xStocks are not available in the U.S. or to U.S. persons. Geo restrictions apply. Read Kraken's xStocks Risk Disclosure and the Base Prospectus and related Final Terms for more information.
Investors Await Critical CPI Report After Hot Jobs Report
A stronger-than-expected August payrolls print (162,000 vs. 53,000 est.) undercut the labor-softness case, trimming September hike odds to 55.7% from 64.3%, with Thursday's PPI, Friday's CPI, Apple's keynote and Oracle's results the next inputs for the rate outlook.
Stronger August payrolls weakened the labor-softness case that has anchored dovish arguments among monetary policymakers, while futures implied a lower probability of a September rate increase. Nonfarm payrolls rose 162,000 against a 53,000 estimate, and July was revised to +21,000 from -23,000. CF Benchmarks calculations put September 16 hike odds at 55.7%, down from 64.3% a week earlier. The 10-year Treasury yield fell 4 basis points to 4.76%, while the S&P 500 gained 0.1% over the week.
The Labor Day closure highlights the investor demand for venues for price discovery when traditional markets are closed. Across the September 4 to September 8 snapshot, the six most volatile xStocks each moved less than 2% in either direction. Separately, estimated xStocks volume rose 32.5% to $603.9 million over September 2 to September 8, with SPYx the most-traded token. Thursday's producer price index (PPI), Friday's consumer price index (CPI), Apple's keynote and Oracle's results are the next scheduled inputs for earnings expectations and the rate outlook.
More in Insights
Keep reading.
All Eyes Turn to The Labor Market after Hawkish Jackson Hole Keynote
Warsh's Jackson Hole debut kept rate hikes on the table, sending September odds to 64% and the 10-year to 4.76% — but the move stayed in rates as equities held firm, with August jobs (Sept 4) and CPI (Sept 11) now set to decide the meeting.
Crypto-Equities Outperform Headed Into Jackson Hole as Debasement Dynamics Reignite
Crypto-linked equities drove the week's rotation, capturing their largest share of xStocks volume since May as Bitcoin surged and the S&P 500 slipped, ahead of Warsh's first Jackson Hole address and NVIDIA earnings.
High-Beta Names Regain Momentum as Rate Expectations Soften
SPCX saw a sharp rebound, even as xStocks DeX volumes declined slightly. This week, we dive into the split between a growing tokenized equity TVL and weaker trading activity.
Important Information
xStocks are not available in the U.S. or to U.S. persons. Geo restrictions apply. Read Kraken's xStocks Risk Disclosure and the Base Prospectus and related Final Terms for more information. This content is partner enablement material, not investment advice. IPO-related content carries additional communication rules - see the brand kit before repurposing. In the EEA and most countries outside the US, IPO access on Kraken is via xStocks - tokenized securities issued by Backed Assets (JE) Limited pursuant to an EU-registered prospectus, providing price exposure only. xStocks are not equity and confer no voting or shareholder rights. Allocation is subject to underwriter decisions and is not guaranteed; any funds not allocated are returned. The value of investments may go down as well as up. Not available in the U.S. or to U.S. persons, or in the United Kingdom, Canada or Australia. Geo restrictions apply. xStocks are made available in the EEA by Payward Europe Digital Solutions (CY) Limited, regulated by CySEC (licence no. 342/17); and elsewhere by Payward Digital Solutions Ltd., regulated by the Bermuda Monetary Authority.