Connect with us

Finance

Stock market news today August 23

Published

on

Welcome to Finance Insider, Business Insider’s summary of
the top stories of the past 24 hours. Sign up here
to get
the best of Business Insider delivered direct to your
inbox.

The chances of a Trump impeachment are climbing — here’s
how JPMorgan says you can protect your investments

As President Donald Trump finds himself implicated in federal
crimes by his former lawyer Michael Cohen, his chances of
impeachment have surged — at least according to one source.

The odds that Trump will get impeached during his first term
climbed to 45% on Wednesday, the highest in three months,
according to data from PredictIt, the “stock market for politics
that allows users to bet on various goings-on in Washington.

JPMorgan is skeptical of an impeachment, noting that Trump’s
approval rating has remained largely unchanged amid the increased
pressure.

Further, the firm says it would be impossible to reverse the
fiscal stimulus — such as the
unprecedented GOP tax law— that’s already been
implemented. And considering that has been the biggest driver of
corporate earnings growth and, by extension, share gains this
year, US stocks should still hang tough.

The SEC just rejected 9 bitcoin ETF applications, citing
manipulation fears

The US Securities and Exchange Commission
has rejected nine applications to create a bitcoin
exchange-traded fund in a blow to bitcoin bulls who had hoped
such a product would prove a breakthrough for institutional
adoption.

Late on Wednesday, the SEC rejected an application for two
products from ProShares, two from GraniteShares, and five other
proposals from Direxion. It means the world is still waiting for
its first fully regulated bitcoin ETF product.

The applications were all rejected because the market watchdog
believes not enough is being done to guard against bitcoin price
manipulation. The SEC said the proposals did not do enough to
show they were “designed to prevent fraudulent and manipulative
acts and practices.”

Goldman Sachs is quietly launching its retail bank Marcus
in the UK

Goldman Sachs on Thursday soft launched its
online retail bank Marcus in the UK.

A memo sent to staff on Thursday, and seen by Business Insider,
invited UK-based staff to apply for accounts with Marcus and give
“feedback before officially going to market.” The bank will
launch fully to UK consumers “in the coming weeks.”

“The launch of Marcus by Goldman Sachs in the UK represents an
important milestone in the growth of Goldman Sachs’ consumer
business, as well as continued diversification of the firm’s
funding,” the memo said.

In markets news

Continue Reading
Advertisement Find your dream job

Trending