Beat the street: PCE in line with expectations; Bitcoin FOMO; WTI
US stocks indicated slightly higher after a US inflation metric came in as expected. Oil prices under pressure a bigger-than-expected buildup in US crude stocks. Plus, Bitcoin tops $62,000. Where to next?
(AI Video Summary)
Bitcoin price skyrockets to over $62,000
In today's edition of "Beat the street", Angeline Ong introduces us to a fascinating show all about trading news and data for Wall Street traders. Don't worry if you're new to trading; Ong breaks it down for us in a way that's easy to understand and captivating to watch. She covers various important topics like inflation figures, the rise of Bitcoin, oil prices, and market reactions.
Let's start with inflation figures, which essentially determine if prices are creeping higher or not. This can have an impact on the Federal Reserve's decision to cut interest rates. Ong also shares some exciting news about Bitcoin, as it recently skyrocketed to over $62,000. She brings in Rick Ventignore, an expert trader, to shed light on the market trends.
Oil price pressures
Moving on, Ong discusses the pressure on oil prices due to an unexpectedly large buildup in US crude oil stocks. She shares current market trading levels and mentions the anticipation of a higher-than-expected inflation figure. She then reports that the Core PCE Index has come in as expected, leading to an uptick in the market. She also interviews Rick Bensignor, who suggests that the expected rate cut in June might be pushed back to the second half of the year, based on market expectations.
Gold price performance and future potential
Bensignor explains that for gold to be worth investing in, it needs to either experience a significant drop in value or sustain new all-time highs above $2,100. Now, let's talk about Bitcoin again. Ong highlights its recent surge and asks Bensignor for his outlook. Benton reveals that Bitcoin is experiencing a massive influx of investors, as it has become easier to invest in through ETFs. He also mentions that a whopping 80% of Bitcoin investors have no plans to sell until prices are much higher, which creates limited supply and high demand.
Touching on the latest news headlines
Ong briefly touches on some intriguing news, including Microsoft being probed by the SEC, complaints against Meta (formerly Facebook) for privacy breaches, and Boeing's investigation by the US Department of Justice. Lastly, she mentions the fall in soybean futures due to increased supply from Brazil and the volatility of crude oil prices.
To wrap it up, Ong gives us a quick overview of the US markets before they open. Overall, this video is a must-watch for anyone interested in trading or wanting to stay informed about the latest market trends.
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