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What you need to know on Wall Street today
Hello. Here's what you need to know on Wall Street today.
The market is about to be redefined by one huge shift — and buying these 14 stocks could help you make a killing
TheUS dollarsurprised everyone this year.
Most of Wall Street expected it to be weaker versus its global counterparts, but it has instead surged 7.4% since January, according to theFederal Reserve's trade-weighted measure.
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A big part of that is the Fed's monetary tightening, which comes at a time when other global central banks are still employing far looser policies. And any chances for a reversal have been thwarted in recent months amid mounting trade tensions.
A strong dollar is problematic for multinational companies that rely heavily on exports. But by that same token, there's great value in knowing which companies fall into that category, in the event of a dollar reversal. If and when the greenback heads lower, the stocks of those firms could get a big boost.
The Winklevoss twins are teaming up with exchange rivals to take a page out of the stock market's playbook
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The Winklevoss brothers' Gemini and three other exchanges on Monday announced the creation of the Virtual Commodity Association Working Group, which could be a precursor to the formation of a self-regulatory organization for digital commodities like bitcoin and Ethereum.
The hope, market observers say, is that it could bring to fruition new industry standards for crypto and make large investors more comfortable with the nascent market.
The marijuana industry is gripped by a deal frenzy
The cannabis sector is booming.
Major Canadian marijuana cultivators, known as licensed producers, have pursued a flurry of deals as excitement around Canada'slegal marijuana marketramps up.
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Earlier this week, Constellation Brands, the beer-and-liquor giant behind Corona, poured close to$4 billioninto Canopy Growth, the largest publicly traded licensed producer. In May, Aurora — another of Canada's large so-called LPs — bought a smaller rival, Medreleaf, in a$2.3 billionstock deal, just days after the company closed a $1 billion cash-and-stock acquisition of CanniMed Therapeutics. That's amid a wave of smaller mergers and acquisitions in the sector.
Though investors are excited about the prospects of cannabis legalization, the accounting giant PwC is flashing warning signs, saying the "deal mania" in the cannabis sector will create some winners — but many more losers.
In markets news
- It looks like 'Y2K all over again' for stocks as evidence of an imminent crash continues to pile up
- The Turkish lira is falling again — but stock market investors are returning to Turkey at their fastest rate in half a decade
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