tl;dr
Cryptocurrency markets are reacting to US economic events as traders and investors adjust their strategies. The upcoming release of the September Consumer Price Index (CPI) data by the US Bureau of Labor Statistics (BLS) is of particular interest. The Federal Reserve's interest-rate outlook, inflati...
Cryptocurrency markets are reacting to US economic events as traders and investors adjust their strategies. The upcoming release of the September Consumer Price Index (CPI) data by the US Bureau of Labor Statistics (BLS) is of particular interest. The Federal Reserve's interest-rate outlook, inflation, and initial jobless claims are also key factors influencing the market. Additionally, the start of the third-quarter corporate earnings-reporting season could impact market movements. Bitcoin is currently trading at $63,533, showing a 2.47% increase in the past 24 hours.
While the calendar includes several releases, only a few will be of interest to Bitcoin (BTC). Meanwhile, Bitcoin remains range-bound, trading well above the psychological $60,000 level, but $64,000 is proving impenetrable.
CPI
The highlight of this week’s US economic data will be the Thursday, October 10 report from the US Bureau of Labor Statistics (BLS), which will release the September Consumer Price Index (CPI) data. The Federal Reserve’s (Fed) interest-rate outlook continues to put inflation in the spotlight for crypto and stock markets. Economists anticipate headline inflation to rise 0.1% for September. They also forecast core CPI, the more closely watched US economic data that eliminates volatile food and energy costs, to increase by 0.2%. If the Thursday data comes in hotter than expected, it would suggest a potential inflation resurgence in the coming months.
PPI
The US BLS will also report September’s Core Producer Price Index (PPI) this week. Increases in PPI would indicate rising production costs, which could lead to higher energy and hardware costs required for mining and processing crypto. As such, a higher core PPI on Friday could negatively affect Bitcoin and crypto.
INITIAL JOBLESS CLAIMS
The labor department will also release the initial jobless claims on Thursday, after the megahit September jobs report last week. Amid falling inflation and positive jobs data, investors are dialing back their bets on the Fed’s future interest-rate cuts.
Q3 EARNINGS
Results from major financial firms like JP Morgan Chase (JPM), Wells Fargo & Co. (WFC), and BlackRock Inc. (BLK), which are due on Friday, could also move markets.
As the cryptocurrency market braces for potential shifts, Bitcoin is trading at $63,533, reflecting a 2.47% increase in the past 24 hours.
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Technical Analysis Report: Market Trends and Indicators
Key Findings:
- The S&P 500 index has shown a strong breakout above its previous resistance level, indicating potential for further upward movement.
- The Relative Strength Index (RSI) for several major tech stocks is approaching overbought territory, suggesting a possible near-term pullback.
- The 50-day moving average for energy sector ETFs has crossed above the 200-day moving average, signaling a potential bullish trend reversal.
- Gold prices are testing a critical support level, with a breakdown likely to lead to further downside momentum.
Overall, while the bullish momentum in the broader market is notable, caution is advised due to the nearing overbought conditions in certain sectors and the potential for trend reversals in others.
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Dare Bioscience Inc Summary Dare Bioscience Inc Summary
Dare Bioscience, Inc., a clinical-stage biopharmaceutical company, focuses on developing and marketing women's health products in the United States. The company is headquartered in San Diego, California.
Industry: LIFE SCIENCES
Sub-Industry: PHARMACEUTICAL PREPARATIONS
Market Cap: 27599600
P/E Ratio: 0.1
Dividend Yield: None
Current Price: $32.28
Price Change: $0.36
Price Change (%): -2.536%
Volume: 2839600
52-Week High: $20.33
52-Week Low: $0
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Stock Market Analysis: MicroStrategy Incorporated
MicroStrategy Incorporated provides global business analysis software and services. The company is headquartered in Tysons Corner, Virginia.
Sector: TECHNOLOGY
Industry: SERVICES-PREPACKAGED SOFTWARE
Market Cap: 357.66 billion
Dividend Yield: None
Price/Earnings Ratio: None
EPS: -1.87
Revenue: 2.901 billion
Shares Outstanding: 480.634 million
Current Stock Price: $196.08
Price Change (52 weeks): -0.775
Price Change (Year to Date): -0.074
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JPMorgan Chase & Co. is an American multinational investment bank and financial services holding company headquartered in New York City. JPMorgan Chase is incorporated in Delaware. As a Bulge Bracket bank, it is a major provider of various investment banking and financial services. It is one of America's Big Four banks, along with Bank of America, Citigroup, and Wells Fargo. JPMorgan Chase is considered to be a universal bank and a custodian bank. The J.P. Morgan brand is used by the investment banking, asset management, private banking, private wealth management, and treasury services divisions.
Industry: FINANCE
Sector: NATIONAL COMMERCIAL BANKS
Market Cap: 600.95B
P/E Ratio: 11.78
EPS: 4.4
Dividend Yield: 1.93%
52-Week High: 214.91
52-Week Low: 0.288
Avg. Volume: 160.99M
EPS Growth: 0.317
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Company: Wells Fargo & Company
Description: Wells Fargo & Company is an American multinational financial services company with corporate headquarters in San Francisco, California, operational headquarters in Manhattan, and managerial offices throughout the United States and overseas.
Sector: FINANCE
Industry: NATIONAL COMMERCIAL BANKS
Market Cap: 193.88 billion
P/E Ratio: 11.67
Dividend Yield: 1.4%
ROE (Return on Equity): 4.88%
Current Ratio: 2.19
Debt/Equity: 0.24
Sales: 78.234 billion
Price: 63.71
Profit Margin: 6.4%
Operating Margin: 3.4%
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Company: BlackRock Inc
Description: BlackRock, Inc. is an American multinational investment management corporation based in New York City.
Industry: FINANCE, SECURITY BROKERS, DEALERS & FLOTATION COMPANIES
Market Cap: 140.60 billion
Current Price: $23.58
52-Week Low: $20.20
52-Week High: $40.25
PE Ratio: 125.64
EPS: 0.324
Revenue: 18.69 billion
Net Income: 955.94 million
Dividend Yield: 0.103
Beta: 0.077