
Market sentiment remains largely positive as US indices continue to trade at or near record highs. S&P 500 rose 0.24% yesterday closing at 6,460. Dow Jones jumped 1.18% to close at 44,913. While Nasdaq 100 closed at 23,824 after reaching a record high of 23,966.
Stock futures held steady Wednesday after S&P 500 and Nasdaq 100 hit new records as investors await more economic data. S&P 500 futures and Nasdaq 100 futures were mostly flat, while Dow Jones futures rose slightly by 0.02%.
Markets rallied Tuesday after a cooler-than-expected inflation report for July, raising hopes for a September Fed rate cut. Thursday brings more economic indicators: July’s producer price index and weekly jobless claims. Analysts expect wholesale prices to rise 0.2% monthly, following June’s flat reading.
Bitcoin and ether rallied Wednesday night amid growing institutional interest and improved regulatory conditions. Bitcoin hit a new high above $124,500 . Ether is nearing its 2021 record as it reached $4,767.
Crypto’s rising adoption reflected on Bullish’s successful IPO. The exchange nearly doubled at debut, opening at $90 (143% above $37 IPO price), closing at $68 with an 84% gain.
Gross Domestic Product (GDP) numbers from the UK came better than expected as the economy showed growth of 0.4% on a monthly basis, higher than market expectations of 0.2%
European markets closed higher Wednesday, with the Stoxx 600 rising 0.55% following US market records. Investors await more US inflation data.
Gold prices rose yesterday thanks to the dollar weakness. The precious metal is trading at $3,356 at the beginning of the European session on Thursday.
Markets now price a 95% chance of a September Fed cut after mild inflation data showed limited impact from Trump’s proposed tariffs. However, trade developments may limit gold’s upside, as Trump delayed implementing China tariffs for another 90 days before the previous agreement expired.
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