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US markets closed red; SoFi soared 13.7% on regulatory approval; Procter & Gamble rallied 3.4% on Q2 results

  • The Nasdaq fell 1.15% to finish Wednesday’s session at 14,340 points.
  • SoFi soared 13.7% after receiving approval to become a bank.
  • Procter & Gamble rallied 3.4% on Q2 results that topped market expectations.

The US markets gave up a morning rally in the last hour of trade on Wednesday to close the midweek session lower as investors increasingly fear the Feds tightening the monetary policy in the coming months.

The Dow Jones fell 0.96% to finish the trading day down 340 points to close at 35,029 points.

The tech-heavy NASDAQ fell 1.15% to finish the trading day down 167 points to close at 14,340 points. The NASDAQ is down 10% from its high in November, meaning it is in correction territory.

One bitcoin is worth US$41,899 going into the Asian trading day.

The Australian dollar is firm against the major currencies and is buying 72.1 US cents.

Online personal finance company SoFi soared 13.68% yesterday after the company won long-sought regulatory approval to become a bank. In order for SoFi to become a bank it plans to acquire California community lender Golden Pacific Bancorp to operate its subsidiary as SoFi bank. The approval to become a bank allows SoFi to cut the middleman and get a bigger slice of each transaction it provides users on the mobile-first service it provides.

Shares in consumer goods giant Procter & Gamble rallied 3.4% on Wednesday after the company released second quarter earnings that topped market estimates. For the period, Procter & Gamble reported EPS of US$1.66/share, net sales rose 6% to US$21bn, net income of US$4.22bn and hiked its sales growth range from 2% to 4% to 3% to 4%. Procter & Gamble also raised prices on select products in the second quarter which benefitted sales.

And Instagram has announced it is launching subscription services for users to monetise access to specific content for superfans.

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