US Inflation Expectations Ease Concerns, Tech Stocks Surge
Last Friday, US stocks rebounded as the University of Michigan's inflation expectations report eased concerns. $Nasdaq Composite Index(.IXIC.US$ rose over 1%, and the semiconductor index surged nearly 2%, both hitting record highs. $Dow Jones Industrial Average(.DJI.US$ slightly increased. For the week, $S&P 500 Index(.SPX.US$ barely rose, and the Nasdaq extended its gains for the fifth consecutive week. The Dow, however, ended its five-week winning streak, marking its largest weekly decline since last year’s banking crisis. $Tesla(TSLA.US$ rebounded over 3%. $NVIDIA(NVDA.US$ hit another all-time high, rising 2.6% and up 15% for the week. Cryptocurrency stocks soared, with $Coinbase(COIN.US$ up 8.6%. $GameStop(GME.US$ surged over 20% after hours.
Following the release of consumer inflation expectations, the yield on the 10-year US Treasury fell, while the 2-year yield pulled back from its two-week high but rose over 10 basis points for the week, marking its biggest weekly gain in six weeks. The US dollar index accelerated its decline from a one-week high, but still achieved its largest weekly gain in one and a half months.
In a hawkish week for the Federal Reserve, gold, copper, and oil all fell. Oil prices hit a three-month low before rebounding, ending the week down over 2%. New York gold futures fell for the fourth consecutive day, dropping over 3% for the week, marking the largest weekly decline in eight months. London copper fell for the fourth day in a row, down over 3% for the week, while nickel rebounded but still ended the week down nearly 4%.
Bitcoin surged over $2000 during the day, climbing back above $69,000, while Ethereum fell nearly 7% at one point, distancing itself from a two-month high but still up over 20% for the week.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
sick4cash : 72000 on its way
EZ_money : inflation is bringing the economy into drag-flation meaning inflation is not coming down and high prices are going to drag the economy into recession
EZ_money sick4cash : try 52
102131911 sick4cash : In another way, EZ_money is saying that you are being DELUSIONAL.
EZ_money 102131911 : speak for yourself
his claim is definitely realistic. people claiming 100K 200K or even 1 million like your heroes woods and saylor are the delusional ones. do the math on that and see how many more trillions is needed to reach any of those.