Monthly Bitcoin and Crypto Update

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What’s in Today’s Report:

  • Monthly Bitcoin and Crypto Update
  • October JOLTS Takeaways

Futures are slightly lower while global stocks are mixed after a quiet night of news as today’s Fed decision comes into focus.

Economically, Chinese CPI met estimates of +0.7% Y/Y in November while PPI fell -2.2% vs. (E) -2.0% Y/Y.

Today, there is one economic report: Q3 Employment Cost Index (E: 0.9% m/m, 3.7% y/y) and one Treasury auction for 4-Month Bills (11:30 a.m. ET).

However, the main market focus will be the Fed today with the FOMC Announcement (2:00 p.m. ET) and Fed Chair Powell’s press conference (2:30 p.m. ET) both scheduled for the mid-afternoon.

Investors will be eyeing the Fed with hopes of a not-too-hawkish-cut, and if delivered, the S&P 500 could make a run at all-time highs while anything that disappoints the doves could weigh heavily on stocks in afternoon trade.

Outside the Fed, earnings season continues with CHWY ($0.12), ORCL ($1.29), ADBE ($4.39), and PL ($-0.07) reporting Q3 results. Investors will be keenly focused on the two big tech names specifically (ORCL and ADBE) for fresh insight on AI-industry guidance, and the stronger the reports the better for equity markets into year-end.

 

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