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S&P 500 FUTURES ARE LITTLE CHANGED AS INDEX NEARS ALL-TIME HIGH S&P 500 futures are flat Wednesday as investors eyed the benchmark index’s approach to a record high. Futures tied to the broad market index and Nasdaq 100 were both little changed. Dow Jones Industrial Average futures was also trading near the flatline. The moves follow a winning day on Wall Street to kick off the final trading week of 2023. The stock market was closed on Monday in observance of Christmas Day. Both the Dow and S&P 500 added 0.4% each. That put the latter within 0.5% of its closing high, which was seen in January 2022. Source: CNBC FED LIKELY TO END BANK FUNDING PROGRAM IN MARCH, WRIGHTSON SAYS The growing gap between the rate on the Federal Reserve’s nascent funding facility and what the central bank pays institutions parking reserves suggests officials will let the program expire in March, according to Wrightson ICAP. The Fed introduced the Bank Term Funding Program, or BTFP, earlier this year as the banking crisis roiled markets. The program allows banks and credit unions to borrow funds for up to one year, pledging US Treasuries and agency debt as collateral valued at par. The rate for these loans — one-year overnight index swaps plus 10 basis points — is currently % and 56 basis points lower than the rate for interest on reserve balances. Source: Bloomberg AFTER A BRUTAL STRETCH, A REMARKABLE THING IS HAPPENING: CRYPTOCURRENCIES ARE SURGING After a tumultuous period, cryptocurrencies are staging a big recovery. Crypto had been rocked since the collapse of several major companies in 2022, including FTX, which had become one of its biggest and best recognized players. Its failure deepened a so-called “crypto winter“ that sent bitcoin to around $16,500, a sharp decline from its record high of around $68,000 on Nov. 8, 2021. But something remarkable has happened since FTX CEO and founder Sam Bankman-Fried was convicted in November: bitcoin and other cryptocurrencies have staged an impressive comeback. Bitcoin, for example, has surged to above $43,000. Source: NPR 🌐 FXOpen official website: Join us on our social networks: ✅ ✅ ✅ ✅ CFDs are complex instruments and come with a high risk of losing your money.
