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

Stock MarketsJun 22, 2021 03:58PM ET
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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).

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.



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

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Comments (7)
Michael Chen
Michael Chen Jun 22, 2021 8:47PM ET
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Bitcoin is a barometer of QE and stimulus. Bullish if market has plentiful of money.
noni goba
noni goba Jun 22, 2021 8:46PM ET
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Bitcoin is bearish till $9000
Joshhua Ray
Joshhua Ray Jun 22, 2021 8:13PM ET
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Bitcoin is more than an inflation hedge; it's not digital 🥇 gold, it is a Satoshi. 💯🦄
Parth Saharan
Parth Saharan Jun 22, 2021 7:46PM ET
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crypto's are expected to go more down. it's just a bearish trend. will last for a year and more
Edward Lewis
Edward Lewis Jun 22, 2021 7:46PM ET
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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.
Edward Lewis
Edward Lewis Jun 22, 2021 7:46PM ET
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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.
Ray Payne
Ray Payne Jun 22, 2021 6:46PM ET
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He was spot on beginning to end. Don't ignore the COIN. BECAUSE THAT'S EXACTLY what it is
Owen Morales
Owen Morales Jun 22, 2021 5:00PM ET
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📉 DIP = 🤑🤑🤑
Oluwadamilare oyeweso
Oluwadamilare oyeweso Jun 22, 2021 5:00PM ET
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Lewis Hughes
Lewis Hughes Jun 22, 2021 4:24PM ET
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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.
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Edward Lewis
Edward Lewis Jun 22, 2021 4:24PM ET
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Dat Do  I am an independent, but I am on the right economically. It makes no sense to agree with everything in the first part of the statement and not see how it relates to leftism/socialism. The republican party is by no means purely right...they are more moderate....I would argue like the democrat party of just a couple of decades ago. The issue is the tendency of leftism to become tyrannical and corrupt as the government acquires more power and people become more dependent on the government.
Edward Lewis
Edward Lewis Jun 22, 2021 4:24PM ET
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Dat Do  I do agree with you, though, that both the republican and democrat parties are corrupt and need to stop pushing political tribalism, which breeds extremism. Trump was the first outsider trying to come and push populism...but the globalists who benefit from socialism used their entire corporate and media power to brainwash the population. Bipartisan tribalism is terrible. I would just state to not conflate social leftism with economic leftism and social marxism....in the same way do not conflate social right with economic right. Socialists gain their power by conflating the two. Interestingly, not many know this, but even Hitler was a socialist.
Edward Lewis
Edward Lewis Jun 22, 2021 4:24PM ET
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Dat Do  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.
Edward Lewis
Edward Lewis Jun 22, 2021 4:24PM ET
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Dat Do  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.
Joel Schwartz
Joel Schwartz Jun 22, 2021 4:24PM ET
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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.
 
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