Investors aren't waiting for a rebound in bitcoin prices to invest in fast-growing cryptocurrency markets. But guess who's getting left behind: Big Wall Street firms that currently dominate trading in stocks, bonds, foreign exchange and commodities.
Citigroup produced the best trading results during the first quarter, with the least-bad performance during a period marred by lackluster client activity, the prolonged U.S. government shutdown and nagging uncertainties about the trajectory of the global economy. The 2018 leader, Goldman Sachs, slipped to last place.
Forward P/E ratios are approaching fair value -- which may slow the pace of progress.
Goldman Sachs, the Wall Street firm, says first-quarter profit falls less than expected. But the stock declines after analysts say the outperformance was driven by accounting decisions that might not be repeated in future quarters, including a low tax rate and less-than-estimated compensation expenses.
This type of price behavior almost always results in at least a mild selloff over the next couple of days.
In 11 Fed easing cycles since 1972, equity volatility rose in the three months prior to the first rate cut.
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