Bitcoin

Stock Market Today: Wall Street Rises on Bitcoin, Gold and Almost Everything as Inflation Slows

Published

10 months ago

12 June, 2024

Stock Market Today: Wall Street Rises on Bitcoin, Gold and Almost Everything as Inflation Slows

NEW YORK (AP) — U.S. stocks are jumping amid a global rally Wednesday after a surprise encouraging update on inflation.

The S&P 500 rose 1.1% in morning trading and is on track to hit its all-time high set the previous day. The Dow Jones Industrial Average was up 270 points, or 0.7%, as of 10 a.m. Eastern time, and the Nasdaq Composite was up 1.6%.

The action was even stronger in the bond market, where Treasury yields fell after the report showed that U.S. consumers paid 3.3% higher prices for food, insurance and everything else last month. compared to the previous year. Economists had expected to see the inflation rate stagnate at 3.4%.

For Wall Street, a slowdown in inflation not only helps US families struggling to keep up with rapidly rising prices, it also opens the door to the Federal Reserve reduce your prime interest rate. Such a measure would ease pressure on the economy and boost investment prices.

Everything from bitcoin to gold to copper rose after inflation data raised expectations for upcoming interest rate cuts. Some nervousness among US stock investors has also eased.

Virtually no one expects the Federal Reserve to begin cutting interest rates at its latest meeting, which is scheduled to end Wednesday afternoon. The Fed has been adamant about the need for an accumulation of data that shows inflation is moving sustainably toward its 2% target.

“This is good news, but we will need more,” according to Lindsay Rosner, head of multi-sector investments at Goldman Sachs Asset Management.

But it’s welcome news, after progress in reducing inflation appeared to have stalled earlier this year. Some recent stronger-than-expected labor market reports have also raised concerns about continued upward pressure on inflation. Of course, slowing inflation too quickly could also raise concerns that US consumer spending is falling too sharply, which could lead to a recession.

Bets among traders were made that the Federal Reserve would cut interest rates as early as September, according to data from CME Group.

This has caused areas of the stock market that tend to benefit most from lower interest rates to perform best amid a widespread recovery.

Smaller companies, which need to borrow to grow and feel the impact of higher interest rates more than their larger rivals, led the market. Smaller stocks in the Russell 2000 index jumped 2.7%.

Real estate stocks also soared. Lower interest rates mean bonds are paying less interest, which can instead steer potential investors toward dividend-paying property owners. Office owner Boston Properties jumped 5.9%.

Lower interest rates can also pull down mortgage rates and inject energy into the real estate market. Construction company DR Horton rose 5.2%.

Oracle helped lead Wall Street higher with a 12.6% jump, despite reporting weaker profit for the latest quarter than analysts had expected. Financial analysts pointed to strong reserves, including contracts related to artificial intelligence training.

The furore around AI has helped push stocks to record highs despite concerns about high interest rates and the economic slowdown they induce. Nvidia again it was one of the strongest forces pushing the S&P 500 higher, with a 3% gain. The chip company became the example of the AI race and its total market value exceeded 3 billion dollars.

In the bond market, the 10-year Treasury yield fell to 4.27% from 4.40% on Monday and 4.60% a few weeks ago. The two-year Treasury yield, which most closely tracks expectations for the Fed, fell to 4.67% from 4.83% late on Monday.

In stock markets abroad, European indices jumped after the release of encouraging US inflation data. In Asia, where markets closed ahead of the data release, indices were mixed. Japan’s Nikkei 225 index lost 0.7% as investors await the Bank of Japan’s latest interest rate announcement, expected on Friday.

___

AP Business Writers Matt Ott and Elaine Kurtenbach contributed.

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Bitcoin

What to watch for in the markets

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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Cryptocurrency Charts by TradingView.

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