Semiconductor stocks fell across the board amid rumors that the Biden administration is considering imposing tighter trade restrictions. The S&P 500 index fell 1.39%, and the Nasdaq index, which is dominated by technology stocks, fell 2.77%. Cryptocurrencies are relatively resilient. Yesterday, issuers successively announced the fees for Ethereum spot ETFs, which are expected to be officially launched on July 23.
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ToggleThe United States considers implementing FDPR, and semiconductors plummet across the board
According to Bloomberg , citing people familiar with the matter, the United States is considering whether to implement a measure called the Foreign Direct Products Rule (FDPR) in order to seek influence with allies. The rule allows the United States to impose controls on foreign-made products even if they use minimal amounts of U.S. technology.
The move, seen as draconian by allies, would restrict Japan's Tokyo Electron Ltd. (TEL) and the Netherlands' ASML Holding NV, both of which are trying to suppress their business in China. Produces wafer manufacturing machinery important to the semiconductor industry. The United States is raising the idea with officials in Tokyo and The Hague, people familiar with the matter said, and that outcome is increasingly likely if the two countries do not tighten measures against China.
ASML (stock code: ASML) plunged more than 12% yesterday, TSMC ADR (stock code: TSM) fell nearly 8%, and NVDA (stock code: NVDA) fell more than 6%.
The Ethereum spot ETF announced the expense ratio and is expected to be officially listed on 7/23.
Yesterday, issuers successively announced the fees for Ethereum spot ETFs. According to Bloomberg ETF analyst James Seyffart, 7 out of 10 funds enjoy fee reductions. It is expected to be officially launched on July 23.
Cryptocurrencies relatively resilient, BTC 64K, ETH 3,400
Cryptocurrencies have been relatively resilient, with Bitcoin reaching as high as $66,128 yesterday and currently holding steady above $64K. Ethereum hit a high of $3,517 yesterday and is currently hovering around $3,400.
