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Stocks Hold Steady on Mixed Fed Comments, First Solar Rallies, Bitcoin Drops Below $70,000: What’s Driving Markets Tuesday?

Published

11 months ago

21 May, 2024

Stocks Hold Steady On Mixed Fed Remarks, First Solar Rallies, Bitcoin Falls Below $70,000: What's Driving Markets Tuesday?

Stocks Hold Steady on Mixed Fed Comments, First Solar Rallies, Bitcoin Drops Below $70,000: What’s Driving Markets Tuesday?

It’s a fairly quiet session on Tuesday, with the major US averages trading around the midday flat line in New York.

Traders remained on the sidelines ahead of the minutes of Wednesday’s Federal Open Market Committee (FOMC) meeting and Nvidia Corp. (NASDAQ:NVDA) earnings report.

On Tuesday, Federal Reserve officials made public statements with mixed messages.

Atlanta Fed President Rafael Bostic said it expects inflation to ease, but at a slow pace, and does not anticipate a rate cut before the fourth quarter.

Council member Christopher J. WallerOn a more dovish note, he said the risk of a reacceleration of inflation is out of the question and that he does not expect a rate rise.

Sectors and industries were little moved, with financial sector and solar energy stocks slightly outperforming.

Softened small caps, with the iShares Russell 2000 ETF (NYSE:IWM) falling 0.3%. Treasury yields fell, with the benchmark 10-year yield falling 4 basis points to 4.41%, on track to break a three-session streak of yield gains.

Metal commodities took a breather after gold and copper hit new record highs on Monday. Crude oil fell 1.6%.

In the cryptocurrency market, Bitcoin (CRYPTO: Bitcoin) fell 2.2% to $69,900, reflecting waning investor sentiment toward risky assets.

Tuesday Performance in Major US Indices and ETFs

Main indices	Price	1-day percentage change
Nasdaq 100	18,697.36	0.1%
S&P 500	5,313.73	0.1%
Dow Jones Index	39,835.34	0.1%
Russell 2000	2,098.09	-0.2%

Updated at 1:14 pm EDT

O SPDR S&P 500 ETF Fund (NYSE:SPY) remained stable at US$530.15, the SPDR Dow Jones Industrial Average (NYSE:DAY) was stable at US$398.18 and the high-tech sector Invesco QQQ Trust (NASDAQ:QQQ) also remained unchanged at $454.93, according to Benzinga Pro Data.

Sectorally, the Financial Select Sector SPDR Fund (NYSE:XLF) outperformed, with an increase of 0.3%. O Industrial Selection Select Sector SPDR Fund (NYSE:XLI) was the laggard, with a drop of 0.5%.

Tuesday Stock Movers

Palo Alto Networks Inc. (NASDAQ:PANW) started the session 6% lower, following softer guidance than expected. However, technology stocks gave back some gains during the morning session.
Lowes Inc. (NYSE:LOW) fell 3% after signaling emerging pressures on margins in the second quarter.
Other stocks that reacted to earnings were AutoZone Inc. (NYSE:AZO) fell 4.3%, Eagle Materials Inc.EXP) drop of 7%, Amer Sports Inc.. (NYSE:AS) drop of 8%, Macy’s Inc.. (NYSE:M) plan for the day, Keysight Technologies Inc. (NYSE:KEYS), Zoom Video Communications Inc. (NASDAQ:ZM) increase of 0.8%, Nordson Corp. (NASDAQ:NDSN) fell 8.6%.
First Solar Inc. (NASDAQ:FSLR) rose nearly 6%, marking the best performance among S&P 500 stocks, after UBS raised the price target to $270 from $252 while maintaining a Buy rating.
Companies that must release their earnings after closing include Toll Brothers Inc. (NYSE:FOR ME), XP Inc. (NASDAQ:XP), Modine Manufacturing Company (NYSE:Mode), Skyline Champion Corp. (NYSE:SKY) It is Alvotech (NASDAQ:TARGET)

The story continues

Read now: 3 Stocks to Watch as Copper Rises to Record Levels: ‘Something’s Cooking in China’

Photo via Shutterstock.

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This article Stocks Hold Steady on Mixed Fed Comments, First Solar Rallies, Bitcoin Drops Below $70,000: What’s Driving Markets Tuesday? originally appeared in Benzinga.com

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Bitcoin

Big Tech Outperforms Bitcoin (BTC) as Trump Deal Weakens Token

Published

9 months ago

1 August, 2024

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Big Tech Outperforms Bitcoin (BTC) as Trump Deal Weakens Token

Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.

The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.

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‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump

Published

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1 August, 2024

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'This is huge' — Billionaire Mark Cuban issues 'incredible' Bitcoin and crypto prediction amid price slump

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The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.

Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.

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ForbesElon Musk Suddenly Breaks His Silence On Bitcoin After Issuing Shocking Warning Of US Dollar “Doom” That Could Trigger Cryptocurrency Price BoomBy Billy Bambrough

Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.

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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.

“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.

“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”

John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”

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ForbesCryptocurrencies Are Suddenly Bracing For A ‘Very Major’ U-Turn In China After Wild Price Swings For Bitcoin, Ethereum, XRPBy Billy Bambrough

Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.

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Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.

According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”

The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.

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Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise

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CoinDesk is a awarded media outlet that covers the cryptocurrency industry. Its journalists follow a strict set of editorial policies. In November 2023, CoinDesk has been acquired by the Bullish group, owner of Optimistica regulated digital asset exchange. The Bullish Group is majority owned by Block.one; both companies have interests CoinDesk has a portfolio of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial board to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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Why Trump Wants the US Government to Have a “National Stockpile” of Bitcoin

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1 August, 2024

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Why Trump Wants the US Government to Have a “National Stockpile” of Bitcoin

At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.

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