The S&P 500 rose Wednesday as AI stocks rebounded and risk appetite was boosted by expectations that the Federal Reserve will end the year with another rate cut next month.
At 3:14 p.m. ET (20:14 GMT), the Dow Jones Industrial Average rose 405 points, or 0.9%, the S&P 500 index gained 0.9%, and the NASDAQ Composite climbed 1%.
Read MoreKevin Hassett, a White House economic adviser, has reportedly emerged as a leader among the Trump administration’s short list to replace Jerome Powell.
US President Donald Trump is slated to choose a new Federal Reserve chair by Christmas, and the frontrunner, Kevin Hassett, could be a boon for the crypto industry.
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New York City Comptroller Brad Lander is urging city pension fund officials to re-bid $42.3 billion managed by BlackRock, saying the fund manager has deprioritized climate concerns.
It marks the first major move by a Democratic official to counter pressure on financial companies from Republican allies of the fossil-fuel industry.
Read MoreBlockchain can still serve its purpose while catering to institutional finance needs through privacy technology, says Aztec Labs’ Zac Williamson
Blockchain is being pulled between traditional finance and its decentralized ethos as the industry shifts to serve institutional products.
Zac Williamson, co-founder of Aztec Labs, said early decentralized governance failures shifted blockchain’s trajectory away from community coordination.
Read MoreThe effort is starting small, but Texas made an opening foray into a state-based crypto reserve — getting closer to the first government stockpile in the U.S.
The S&P 500 closed higher Tuesday, as a jump in health care and consumer stocks offset an Nvidia-led dip in tech.
At 4:00 p.m. ET (21:00 GMT), the Dow Jones Industrial Average gained 663 points, or 1.4%, while the S&P 500 index gained 0.9%, and the NASDAQ Composite added 0.7%.
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HP Inc said on Tuesday it expects to cut between 4,000 and 6,000 jobs globally by fiscal 2028 as part of a plan to streamline operations and adopt artificial intelligence to speed up product development, improve customer satisfaction and boost productivity.
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Dell forecast fourth-quarter revenue and profit above Wall Street estimates on Tuesday, as increasing investments in data centers to support artificial intelligence applications boost demand for its servers.
Shares of the company rose around 3% in extended trading.
The company, which raised its annual revenue and profit expectations, offers AI-optimized severs equipped with Nvidia’s powerful chips.
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Bitcoin is currently priced at $86,900. The BTC market is currently in a state of uncertainty due to both technical factors and the external environment. Key support is around $80,600, and resistance is around $88,885. Moving averages are in a bearish alignment, but short-term momentum is weakening, and the moving averages are flattening, suggesting the market may be entering a period of observation. On the daily chart, bulls and bears are battling, with the price fluctuating and falling back near the highs. The MACD indicator on the 2-hour chart shows that bears dominate in the short term; however, the uptrend on the daily chart has not been completely broken. Currently, the market may fluctuate within a range, and the recommended strategy is to short at higher levels and long at lower levels
Bitcoin is currently priced at 88,700, exhibiting low-volatility range-bound trading. While trend indicators still show a bearish alignment, short-term candlestick patterns have formed a bullish engulfing pattern, creating potential bullish resonance. The price level near the Bollinger Band’s middle line further indicates a relatively balanced market sentiment, making a clear breakout unlikely in the short term. Strong buying support exists at the daily chart’s lows. The 2-hour candlestick shows a small bullish candle, indicating short-term bullish dominance. The 2-hour MACD bullish signal is strengthening; the daily chart remains in a weak recovery phase, with the EMA providing effective short-term support, and the overall trend leaning towards bullish. Currently, the market is at two extremes: a short-term overall bullish trend and a long-term overall bearish trend. The recommended strategy is to primarily short on rallies, following the larger trend.
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