Stock Futures Pause Ahead of Data
Stock futures are taking a breather as they prepare for the much-anticipated U.S. inflation report later this week. Currently, Dow (DJI) and S&P 500 (SP500) futures are showing a modest decline of 0.3%, while Nasdaq Composite (COMP.IND) contracts are down by 0.4%.
The upcoming release of the core personal consumption expenditures price index, scheduled for Thursday, holds particular significance. This index, favored by the Federal Reserve for its comprehensive measurement scope, has the potential to influence interest rate expectations and consequently impact market trends.
Prior to the inflation data, investors will be parsing through a slew of economic reports on Wednesday, including the second estimate of fourth-quarter GDP, the U.S. goods deficit, wholesale and retail inventories, and the EIA Petroleum Status Report.
Bitcoin Nears $60,000 Amid Crypto Surge
Besides the movements in traditional markets, cryptocurrency enthusiasts are witnessing a significant rally in Bitcoin (BTC-USD). The leading digital asset is on the verge of surpassing the $60,000 mark, a level not seen since November 2021. Bitcoin has already gained an impressive 34% year-to-date, capturing the attention of crypto investors.
