AI overlord Huida continued to plunge more than 6% after the earnings report, dragging down technology stocks, but the Dow Jones Industrial Average closed up 243 points, hitting another record high. Market focus once again turned back to the Federal Reserve and the upcoming September interest rate cut, with most small-cap stocks expected to benefit from the rate cut rising yesterday. The top ten cryptocurrencies by market capitalization all showed a consolidation pattern yesterday, with almost all 24-hour increases and losses within 1%, showing the market's boredom.
(Huida's financial report was better than expected but fell! Supermicro plummeted 20%! Has the hope of the entire AI village been dashed?)
After Huida’s earnings report, the market refocused on interest rate cuts and economic data
The U.S. Bureau of Economic Analysis revised up second-quarter gross domestic product (GDP) annualized growth to 3.0%, from a previous estimate of 2.8%, after growing at just 1.4% in the first quarter.
A separate report showed initial jobless claims fell by 2,000 to a seasonally adjusted 231,000 in the week ended Aug. 24, slightly below the estimate of 232,000.
Investors now await Friday's U.S. core personal consumption expenditures (PCE) price index, the Fed's preferred inflation gauge, which could provide more clues on the scale of September's rate cut, including the coming easing cycle. pace.
According to the CME Group FedWatch Index, 66% of investors expect the Federal Reserve to cut interest rates by one point at the September 18 meeting. This is a more healthy and steady pace of interest rate cuts, rather than an emergency rate cut before a disaster.
Cryptocurrencies continue to consolidate
The top ten cryptocurrencies by market capitalization all showed a consolidation pattern yesterday, with almost all 24-hour increases and losses within 1%, showing the market's boredom. Lian News compiled the views of crypto analyst Miles Deutscher yesterday. He pointed out that as the coldness of the cryptocurrency market continues to spread, "retail investors" have all left the market. However, it also gives several factors and background that are conducive to the return of retail investors. It is recommended that everyone should be fully prepared and wait for the opportunity.
(The last mile to promote the bull market: When will the departing retail investors come back?)
This article Markets Refocus on Interest Rate Cuts and Economic Data, Cryptocurrencies Continue to Consolidate appeared first on Chain News ABMedia.