Beat the street: Traders brace for inflation data; Disney-Reliance; Oil falls; Bitcoin soars
US stocks point to a cautious session ahead of key inflation data. Reliance, Disney to merge India media assets. Oil falls 1% on Fed rate cut caution and stocks build. Plus, Bitcoin hits $60,000.
(AI Video Summary)
Bitcoin reaches new all-time high
In this video, Angeline Ong talks about the latest news affecting the stock market before it opens on Wall Street. She mentions that the US stocks are expected to have a quiet session because there will be important information about inflation released soon. She also points out that cryptocurrency stocks are doing well as Bitcoin reaches a new all-time high. Additionally, she mentions that crude oil prices have dropped by 1% because people are being cautious about a possible decrease in interest rates by the Federal Reserve.
Ong then shares some important news about the GDP number, which measures the country's economic growth. The fourth-quarter GDP number came in at 3.5%, which was slightly higher than expected. She checks how the market reacts to this news and mentions that it's in line with what was predicted. She also talks about the dollar basket, a measure of the US dollar against other major currencies, and how it could affect the market.
Interview with Chris Vecchio about the PCE report
Next, Ong interviews Chris Vecchio from tastylive, who talks about the upcoming PCE report. This report is important because it helps determine the timing of any interest rate cuts by the Federal Reserve. Vecchio explains that the market's expectations have changed, and the PCE report tomorrow could help ease concerns about rising inflation. He also discusses how this could affect bonds and energy prices.
Reliance-Disney merger
Ong briefly discusses the rise of Bitcoin and how it's impacting the cryptocurrency market. She mentions that a lot of money is flowing into this space, especially through exchange-traded funds (ETFs), which are driving up demand. Ong also mentions the possibility of a merger between Reliance and Disney in India's media industry.
Company and comodity news
Towards the end of the video, she talks about the recent performance of growth stocks like Meta and Microsoft. She notes that the NASDAQ 100, a stock market index, is showing negative divergence, which means there could be a reversal in the market trend. Ong also provides some analysis on oil prices and mentions the upcoming PCE number, which could have an impact on interest rate cuts. Lastly, she briefly mentions that the market opening is expected to be quiet.
Overall, the video covers various topics such as inflation data, cryptocurrency, GDP numbers, the dollar's impact, interest rate cuts, and market trends. It provides an overview of what's happening in the financial world in a concise and understandable way.
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