Stocks Ease Amid Tech Dip; Crypto Prices Plunge on Market Jitters
The Nasdaq Index started lower on Wednesday, reflecting ongoing market volatility. Early trading saw it drop by about 0.5%.
Investors are braced for the federal Reserve’s minutes, crucial for clarifying upcoming interest rate moves.This backdrop spooked investors, especially after a rough day for tech stocks.
Bitcoin prices mirrored the downturn, shedding value to around $113,000.It marks a notable pullback from its recent highs.
The Dow Jones managed a modest gain of 60 points at the opening bell. Meanwhile, the S&P 500 decreased slightly.The nasdaq’s dip comes soon after Tuesday’s hefty losses fueled by tech knights—Apple, Microsoft, Amazon, Alphabet, Meta, Nvidia, and Tesla.
- Top tech firms experienced sharp losses, dragging the nasdaq down by 1.46%.
- Similar woes were felt by Palantir and others, cascading risks across the board.
In response, Bitcoin tumbled, plunging below $112,570. This leaves crypto traders jittery amid Wall Street’s sell-off.
Corporate earnings continue shaping market trends. for instance,Target’s falling sales got its shares slipping by 9%. conversely, Lowe’s received a lift of about 3% thanks to positive earnings reports.
Upcoming events like the Federal Reserve’s July meeting minutes and Jackson Hole symposium remain focal points. Particularly,investors watch out for indications on interest rate adjustments.
Dubbed as the fed’s final dialogue before the end of Jerome powell’s term, the symposium holds significant weight.
Per the CME FedWatch tool, markets brew anticipation for a potential interest rate cut in September.
