO Doug McMillon, who will be charged with improving data quality, while the productivity and jobs section has acquired a number of heavy-hitters from across the tech industry. Each task force is set up to operate independently, with the ultimate goal of sharpening the tools available to the Fed and improving monetary governance from here on out.
About the Author
Lawrence J. came from a strong technical and engineering background before pivoting into a more financial role later on in his career. Always interested in international finance, Lawrence is experienced in both traditional markets as well as the emerging crypto markets. He now serves as the financial writer for RADEX MARKETS.
Reviewed by RADEX MARKETS
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