Wednesday's Markets Update (August 30, 2023)

04 Sep 2023 by rate3

On Wednesday, GDP increased less than expected but the Nasdaq index was volatile. HP shares tumbled more than 10% after the company lowered its profit outlook. Investors are likely to exercise caution ahead of the release of the monthly jobs data on Friday. BTC corrected sharply on a short-term holders’ profit-taking spree. In other news, Uniswap pool was declared not to be an “investment contract.”

Details

GDP grew at a slower pace in the second quarter, with growth driven by consumer spending and government spending. However, exports declined and residential fixed investment slumped.

Crypto

Uniswap won a legal battle against allegations that it violated certain provisions of the Securities Act. The judge ruled that Uniswap’s liquidity pools did not meet the definition of an investment contract and that Uniswap was not a “statutory seller” under the Securities Act.