Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

More Fed, Home Sales, Crypto: 3 Things to Watch

Published 06/22/2021, 03:58 PM
Updated 06/22/2021, 03:58 PM

By Christiana Sciaudone

Investing.com -- Stocks greeted Jerome Powell's congressional testimony warmly, breaking higher after the Federal Reserve Chair reiterated his belief that the current inflation pressures will ease as the recovery continues.

Powell said he had a "level of confidence" that prices will eventually come down and noted that a 5% inflation environment wouldn't be acceptable. He urged patience. Powell's comments came on the heels of others from the Fed's John Williams and Loretta Mester on what was a day of heavy Fedspeak.

Microsoft Corp (NASDAQ:MSFT). hit a $2 trillion valuation for the first time, riding the wave of stocks higher after Powell's comments.

Alphabet (NASDAQ:GOOGL) was in the spotlight after the EU launched a formal antitrust investigation into the company's core digital ad business.

Nvidia (NASDAQ:NVDA) (NASDAQ:NVDA) rose after the chipmaker made further efforts to deter cryptocurrency miners from purchasing its chips to avoid the boom and bust demand cycle seen a few years ago when a sharp turn lower in cryptocurrency mining activity resulted in a chip supply overhang.

Bitcoin had a heck of a day, falling below the $30,000 for the first time since January, but later rebounding back above that mark.

Here are three things that could affect markets tomorrow:

1. More Fed speak

After Jerome Powell's relatively uneventful congressional testimony today, regional governors continue the conversation on Wednesday. Michelle Bowman, Raphael Bostic and Eric Rosengren are all slated to speak at events throughout the day.

2. New home sales

While sales of previously owned homes fell for a fourth straight month, new home sales for May should show a gain from April's 863,000. Consensus is calling for a 1.4% increase, and a total of 875,000 when the number hits at 10:00 AM ET (1400 GMT).

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

3. Crypto crazy

Keep an eye on everybody's favorite volatile cryptocurrency. Bitcoin dropped below $30,000 earlier today for the first time since January, giving back its gains for the year and erasing more than half of its value since April's high of almost $65,000. Ongoing concerns about China cracking down on cryptos was blamed for the latest dip.



Latest comments

Bitcoin is a barometer of QE and stimulus. Bullish if market has plentiful of money.
Bitcoin is bearish till $9000
Bitcoin is more than an inflation hedge; it's not digital 🥇 gold, it is a Satoshi. 💯🦄
crypto's are expected to go more down. it's just a bearish trend. will last for a year and more
I'm pro-crypto. but expect more shakeout. The price is still up around 900% compared to the lows last year...so it is hilarious to see those who were bearish all the way from $4k to $60k act like they were right now. Nothing moves up in a straight line, especially with such volatility. The value of the USD does move down in a straight line though...2-3%+ inflation per year.
Btw, I do realize that I could be totally wrong, it could pump again another 1000%...I just do not have as big of a position as when I was accumulating over the past few years during the bear market.
He was spot on beginning to end. Don't ignore the COIN. BECAUSE THAT'S EXACTLY what it is
📉 DIP = 🤑🤑🤑
hi
The USD has lost over 50% of its value since 1990. The US has not been able to achieve a balanced budget or surplus in 20+ years despite 10+ years of near zero interest rates. Federal, corporate, and personal debt is at all time highs. Home prices are up, cost of living is up, home sales are down, inflation at multi-decade highs. Media is censoring political dissidents, and federal politicians are trying to control state elections and end checks/balances such as the filibuster. Welcome to leftism/socialism...brought to you by globalists who want to leach the US dry.
 Look at other socialist countries...Venezula, China, North Korea. Do you know what type of hospital system India has? Socialist. Did you know that in socialist countries there is a two-tier medical system...those with socialized health and those who have private health...the quality of care between the two is significant. You will not get first-world treatments if the US adopts socialized healthcare...can look anywhere in the world and see this.
 Look at other socialist countries...Venezula, China, North Korea. Do you know what type of hospital system India has? Socialist. Did you know that in socialist countries there is a two-tier medical system...those with socialized health and those who have private health...the quality of care between the two is significant. You will not get first-world treatments if the US adopts socialized healthcare...can look anywhere in the world and see this.
Neither the left nor the right have the guts to call out the FED’s reckless monetary policies. Both the parties constituents should be furious with them until they do.
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.