Beat the street: Markets brace for economic data; durable goods; PCE; Bitcoin
Investors pause for breath ahead of PCE and consumer confidence readings. US durable goods fall more than expected in January. Crypto stocks jump as bitcoin tops $57K.
(AI Video Summary)
Microsoft and Mistral AI deal
In today's edition of "Beat the street", Angeline Ong talks about what's happening in the market before Wall Street opens. She mentions that investors are waiting to see how inflation, durable goods, and consumer confidence affect the market. She also talks about a deal between Microsoft and Mistral AI that's being looked at by the EU, and how the price of Bitcoin exceeding $57,000 is causing crypto stocks to go up.
Interview with Pete Ward on NVIDIA and crypto
Ong then interviews Pete Ward from the IG Group, who talks about current market trends and the rise of artificial intelligence (AI) in trading. They specifically discuss NVIDIA, a company that makes AI-related products. Some traders think that the stock is going to go down, while others think it's just starting to go up. They also talk about how the stock is very volatile and how things like the launch of the SPOT Ethereum ETF and the Bitcoin halving are making things uncertain.
Next, they talk about the overall market and how it might go down in price. They mention that the PCE, a measure of inflation that the Fed likes to watch, is something to pay attention to in the coming week.
The interview ends with a discussion on cryptocurrencies. They mention that Bitcoin has been doing really well and that more and more people are supporting cryptocurrencies. They talk about factors like the potential launch of the SPOT Ethereum ETF and the Bitcoin halving that are making people feel positive about cryptocurrencies.
Lastly, Ong briefly mentions that Macy's and Lowe's are projecting weak sales in the retail sector, and that crude oil prices are staying steady.
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