Economy

Veterans Day Holiday May Lead to Choppy Trading on Wall Street

Published

6 years ago

12/11/2018

By Investors Hub

The major U.S. index futures are pointing to a lower open on Monday, with stocks likely to see further downside after moving notably lower last Friday.

Lingering concerns about the outlook for global economic growth and a continued increase in interest rates may contribute to early weakness on Wall Street.

Government officers, the bond markets, and most banks are closed in observance of Veterans Day, however, potentially leading to limited trading activity.

A lack of major U.S. economic data may also keep some traders on the sidelines, contributing to a relatively choppy trading day.

In the coming days, traders are likely to keep a close eye on reports on consumer price inflation, retail sales, and industrial production.

A speech by Federal Reserve Chairman Jerome Powell on Wednesday is also likely to attract attention, as traders look for additional clues about the outlook for interest rates.

Last week, the Fed left interest rates unchanged as widely expected but indicated it remains on track to gradually raise rates despite signs of a slowdown in the pace of growth in business investment.

CME Group’s FedWatch tool currently indicates a nearly 76 percent chance the Fed will raise rates by a quarter point following a two-day meeting scheduled for December 18th and 19th.

Following the mixed performance seen on Thursday, stocks moved mostly lower during the trading day on Friday. With the drop on the day, the Dow pulled back off its best closing level in a month.

The major averages climbed well off their worst levels of the day but remained firmly in negative territory. The Dow fell 201.92 points or 0.8 percent to 25,989.30, the Nasdaq tumbled 123.98 points or 1.7 percent to 7,406.90 and the S&P 500 slid 25.82 points or 0.9 percent to 2,781.01.

Despite the pullback on the day, the major averages all moved higher for the week. The Dow surged up by 2.8 percent, the S&P 500 jumped by 2.1 percent and the Nasdaq climbed by 0.7 percent.

The weakness on Wall Street partly reflected renewed concerns about the outlook for interest rates on the heels of the Federal Reserve’s monetary policy announcement on Thursday.

The Fed left interest rates unchanged as widely expected but indicated it remains on track to gradually raise rates despite signs of a slowdown in the pace of growth in business investment.

Adding to the concerns about interest rates, the Labor Department released a report showing a much bigger than expected increase in producer prices in the month of October.

The Labor Department said its producer price index for final demand climbed by 0.6 percent in October after rising by 0.2 percent in September. Economists had been expecting another 0.2 percent uptick.

Excluding food and energy prices, core producer prices still rose by 0.5 percent in October after edging up by 0.2 percent in September. Core prices had been expected to rise by another 0.2 percent.

Compared to the same month a year ago, producer prices in October were up by 2.9 percent, reflecting an acceleration from the 2.6 percent increase in September.

The annual rate of growth in core consumer prices also accelerated modestly to 2.6 percent in October from 2.5 percent in September.

“Overall, the producer prices data show that inflationary pressures remain fairly strong, which will keep the Fed hiking rates once a quarter in the near term,” said Andrew Hunter, U.S. Economist at Capital Economics.

A separate report from the University of Michigan showed a slight deterioration in consumer sentiment in the month of November.

The report said the consumer sentiment index edged down to 98.3 in November from the final October reading of 98.6. Economists had expected the index to dip to 98.0.

Extending a recent sell-off, tobacco stocks moved sharply lower over the course of the session, dragging the NYSE Arca Tobacco Index down by 3.5 percent. The index tumbled to its lowest closing level in well over two months.

The steep drop by tobacco stocks was partly due to a report from the Wall Street Journal indicating FDA Commissioner Scott Gottlieb plans to pursue a ban on menthol cigarettes.

Substantial weakness was also visible among biotechnology stocks, as reflected by the 2.8 percent slump by the NYSE Arca Biotechnology Index.

Steel stocks also saw considerable weakness amid concerns about the outlook for global demand, with the NYSE Arca Steel Index plunging by 2.5 percent.

Technology, gold, retail and brokerage stocks also showed notable moves to the downside, reflecting broad based weakness on Wall Street.

Economy

CSCS, FrieslandCampina Weaken NASD Exchange by 0.79%

Published

3 hours ago

09/04/2025

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange fell further by 0.79 per cent on Tuesday, April 8, triggered by decline in the prices of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc.

The loss happened despite the share price of First Trust Microfinance Bank Plc going up by 4 Kobo to close the day at 62 Kobo per unit compared with Monday’s closing price of 58 Kobo per unit.

During the trading session, CSSC Plc lost N2.51 to settle at N22.70 per share compared with the previous day’s N25.21 per share, and FrieslandCampina Wamco Nigeria Plc went down by N1.43 to sell at N36.59 per unit, in contrast to the previous day’s N38.02 per unit.

As a result, the market capitalisation of the trading platform depleted by N15.15 billion to close at N1.894 trillion versus N1.909 trillion and the NASD Unlisted Security Index (NSI) decreased by 26.24 points to 3,280.63 points from Monday’s 3,306 87 points.

Trading data showed a decrease of 53.8 per cent in the volume of securities transacted to 259,092 units from the 560,253 units traded in the previous trading day, the value of securities bought and sold by the market participants contracted by 36.9 per cent to N10.5 million from N16.7 million, and the number of deals fell by 5.6 per cent to 17 deals from the 18 deals recorded a day earlier.

At the close of transactions, Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 533.9 million units valued at N520.9 million, followed by Industrial and General Insurance (IGI) Plc with 71.2 million units sold for N24.2 million, and Geo Fluids Plc with 44.4 million units worth N89.8 million.

Also, FrieslandCampina Wamco Nigeria Plc remained as most traded stock by value on a year-to-date basis with the sale of 14.4 million units worth N557.6 million, trailed by Impresit Bakolori Plc with 533.9.million units worth N520.9 million, and Afriland Properties Plc with 17.8 million units sold for N364.2 million.

Economy

Should You Start with a Funded Trading Program?

Published

3 hours ago

09/04/2025

Dipo Olowookere

If you’ve been exploring the world of trading—whether you’re just starting out or already have experience—you’ve probably come across the concept of funded trading programs. These programs are becoming increasingly popular, and for good reason. They offer traders a chance to prove their skills and trade with someone else’s capital, rather than risking their own money. But is it the right path for you? Let’s dive into why funded trading programs might be the smartest move for your trading journey.

What Is a Funded Trading Program?

A funded trading program is a type of partnership between a trader and a proprietary trading firm. The trader usually goes through an evaluation phase to prove their skills and discipline. Once they pass, they receive a funded trading account with a set amount of capital provided by the firm. The trader then earns a share of the profits they make, while the firm handles the losses.

Why Beginners Should Consider Funded Trading

One of the biggest hurdles for new traders is risk. When you’re still learning the ropes, it’s easy to blow through your personal savings trying to figure out what works. Funded programs allow beginners to develop and test their trading strategies with significantly less financial risk. Here are a few key benefits:

1. Learn Without Risking Your Own Capital

Most funded programs require you to pay a small fee to take an evaluation, but after that, you’re trading with the firm’s money. This can take a lot of the emotional stress out of trading and help beginners stay more focused and disciplined.

2. Structured Environment

Funded programs often have rules in place for things like drawdowns, daily losses, and risk management. For beginners, this structure is incredibly helpful in developing good habits from the start.

3. Faster Learning Curve

With real-time market exposure and feedback, new traders can learn more quickly. Instead of being stuck in demo accounts or risking too much too soon, they get a guided experience with real consequences and real rewards.

Why Experienced Traders Can Benefit Too

Even seasoned traders often face the challenge of limited capital. Funded programs offer an attractive way to scale their strategies without having to put more of their own money on the line. Here’s how:

1. Access to Larger Capital

Many traders have a winning system, but not enough capital to see meaningful returns. Funded programs can provide accounts ranging from $25,000 to $200,000 or more, giving traders the power to earn bigger profits.

2. No Need to Risk Personal Funds

Risk is always present in trading, but with a funded account, experienced traders can focus on execution without worrying about personal losses. This freedom can improve decision-making and reduce emotional trading.

3. Earn a Professional Income

With profit splits often ranging from 70% to 90%, consistent traders can earn a significant income. Many funded traders eventually turn it into a full-time career.

Things to Look for in a Funded Program

Before jumping into a funded trading program, it’s important to choose the right one. Look for:

Transparent Rules: Make sure the program clearly outlines its rules, fees, and profit split.
Reasonable Challenge Conditions: Some firms have evaluation phases that are too difficult or unrealistic. Find one that balances challenge with opportunity.
Good Customer Support: A responsive support team is crucial when you need answers quickly.
Fast Payouts: Check reviews or testimonials about how fast and consistently they pay traders.

Why TenTrade Is a Great Place to Start

If you’re looking for a trustworthy and beginner-friendly funded trading program, TenTrade is a fantastic choice. Their platform is easy to use, and their challenge structure is fair and accessible. TenTrade also offers fast payouts and excellent support, making them a favorite among new and seasoned traders alike.

Common Myths About Funded Trading

Let’s bust a few myths that might be holding you back:

“Only pros can pass the challenge.” Not true. Many beginners have passed on their first or second try. If you have discipline and follow the rules, you’ve got a solid shot.
“They never pay out.” Reputable programs like TenTrade have a long track record of timely and fair payouts.
“It’s just a scam to collect fees.” While there are bad actors in any industry, funded trading as a whole is a legitimate and fast-growing field. Do your research and choose a trusted provider.

Final Thoughts

Funded trading programs offer a rare opportunity: trade with someone else’s money, keep most of the profits, and limit your personal risk. Whether you’re just getting started or looking to scale up, they can be a game-changer. With the right mindset, discipline, and a good platform like TenTrade, you can take your trading skills to the next level without taking on the financial stress that usually comes with it.

So, should you get started with funded trading? If you’re serious about becoming a better trader and want to accelerate your progress, the answer is a definite yes.

Economy

Naira Sells N1,612/$1 at Official Market, N1,615/$1 at Black Market

Published

4 hours ago

09/04/2025

Adedapo Adesanya

By Adedapo Adesanya

The Naira appreciated against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday, April 8, by N55.66 or 3.5 per cent to N1,612.97/$1 from the preceding day’s rate of N1,628.89/$1.

The pressure on the local currency eased as the Nigerian government said it would make plans to address the impact of the tariffs from the United States, which have now gone into effect and upon announcement impacted the Nigerian currency.

The development will complement recent efforts to stabilise the market by the Central Bank of Nigeria (CBN) which injected $197.71 million in the FX market last week through sales to authorised dealers to ensuring adequate liquidity and supporting orderly market functioning.

However, the domestic currency depreciated against the Pound Sterling in the official market yesterday by N3.80 to sell for N2,060.21/£1 versus Monday’s price of N2,056.41/£1 and lost N1.03 on the Euro to settle at N1,762.56/€1, in contrast to the previous session’s N1,761.53/€1.

In the black market, the Nigerian Naira tumbled against the Dollar yesterday by N35 to close at N1,615/$1 compared with the preceding session’s value of N1,580/$1.

In the cryptocurrency market, it was bearish as US President Donald Trump sweeping global tariffs went into effect and traders retreated from crypto majors, removing all gains from Tuesday’s relief rally as President Trump pushes forward efforts to drastically reorder global trade.

Tariffs on any Chinese goods were hiked to 104 per cent, along with import taxes on over 60 trading partners.

Ethereum (ETH) dropped 6.1 per cent to trade at $1,473.36, Bitcoin (BTC) lost 2.6 per cent to finish at $77,483.73, Ripple (XRP) slumped by 1.9 per cent to $1.82, and Dogecoin (DOGE) depreciated by 1.8 per cent to $0.1463.

Further, Cardano (ADA) went down by 1.3 per cent to $0.5751, Solana (SOL) declined by 1.2 per cent to $107.36, Litecoin (LTC) slipped by 0.9 per cent to $70.41, and Binance Coin (BNB) shrank by 0.5 per cent to $554.70, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.