Tech stocks rose, Amazon hit a 52-week high, and crypto-related stocks soared as Bitcoin recovered. But investors are waiting on the Fed
The Dow Jones Industrial Average and the other major U.S. stock indexes started the week in neutral on Monday, with investors keeping a close eye on inflation data later in the week. The latest Consumer Price Index report will be released Wednesday and is expected to be a major factor in whether or not the Federal Reserve cuts interest rates later this year.
The Dow was up 53 points, or 0.1%, to 38,957 shortly before midday. The S&P 500 was up 0.2% and the tech-heavy Nasdaq $NDAQ rose 0.3%.
The week started on a positive note for tech stocks, as they were among the top performers Monday morning. Amazon $AMZN stock hit a new 52-week high with a 1% jump, trading around $186 per share.
Microsoft $MSFT announced the opening of a new AI hub in London, but its stock remained unchanged.
The week was off to a good start for cryptocurrency-related stocks like Coinbase, MicroStrategy, and Tesla $TSLA, as Bitcoin’s price reached $72,000 with the highly-anticipated Bitcoin “halving” event on the horizon.
The flagship cryptocurrency, which has experienced a rollercoaster ride of price corrections and continuous outflows of funds from spot Bitcoin ETFs, seems ready to take a leap. It is just 2.7% away from its record high of $73,737, which it hit in March.
Meanwhile, the crypto community is excited about Bitcoin halving, which is right around the corner. The event will divide the reward for Bitcoin miners in half, a method for controlling Bitcoin production and inflation.
Coinbase stock was up 6.3% near midday. MicroStrategy stock was up 6.1%.
It’s been a rough start to 2024 for Tesla, as Elon Musk’s EV maker struggles with sales and more. Tesla stock is still down more than 31% so far this year, but it was recovering some ground on Monday.
Shares in Tesla, which holds 10,500 bitcoins worth $336 million, were up 5.1%.
Musk late last week teased an unveiling of a Tesla robotaxi in August.
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