Markets
Here are today’s market moves:
S&P 500 up 0.12% to 4,374
Dow Jones up 0.13% to 34,933
Nasdaq down 0.22% to 14,644
Bitcoin: $32,820
US10Y: 1.349%
What Happened?
The S&P 500 and Dow Jones climbed on Wednesday as Fed Chair Jerome Powell told Congress the central bank plans to maintain easy-money policies.
Investors are trying to figure out whether the recent rise in inflation is transitory or the start of a longer-term trend. The Fed says it’s transitory, but some people disagree.
On Tuesday, the Labor Department said June’s consumer price index climbed 5.4% from a year ago, the highest 12-month rate since August 2008.
Recently, stocks have been moving higher due to expectations of a strong economic rebound and healthy earnings results from companies.
The cryptocurrency market traded sideways on Wednesday, with Bitcoin just below $33,000, after falling for two straight days. Jerome Powell had some comments today:
“You wouldn’t need stablecoins, you wouldn’t need cryptocurrencies if you had a digital U.S. currency”
What Else?
This Week
Monday: Earnings expected from Simulations Plus.
Tuesday: Earnings expected from Chase, Goldman Sachs, and Pepsi.
Wednesday: Earning expected from Bank of America, BlackRock, Citi, Delta, and Wells Fargo.
Thursday: Weekly jobless claims; Earnings expected from Morgan Stanley and UnitedHealth.
Friday: Earnings expected from Charles Schwab.