This new stock-market sector will impact billions of dollars of ETF assets There’s a fundamental change coming to the way Wall Street classifies companies, and it could have major implications for a group of exchange-traded funds that together hold tens of billions of dollars in assets.
In November, MSCI and S&P Dow Jones announced revisions to the Global Industry Classification Standard, which sorts individual stocks into one of the 11 primary sectors based on their business (for example: energy, financial, health care, and so forth). The biggest changes involve the telecommunications services sector, currently the smallest in terms of components, as there are only four companies that fit into it.
Read more about how companies are placed into sectors here
The revamped sector will be broader in scope, tracking the communications sector. In addition to traditional telecom companies, the new sector will also include traditional and internet media companies—for example social media co..
Dollar bounces higher versus the pound as Brexit woes hit sterling The British pound declined against the U.S. dollar on Wednesday as U.K. officials continued to race against the clock in Brexit negotiations with the European Union, but the greenback was largely steady against other rivals.
What are currencies doing?
The ICE Dollar Index DXY, +0.05% was fractionally higher at 93.403, and the broader WSJ U.S. Dollar Index BUXX, +0.04% edged up 0.1% to 86.83. The closely watched ICE Dollar Index has risen roughly 0.6% so far this week.
The pound GBPUSD, -0.5133% fell to $1.3368 from $1.3443 late Tuesday, and the euro EURUSD, -0.1015% bought $1.1809, down from $1.1826 in the previous session.
The Japanese yen USDJPY, -0.37% changed hands at ¥112.60, up from ¥112.23.
Meanwhile, the buck against the Canadian dollar USDCAD, -0.1813% bought C$1.2664, slipping from C$1.2687.
Read: Canadian-dollar bulls look for hawkish central bank and a rate hike by March
What’s driving the mark..
U.S. homeless population rises for first time since 2010, and West Coast’s economic boom gets blamed The U.S. homeless population inched higher by about 1% to 554,000 this year, according to an Associated Press report on Wednesday based on government estimates.
The year-over-year rise marks the first such increase since 2010, said the AP, which got an early look at Department of Housing and Urban Development figures ahead of the agency’s wider release.
The move higher was driven by a jump in the number of people living on the streets in West Coast cities, where officials, advocates and the homeless say the main driver has been the tech- and entertainment-centered region’s booming economy.
Rents in Los Angeles, Seattle and other cities have soared beyond affordability for many lower-wage employees, and a temporary financial setback now can be enough to leave those workers out on the streets, the AP report said.
Read more: Many older Americans are living a desperate, nomadic life