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The Dow Jones Industrial Average rose 71.72 points, or 0.14%, to close at 51,920.62 on Thursday, June 25; the S&P 500 fell 0.33 points, or 0.00%, to close at 7,357.89; and the Nasdaq Composite fell 118.03 points, or 0.46%, to close at 25,358.60.June 26th - U.S. stocks closed Thursday with the Dow Jones Industrial Average initially up 0.14%, the S&P 500 slightly down, and the Nasdaq Composite down 0.46%. Micron Technology (MU.O) rose 15.7%, Qualcomm (QCOM.O) rose 3.7%, and Microsoft (MSFT.O) fell more than 3%. Apple (AAPL.O) fell 6.1%, its market capitalization nearing $4 trillion. The Nasdaq China Golden Dragon Index fell 2.7%, and Alibaba (BABA.N) fell 4.7%.On June 26, Federal Reserve Chairman Williams stated that the current monetary policy stance is well-positioned to restore inflation to the Feds 2% target, while acknowledging risks to achieving its dual mandate. Williams said, "Given that inflation is high, we must sustainably restore it to our 2% long-run target. The current monetary policy stance is fully capable of achieving that." Williams noted that inflation is "undoubtedly high" and well above the Committees 2% target. He expects inflation data to decline slightly in the coming quarters, despite significant risks remaining.Federal Reserves Williams: However, inflation data is expected to decline slightly in the coming quarters. First, the impact of tariffs appears to have largely been priced in; second, the baseline expectation is that supply disruptions related to the Strait of Hormuz will be resolved "relatively quickly." Third, housing-related inflation should continue to slow. Fourth, there is no evidence that the labor market is exacerbating inflationary pressures.Federal Reserves Williams said inflation is "undoubtedly high and well above" the target, reflecting the impact of tariffs, energy prices, and demand for artificial intelligence (AI) related technology products.

BTC Fear & Greed Index Falls Despite BTC Avoiding Sub-$16,000

Jimmy Khan

Nov 24, 2022 15:40

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Bitcoin (BTC) increased by 2.44% on Wednesday. BTC finished the day at $16,613 after rising by 2.87% on Tuesday. For the first time in three sessions, BTC avoided trading below $16,000.


BTC dropped to a low of $16,168 early in the morning following a mixed day's start. BTC surged to a late high of $16,682, avoiding the First Major Support Level (S1) at $15,791. At $16,469, the First Major Resistance Level (R1) was breached by BTC, which ultimately closed the day at $16,613.


On Wednesday, FTX contagion risk decreased even further, supporting the cryptocurrency market desperately needed. Former FTX CEO Sam Bankman-Fried boosted investor hopes after learning that the company had cash reserves of $1.24 billion.


Bankman-Fried wrote in a letter to the staff, "Perhaps there still remains a chance to preserve the company. I think there are many billions of dollars in sincere interest from new investors that could be used to compensate customers. But since I have no control over it, I can't guarantee you anything.


The letter came after news that Justin Sun of Tron and Brad Garlinghouse of Ripple were interested in buying FTX assets. Investors are hopeful that the collapse of FTX will have a minimal effect on creditors given the stated cash holding of $1.24 billion.


The FOMC meeting minutes provided more assistance for the cryptocurrency market overnight. Before the holidays, talk of letting up on the gas helped riskier assets, with the NASDAQ Composite Index increasing by 0.99%. The US economic data underwhelmed, though, restricting the NASDAQ's potential growth.


Since the US markets are closed for Thanksgiving, there are no US statistics to take into account today.


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