U.S.Market Stalls Ahead of Jackson Hole Symposium, Crypto Prices Plunge
U.S. stocks kicked off the week on a cautious note as traders paused to reassess the current market rally before the Federal Reserve’s annual gathering.Major indexes like the S&P 500 saw a slight dip of 0.1%,while the Dow Jones remained nearly flat. Meanwhile, the tech-heavy Nasdaq eked out a small gain of 0.2%.
Investors are keeping their eyes peeled for several key events this week. Among them is Fed Chief Jerome Powell’s speech at the Jackson Hole symposium from August 21-23. His remarks on the economy and potential interest rate cuts will guide market sentiment.
Additional attention will be focused on retail earnings and geopolitical developments. Reports from retailers like Walmart, Home Depot, and Target could shed light on consumer behaviour amid ongoing inflation pressures. On the geopolitical front, recent meetings between world leaders, including discussions between President Donald Trump and President Volodymyr Zelenskiy of Ukraine, continue to shape global relations.
Cryptocurrencies, mirroring the stock market’s cool-down, have experienced a drop in value as well. Bitcoin, which recently hit an all-time high above $124k, fell sharply to around $114.7k.Crypto-related stocks also took a hit, with companies like Strategy and Coinbase losing over 2% each.
This week aims to clarify upcoming economic policies and corporate performances, dictating the direction of both conventional and digital markets alike.
