Markets
Here are today’s market moves:
S&P 500 down 0.18% to 4,219.61
Dow Jones down 0.44% to 34,447.14
Nasdaq down 0.1% to 13,911.75
Bitcoin: $36,831
US10Y: 1.487%
What Happened?
The S&P 500 and Dow Jones fell on Wednesday as investors wait for inflation data for the month of May tomorrow.
Investors are waiting to see if strong inflation data will push the Federal Reserve to pull back on its accommodative monetary stance.
Treasury Secretary Janet Yellen said over the weekend that higher interest rates would “actually be a plus for society’s point of view and the Fed’s point of view.”
Policy makers will eventually pare back stimulus as the recovery builds – the question investors care about is when that happens.
The crypto market rose on Wednesday, with Bitcoin up 13% to $36,800, as El Salvador becomes the first country to adopt the currency as legal tender.
What Else?
This Week
Monday: Earnings expected from Stitch Fix and Vail Resorts.
Tuesday: Earnings expected from Casey’s General Stores and Thor Industries.
Wednesday: Earnings expected from Campbell Soup and GameStop.
Thursday: Earnings expected from Chewy and Signet Jewelers; Weekly jobless claims.
Friday: Consumer sentiment index.