Apple spikes, Bitcoin sinks, and stocks swing with the Fed: Markets news roundup

The Dow Jones Industrial Average and other U.S. stock indexes spiked Wednesday afternoon — not because the Federal Reserve left interest rates unchanged, but because there won’t be any more rate hikes. The market started celebrating after the Fed Chair Jerome Powell said “it is unlikely the next policy move will be a hike.”

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The Dow Jones Industrial Average and other U.S. stock indexes fell Tuesday morning after strong labor data increased speculation that the Federal Reserve won’t cut interest rates anytime soon.

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If you receive Supplemental Security Income, you’re getting two checks next month thanks a scheduling quirk.

Normally, SSI payments go out on the first of every month. But since June 1 is on a Saturday this year, the payments will go out on Friday, May 31, according to a payment calendar provided by the Social Security Administration. That does mean that the payments won’t be going out in June.

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MicroStrategy reported a net loss of $53.1 million, or 3.09 a share, in its first-quarter earnings report but plans to buy more Bitcoin later in the year. Following the news, the stock of the business analytics software company plunged over 16% in the afternoon.

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It was a rough day for the Dow and other indexes as hotter-than-expected labor data increased speculation that the Federal Reserve would not be cutting interest rates anytime soon. The Federal Open Market Committee (FOMC) meeting began today, and the interest rate decision will be made Wednesday afternoon.

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Bitcoin has continued its April wipeout into May, falling all the way below $57,000 on Wednesday morning and technically entering into a bear market after its worst month in almost a year-and-a-half.

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Bitcoin continued to shed its value as Hong Kong’s Bitcoin and Ether ETFs failed to impress investors on their debut. Recently, six crypto-related ETFs were listed on the Hong Kong exchange. Bitcoin ETFs contributed $8.5 million in volume, while Ether ETFs brought in $2.5 million. As a comparison, the issuers anticipated an initial volume of $100 million, as per media reports.

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Apple is the stock buyback king of tech giants.

The company spent a total of $621 billion buying its own shares between 2013 and 2023. For reference, Google parent Alphabet spent about one third of that figure on its stock over the same period. Over the last fiscal year, Apple doled out $78 billion to buy 456 shares of its stock, reducing its number of outstanding shares by about 2%.

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U.S. stocks were a mixed bag Wednesday as investors digested the Federal Reserve’s announcement that its fight against inflation remains too unfinished to cut interest rates. The Dow Jones Industrial Average jumped more than 200 points before Fed Chair Jerome Powell spoke, but the S&P 500 and the Nasdaq remained largely flat.

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Crypto exchange Coinbase and Jack Dorsey’s Block reported blockbuster earnings reports on Thursday, sending Bitcoin’s price back above $61,000 on Friday morning.

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