Wall Street took a slight dip after Powell’s speech at the central bank conference in Portugal. The Dow Jones fell 0.1%, while the Nasdaq and S&P 500 were close to their base rate. In Europe, stock markets also saw declines, with the French CAC and British FTSE indices down by 0.5% and the German DAX index losing about 1%. As trading continued, the DAX dropped by 1.3%, while POTSI fell by 0.6%, and the French CAC index lost by 1.1%. The price of oil approached a two-month high due to regional tensions and concerns about the Atlantic hurricane season.
The Chairman of the Federal Reserve, Jerome Powell, expressed satisfaction with US interest rates over the past year but wants to see more tapering before considering cutting rates. Despite Powell’s optimism, he is concerned about cutting rates too early and mentioned the risk of hampering falling prices. Trading opened with falling rates on Wall Street, with Tesla announcing that it delivered 443,956 cars in the second quarter of 2024.
Meanwhile, Nvidia may face accusations of anti-competitive behavior from France’s Antitrust Commissioner, causing its stock to drop only slightly. The Japanese yen reached a new low against the dollar due to uncertainty surrounding Japan’s election next month. Analysts have varying views on how a potential Republican victory might impact bond markets; some recommend hedging against inflation, while others advise not drawing premature conclusions.
A new study by CCData suggests that Bitcoin is expected to soar to an all-time high this year after reaching $73,000 per coin in March. Despite these predictions, there are still many unknowns surrounding cryptocurrencies and their impact on financial markets.
In summary, Wall Street was down slightly after Powell’s speech at a central bank conference in Portugal as trading opened with falling rates on Wall Street, European stock markets saw declines as well as commodity prices increased due to regional tensions and concerns about hurricanes season.
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