The most crucial news items for investors to start their trading day are listed below.
1. On the Rise
Stocks saw an upward trend on Tuesday as investors eagerly awaited updates from the Federal Reserve and kept an eye on chip giant Nvidia. The Dow Jones Industrial Average surged over 300 points, closing the day 0.83% higher in its strongest performance since February 22. The S&P 500 also posted gains of 0.56%, while the Nasdaq Composite saw a 0.39% increase.
2. Federal Reserve Focus
Investors are closely monitoring the Federal Open Market Committee meeting for insights on the Fed’s interest rate plans. Market analysts anticipate that policymakers will maintain their current communication strategies.
3. Intel’s Big Win
Intel has secured up to $8.5 billion in funding from the CHIPS Act, as announced by the White House. The grant is part of the Biden administration’s initiative to enhance semiconductor manufacturing in the United States. Additionally, Intel may receive up to $11 billion in loans tied to the 2022 legislation.
4. Bitcoin Decline
Bitcoin experienced a continued decline on Wednesday, dropping below $61,000 at one point, marking a significant decrease from last week’s record high. The overall cryptocurrency market has seen a reduction of approximately $400 billion in value since the peak, with other digital assets like ether and Solana also witnessing substantial declines, possibly due to profit-taking by investors after the recent rally.
5. Luxury Market Concerns
French luxury conglomerate Kering issued a warning on Wednesday that Gucci sales are expected to decline by 20% year-on-year in the first quarter, primarily due to decreased transactions in Asia. Following the announcement, the company’s stock plummeted by 14%, with a forecast of a 10% drop in overall group revenue for the first quarter of 2024 based on comparable metrics.
Source (CNBC)
