It’s a risk-on start to the week, with investors favoring riskier assets, buoyed by a significant drop in Treasury yields and a weakening U.S. dollar.
All major U.S. indices posted gains during midday trading, with every S&P 500 sector showing positive movement, except for the energy sector.
Bitcoin (CRYPTO: BTC) rallied 3.5% to break above $31,000, testing its 2023 highs, which were previously hit in mid-July. The largest cryptocurrency could mark its fifth straight session of gains, the longest streak since January.
Notably, billionaire hedge fund investor Bill Ackman made headlines by announcing the covering of his short positions on U.S. Treasuries. This decision comes in response to growing global risks and mounting concerns of an impending economic slowdown.
Surprisingly, risk sentiment remained robust as the financial markets entered a pivotal week, in anticipation of next week’s Federal Reserve meeting.
In the upcoming days, four major corporations, namely Alphabet, Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG), Microsoft, Inc. (NASDAQ:MSFT), Meta Platforms, Inc. (NASDAQ:META), and Amazon, Inc. (NASDAQ:AMZN), are scheduled to release their earnings reports, adding another layer of intrigue to the market dynamics.
One key economic data point to watch closely this week is the initial estimate for the third quarter growth rate of the U.S. economy. Economists’ consensus points to a robust 4.2% increase, with the Atlanta Fed’s GDPNow estimate ...
Bitcoin Tests 2023 Highs: What's Driving Markets Monday?>Full story available on Benzinga.com