Friday's Markets Update (November 17, 2023)
On Friday, the Census Bureau reported an unexpected increase in new home construction in October, while the Nasdaq moved mostly sideways. Alphabet, Microsoft, Nvidia, Meta, and Apple saw declines, while Amazon and Tesla rose. Simultaneously, BTC and ETH continued to correct technically. Other news: SEC has postponed the decision on Franklin Templeton's Spot Bitcoin ETF.
In October, building permits increased 1.1% from September to an annual rate of 1.487 million, according to preliminary data. The rise in permits continues to be driven by low housing inventory despite higher borrowing costs. Multi-family permits rebounded 2.2% while single-family rose 0.5% to a May 2022 high. Permits increased in the South and Northeast but fell in the West and Midwest.
The SEC has postponed the decision on Franklin Templeton's Spot Bitcoin ETF application, as well as Global X's and Hashdex's applications. The new deadline for these applications is January 1, 2024. This delay has raised questions about the impact on Bitcoin's market. The SEC can defer a decision on an ETF application three times before deciding whether to approve or deny it. This process typically takes around 240 days before a final decision is made.