Day: August 5, 2024

At a certain level of spending, lifestyle can significantly impact your wealth

Even more than the returns on your portfolio. And managing returns is much more difficult. Wealth is simply the difference between what you have and what you want. It’s a two-sided equation, but many people only think about the part where they earn more. This is not bad. Just don’t be fanatical about it. Some people spend an extra 20 hours a week analyzing and choosing the best stocks or even ETFs with a commission one-tenth of a percent lower than the current one, while losing dozens of times that difference on wine, restaurants, and maintaining an expensive car. However, it’s much more efficient to simply switch to a Toyota. Today’s market turbulence is a reminder of the importance of financial prudence. As portfolios take a hit, it’s worth reflecting on the fundamentals of wealth: knowing the balance between what you have and what you desire. In volatile times like these, it is crucial to focus on what you can control – like your spending habits -rather than getting caught up in the elusive pursuit of outsmarting market swings. As markets fall, remember the wisdom from Taleb’s first and best book, “Fooled by Randomness,” where he talks about Nero Tulip: “He did not depend on a bull market, so a bear market did not bother him much.” submitted by /u/FXgram_ [link] [comments]

Analysts weigh in on market selloff.

US stock futures tumbled Monday as the global stock selloff deepened, driven by fears that the Federal Reserve is moving too late to support a slowing economy. Nasdaq 100 futures fell sharply by 3.3% after the index entered a technical correction on Friday. S&P 500 contracts dropped more than 2.1%. Europe’s Stoxx 600 benchmark declined over 2.2%, marking its largest three-day drop since June 2022. In Japan, the Topix and Nikkei indexes both plunged over 12%. Taiwan’s benchmark had its worst day on record, while a broader gauge of Asian shares experienced its steepest decline in over four years. The yen surged more than 2.7% against the dollar. submitted by /u/Ankle_be [link] [comments]

Are You Buying This Dip or Is the Bottom Still Far Off? What’s Happening in the Markets This Morning

Market Update: Japan’s stock market experiences its largest 2-day plunge on record. The “Magnificent 7” stocks shed over $1 trillion in market value today. The cryptocurrency market loses over $500 billion in market cap within 24 hours. Markets are now factoring in a 60% probability of an emergency Fed rate cut. South Korea has suspended all sell orders on its stock market. Nasdaq futures drop by as much as 6.5% in a single day. Today’s decline will be remembered as historic. Not much more detail PRE-MARKET TRADING OFFICIALLY OPENS: Nvidia, $NVDA, -8% Tesla, $TSLA: -6% Apple, $AAPL: -6% Alphabet, $GOOGL: -5% Meta, $META: -5% Microsoft, $MSFT: -5% Amazon, $AMZN -4% The Magnificent 7 is currently set to erase $1.5 TRILLION of market cap today alone. Bond markets are now pricing in a 60% likelihood of an emergency interest rate cut within the next week. This would be the first emergency rate cut since March 2020, during the pandemic. Was something missed? submitted by /u/XGramatik [link] [comments]

Oil prices drop as US recession fears spark broader selloff

London (Reuters) -Oil futures extended losses in a volatile session on Monday as fears of a recession in top oil consumer the United States offset supply worries stemming from mounting tensions in the Middle East, the world’s largest oil producing region. Share markets also tumbled across Asia as U.S. recession fears sent investors rushing from risk assets while wagering that rapid rate cuts will be needed to drive economic growth. Brent crude futures dropped 53 cents, or 0.7%, to $76.28 a barrel by 0819 GMT. U.S. West Texas Intermediate crude futures were down 57 cents, or 0.6%, at $72.95. Brent and WTI tumbled more than 3% on Friday submitted by /u/Ankle_be [link] [comments]

Two United States Senators have introduced a bill aimed at expanding the Secret Service’s powers to combat cryptocurrency-related crime.

The “Combatting Money Laundering in Cyber Crime Act of 2024” bill was introduced by Nevada’s Catherine Cortez Masto and Iowa’s Charles Grassley on Aug. 2. It would expand the Secret Service’s authority to investigate cryptocurrency transactions made by unlicensed money transmitting businesses and potential frauds committed against US financial institutions. https://preview.redd.it/wek2pro35tgd1.png?width=631&format=png&auto=webp&s=d385389591a1fb8da64d53d71e2456809d6b92f0 submitted by /u/Lor1al [link] [comments]

The crypto market has crashed, with Bitcoin’s price dropping to nearly $49,000 at its lowest point and Ethereum falling to $2,100. Altcoins from the top 100 by market capitalization have seen declines of up to 30% in just one day.

The total volume of long liquidations on exchanges has exceeded $1.05 billion in the past 24 hours, according to Coinglass. Over 270,000 traders had their positions forcibly closed, most of them in Bitcoin and Ethereum. Additionally, more than $350 million in liquidations have been recorded in decentralized finance applications, according to The Block. submitted by /u/FXgram_ [link] [comments]