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Commentary: Paul Ebeling on Wall Street and Beyond (update)

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“BTC taps up against resistance at 24,000”–Paul Ebeling

US stocks rallied Wednesday as a lower-than-expected CPI reading for July that showed inflation eased to an annual 8.5% in July.

The benchmark S&P 500 jumped 2.1% while the DJIA gained 535 points, or about 1.6%, and the NAS Com surged 2.9%.

Dow Jones Industrial Average: -8.3% YTD
S&P 400: -9.9% YTD
S&P 500: -11.7% YTD
Russell 2000: -12.3% YTD
Nasdaq Composite: -17.8% YTD

July’s CPI report showed prices moderated last month, edging lower for the 1st time since early Y 2021 in a sign for investors that Fed’s FOMC will scale back interest rate hikes beginning in September.

Data from the US Bureau of Labor Statistics indicated prices paid by consumers rose 8.5% last month over the year, reflecting a moderation from June’s 40-year high of 9.1%.

In bond markets, the improvement in consumer price data led Treasury yields to slide as investors scaled back bets on the extent of monetary tightening policymakers are expected to do. The benchmark 10-yr Treasury fell 4 bpts to yield 2.76%, and the 2-yr T-note fell 12 bpts to 3.17%

Looking Ahead: Thursday, market participants will receive the July PPI and core PPI at 8:30 a.m. EDT. At the same time, wkly initial jobless claims and continuing claims will be released. At 10:30 a.m. EDT, wkly EIA Nat Gas Inventories will be released.

On the crypto earnings front

Shares of Coinbase (COIN) rose 4%, buoyed by the rally across broader markets even after the cryptocurrency exchange reported Q-2 earnings Tuesday afternoon were short of Wall Street estimates. As BTC taps up against resistance at 24,000.

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“More hawkishness from the Fed, high inflation…nevertheless my work says that naysayers risk missing out on a run to a record highs, Tune out the Noise” — Paul Ebeling

The US Economy

The core CPI reading, or measure which strips out volatile food and energy costs, could have the propensity to jolt markets after Wednesday’s release.

Stocks

As of Tuesday afternoon, all 3 major stock indexes DJIA, -0.18%, SPX, -0.42%, NAS COMP, -1.19% were down, with investors reluctant to put on big trades ahead of Wednesday’s CPI data

Crypto

A respected analyst says Key indicators show that Bitcoin (BTC) bulls are in a solid position to take control of the market.

BTC is trading at $23,090.47 at time of writing. The top-ranked crypto asset by market cap is up nearly 2% in the past 24 hrs

The Knights Platform is an electronic network that links the trading floors of every relevant Crypto Exchange

Market participants, Brokers and market makers can take a price on any of the linked exchanges to find and execute the best price available. Eventually, as they are on boarded, a broker on the floor of one exchange could directly place an order through Knights rather than going through a broker on another exchange.

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Check Price Action

Have a prosperous week, Keep the Faith!

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Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.