The four major U.S. stock indexes closed higher yesterday (6/18). The S&P 500, Nasdaq and FedEx index all hit new highs. AI chip giant Nvidia surpassed Microsoft and became the world's most valuable company. While the stock market frequently hit new highs, cryptocurrency did not rise sharply. In the absence of hype and capital inflows, Bitcoin fell 1.01% yesterday, while Ethereum rose slightly by 0.64%.
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ToggleRetail sales fell short of expectations, interest rate cut expectations slightly increased
Retail sales reported in the United States yesterday increased by 0.1%. Much lower than the 0.3% forecast by economists.
New York Fed President John Williams said interest rates will gradually fall over time, but he declined to say when he would begin easing monetary policy.
According to CME Group FedWatch data, investors' expectations for interest rate cuts have slightly increased. Although the interest rate dot plot released by the Federal Reserve last week showed that there will only be one rate cut of 1% (0.25%) this year, it is more likely that investors will do so. It is generally believed that the Fed will have the opportunity to restart the interest rate cutting cycle in September and cut interest rates again by one yard in December.
Huida overtakes Microsoft to become the global market capitalization champion
After the AI chip giant Nvidia officially split its shares last week, its stock price continued to rise. It rose 3.51% yesterday, with its market value reaching US$3.335 trillion, officially surpassing Microsoft and becoming the global market value champion. Other chip stocks also continued their recent gains, pushing the Fee Semi Index to a new high, closing up 1.35% at 5,765.12 points. The S&P 500 Index set a new closing high record for the 31st time this year, and the Nasdaq Index set a new closing record for the seventh consecutive time.
Funds are chasing AI, BTC/ETH is trading sideways
While the stock market frequently hit new highs, cryptocurrency did not rise sharply. In the absence of hype and capital inflows, Bitcoin fell 1.01% yesterday, while Ethereum rose slightly by 0.64%.
Youwei Yang , chief economist at BIT Mining, also believes that the stock market now treats every artificial intelligence news as bullish, and cryptocurrencies have lost their charm given the resulting FOMO.
