October 7: Market Summary

U.S. avoids default (for now)

Good evening.

Stocks climb, U.S. avoids default (for now), and rents are surging nationwide.

Let’s dive in.


Markets

Here are today’s market moves:


What Happened?

  • Stocks climbed on Thursday as fears of the U.S. defaulting on its debt abated.

  • Democrats reached a deal with Republicans to extend the debt ceiling until December, averting a government default.

  • Despite a volatile start to the month, the S&P 500 is up 2.14% so far in October.

  • The September jobs report is set to be released tomorrow. Fed Chair Powell said that “a reasonably good report” would make him feel it was time to start tapering.

  • The crypto market fell slightly on Thursday, with bitcoin trading near $54k, as prices stabilize after bitcoin surged 8% yesterday. Analysts expect continued upside throughout Q4.


Catch Up

  1. Global debt to hit 260% of GDP by year end.

  2. Around 85% of bitcoin in circulation has not moved in the last 90 days.

  3. Rents are up 9.6% nationwide in 2021, and rental activity is back to pre-pandemic levels.


What Else?