Top Financial News Today Thursday July 20, 2023

Top Stocks News:

• The S&P 500 fell 0.68% and the Nasdaq Composite slid 2.05% on Wall Street as disappointing earnings from Netflix and Tesla weighed, while the Dow industrials rose 0.47%.
• The dollar rallied, highlighting the expectations for the Fed to keep interest rates higher for longer to control inflation as fewer Americans filed for unemployment benefits, indicating a robust job market.
• Blackstone becomes the first private equity firm to manage $1 billion ($1.475 billion), placing the firm on par with mutual fund and banking giants.

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• The US labor market maintains its strength as weekly jobless data reveals a number of 9,000, matching the lowest level seen in the past two months.

Top Cryptos News:

• The UK strongly denied propasals by the House of Common's Treasury Committee to regulate cryptocurrencies like gambling as this regulation could fail to mitigate many critical risks.
• The Fed launched the new instant payment service, FedNow, which might affect crypto's main touted use case.

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• U.S. House Republicans on Thursday introduced a digital assets oversight bill to protect crypto investors. The Thursday's bill, first drafted in early June, aims to establish a regulatory framework, allowing crypto exchanges to register with the SEC and trade digital assets in one place.

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• Tech stock sell-off likely raised concerns among cryptocurrency investors. As a result, cryptocurrencies fell, Bitcoin revisited its month-long trading range bottom $29.6K, while Chainlink's LINK rallied, others surged.
• Nasdaq announced it was calling off plans to launch a cryptocurrency custody service which was slated to launch in the second quarter of this year. The emerging signs of life in the crypto industry faced a significant blow with this news.