Market Volatility Unfolds Ahead of Key Economic Data
The stock market’s recent surge came to a halt on Tuesday, just one day before the highly anticipated release of the Consumer Price Index (CPI) and core CPI data. As investors awaited these crucial indicators, the Dow Jones Industrial Average plummeted 330 points, or 0.75%, in the afternoon. The S&P 500 and Nasdaq followed suit, shedding 0.5% and 0.4%, respectively.
Tech Stocks Experience Mixed Fortunes
While the broader market struggled, some tech giants bucked the trend. Tesla and Nvidia saw their shares soar by 3% and 2%, respectively. However, Micron Technology and Super Micro Computer weren’t as fortunate, with their stocks tumbling 5% and 4%, respectively.
Bitcoin’s Wild Ride Continues
The cryptocurrency market remained in the spotlight, with Bitcoin extending its post-election rally. According to Coingecko, the leading cryptocurrency reached an unprecedented high of $89,864, briefly surpassing silver’s market capitalization of $1.71 trillion. Although it later retreated to around $86,000, Bitcoin’s market capitalization still stood at an impressive $1.72 trillion.
Earnings Season Heats Up
As the market navigated these turbulent waters, several major players unveiled their quarterly results. Home Depot, the leading home improvement retailer, and AstraZeneca, the multinational pharmaceutical company, were among those releasing their earnings before the opening bell. Meanwhile, Spotify, the music streaming giant, and MARA Holdings, a key player in the cryptocurrency mining industry, are set to report their earnings after the market close.
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