Monthly Bitcoin and Crypto Update & Outlook

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What’s in Today’s Report:

  • Monthly Bitcoin and Crypto Update & Outlook

Futures are little changed following a mostly quiet night of news.

Applied Materials (AMAT) posted strong earnings but, like CSCO, they weren’t as good as hoped for and the stocks is lower pre-market (down 6%) and that is a mild headwind on futures.

Economically, the only notable number was Q2 EU flash GDP which met expectations at 0.4% q/q.

Today focus will stay on economic data via Retail Sales (E: 0.1%), University of Michigan Consumer Sentiment (E: 54.2) and Five- Year Inflation Expectations: (E: 3.3%).  The “best” case for stocks is for solid (but not spectacular) retail sales and five-year inflation expectations that decline closer to 3.0%, as that will reinforce solid growth and continue this week’s trend of easing inflation pressure.

 

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