Bitcoin Plunges: Is the New York Stock Exchange Teetering on the Brink of a Great Depression-Style Crash
Global Economy Faces Pressures Similar to 1920s Depression, Warns ECB President
New York Stock Exchange Closes Mixed in Consolidation Zone
The New York Stock Exchange closed mixed in the consolidation zone, with the Dow Jones Industrial Average closing at 42,063.36, up 38.17 points (0.09%) from the previous day. The Standard & Poor’s (S&P) 500 Index closed at 5,702.55, down 11.09 points (0.19%) from the previous day, and the Nasdaq Composite Index closed at 17,948.32, down 65.66 points (0.36%) from the previous day.
Fed Governor Christopher Waller’s Dovish Remarks
Federal Reserve Governor Christopher Waller’s dovish remarks on CNBC were closely watched by the market. Waller explained the background of his support for the “big cut (50bp interest rate cut)” by saying, “Inflation has slowed much faster than expected.” The market interpreted these remarks to mean that there are few obstacles for the Fed to aggressively lower the base interest rate if necessary.
Tesla and Nvidia Fall, Intel Rises
Tesla fell 2.32% and Nvidia fell 1.59%, rebounding from the previous day’s strong performance. Intel’s stock price rose more than 3% on news that Qualcomm had approached it for a merger. On the other hand, Qualcomm’s stock price fell nearly 3%.
Trump Media and Technology Group Plunges
Trump Media and Technology Group, in which former US Republican presidential candidate Donald Trump holds the largest stake, plunged nearly 8% after the stock lock-up was lifted, hitting its lowest level since its IPO.
CBOE Volatility Index (VIX) Records 16.15
The CBOE Volatility Index (VIX) on the New York Stock Exchange recorded 16.15, down 0.18 points (1.10%) from the previous day.
Fed Governor Michelle Bowman Expresses Opposition to 50bp Cut
Federal Reserve Governor Michelle Bowman expressed opposition to the 50bp cut plan, saying that it could be seen as a premature declaration of victory in the war against inflation. Bowman is considered the most “hawkish” (prefers monetary tightening) among the members of the Federal Open Market Committee (FOMC), which determines the Fed’s monetary policy.