UUP - Stocks Advance Dollar And Oil Retreat While Bitcoin Skyrockets: What's Driving Markets Monday? | Benzinga
Wall Street started the week on a positive note, as all major U.S. indices and every sector within the S&P 500 showed gains during the morning session, alleviating the concerns that arose on Friday.
Traders deduced from the better-than-expected Q3 earnings reports of major U.S. banks, that the economy is still robust, thus anticipating further positive results coming from other key quarterly reports this week, including Tesla, Inc. (NASDAQ:TSLA), Netflix, Inc. (NASDAQ:NFLX), Procter & Gamble Co. (NYSE:PG) and Johnson & Johnson (NYSE:JNJ).
The U.S. dollar weakened, as traders await Powell’s comments this week, which might hint at the direction of Fed tightening during the FOMC meeting in two weeks. Oil prices moved slightly lower.
Bitcoin (CRYPTO: BTC) rallied 3.8% to $28,205 driven by speculation surrounding the potential approval of the first-ever Bitcoin ETF, after the SEC passed the deadline for appealing Grayscale’s attempt to convert its GBTC fund into a spot bitcoin ETF.
Meanwhile, the situation in the Middle East remains complex, with the ongoing evacuation in Northern Gaza and continued rocket exchanges between Israel and Hamas. Additionally, President Joe Biden is considering a visit to Israel, while U.S. Secretary of State Antony Blinken has extended his stay by another day.
Cues From Monday's ...