Wednesday June 23, 2021
Nasdaq with a new record
Bargain hunters hit Bitcoin
On Wall Street, prices are more or less staying at the previous day’s level, the market remains fixated on monetary policy. Technology stocks benefit, the Nasdaq heaves to a new record high. Bitcoin can recover a bit.
The US stock exchanges closed inconsistently on Wednesday. The prospect of an unchanged loose US monetary policy prevented major losses on Wall Street. The US standard value index Dow Jones went 0.2 percent lower to 33,874 points from trading. The technology-heavy Nasdaq, on the other hand, advanced 0.1 percent to 14,271 points, setting a new record. The broad S&P 500 lost 0.1 percent to 4241 points.
US Federal Reserve Chairman Jerome Powell had affirmed at a congressional hearing on Tuesday that the current price pressure was temporary and that the Fed would be patient. “The worries about rising interest rates in the foreseeable future are subsiding again,” said analyst Jochen Stanzl from the online broker CMC Markets. “Technology stocks are once again profiting from this development.” According to experts, rising inflation and higher interest rates are devaluing future profits for these high-growth companies.
Bitcoin on the road to recovery
With Bitcoin, bargain hunters used the recent price slump to get started. The cyber currency temporarily rose to $ 33,595 after falling to as low as $ 28,800 on Tuesday. “Investor confidence remains damaged,” said market analyst Milan Cutkovic from the brokerage firm Axi.
Investors nevertheless took hold of values from the cryptocurrency sector and companies that deal with the blockchain technology underlying Bitcoin & Co. The shares of Coinbase, Riot, Marathon, and Silvergate on Wall Street rose by up to three percent.
The stocks of the electric car manufacturer Tesla, which has invested a large amount in Bitcoin, advanced 5.3 percent. The company previously announced that it had opened a solar-powered charging station with on-site energy storage in Lhasa, the capital of the Tibet Autonomous Region. This is the first system of its kind in China.
Amazon popular with consumers
The stocks of real estate financiers Fannie Mae and Freddie Mac both plummeted by over 30 percent. The Supreme Court had dashed investors’ hopes for distributions. The fact that Intel had appointed several new executives to some of its newly formed units as part of organizational changes did not seem to go down well. The course lost 1.1 percent.
Consumers at Amazon were more willing to spend than investors: Despite a successful discount campaign, the online retailer’s share closed just under minus. In the “spend $ 10 and get another $ 10” campaign for small products, consumers bought $ 1.9 billion in the two weeks leading up to “Prime Day”. Consumers acquired over 70 million small items – an increase of more than 100 percent compared to the previous “Prime Day” in October 2020. The Wall Street Journal also reports attractive counter-movements. More and more market participants and organizations positioned themselves against the omnipotence of the online giant, as it was said.
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