Treasuries fell and big-tech fueled gains in stocks, with investors awaiting Thursday’s inflation data for clues on the outlook for Federal Reserve policy.
U.S. 10-year yields topped 4% after briefly falling below that mark. The S&P 500 extended this week’s advance. Bitcoin traded near $46,000 as the U.S. Securities and Exchange Commission approved Bitcoin ETF proposals on an accelerated basis. Oil fell as a surprise buildup in U.S. stockpiles undercut the threat to supplies from Red Sea escalations.
Fed Bank of New York President John Williams said monetary policy is now tight enough to guide inflation back to the target, but he suggested policymakers need more evidence of cooling inflation before cutting interest rates. The upcoming consumer-price index is expected to give a taste of the disinflation trend.
“We’re seeing a plausible path to inflation continuing to ease gradually, an end to Fed rate hikes, and a re-acceleration of economic growth in the back half of 2024,” said Arthur Hogan at B. Riley Wealth.
Corporate highlights:
– When Bank of America Corp., JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. kick off the industry’s fourth-quarter earnings reports Friday, their results are likely to show that net-interest margins felt continued pressure from higher funding costs.
– Boeing Co.’s chief Dave Calhoun said the planemaker must own up to its shortcomings as it grapples with a safety incident that has renewed questions over the quality of its manufacturing.
– Hewlett Packard Enterprise Co. agreed to buy Juniper Networks Inc. for $14 billion in a move that will expand its presence in networking but raised skepticism from Wall Street.
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Key events this week:
– U.S. CPI, initial jobless claims, Thursday
– China CPI, PPI, trade, Friday
– U.K. industrial production, Friday
– U.S. PPI, Friday
– Some of the biggest U.S. banks report fourth-quarter results, Friday
– Minneapolis Fed President Neel Kashkari speaks, Friday
– ECB chief economist Philip Lane speaks, Friday
– – –
Some of the main moves in markets:
– Stocks
The S&P 500 rose 0.6% as of 4 p.m. New York time
The Nasdaq 100 rose 0.7%
The Dow Jones Industrial Average rose 0.5%
The MSCI World index rose 0.4%
– Currencies
The Bloomberg Dollar Spot Index was little changed
The euro rose 0.3% to $1.0965
The British pound rose 0.2% to $1.2734
The Japanese yen fell 0.9% to 145.82 per dollar
– Cryptocurrencies
Bitcoin rose 1.5% to $46,115.61
Ether rose 7.2% to $2,483.48
– Bonds
The yield on 10-year Treasuries advanced three basis points to 4.04%
Germany’s 10-year yield advanced two basis points to 2.21%
Britain’s 10-year yield advanced four basis points to 3.82%
– Commodities
West Texas Intermediate crude fell 1.3% to $71.28 a barrel
Spot gold fell 0.3% to $2,023.41 an ounce
(c) 2024, Bloomberg · Rita Nazareth
The Deep State / Cabal is pushing Bitcoin because they want to fight the gold-backed currency, the gold standards. Once President Trump will be switching to gold-backed currency, Bitcoin, if it’s not gold-backed, will be good for nothing. DON’T BUY IT. Don’t say we didn’t warn you.
The rich never lose. They only get richer and richer.
Precisely the reason for the upcoming gold backed currencies – globally – so that the rich and “elite” shouldn’t be able to print their own money anymore.