Dive into the latest highlights: Bitcoin soared past $93,000, marking a historic milestone; Amazon's stock hit a new high amid the launch of its budget-friendly e-commerce platform; and U.S. equities slid as Federal Reserve Chair Jerome Powell signaled caution on rate cuts. Plus, gold prices dipped to a two-month low under pressure from a stronger dollar.
Stay informed and explore the key market movements of the week!
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Stocks Slide as Powell Signals Caution on Rate Cuts
US stocks retreated as the post-election rally lost steam, with investors digesting cautious remarks from Federal Reserve Chair Jerome Powell. In a speech, Powell emphasized that the central bank is not in a hurry to lower interest rates, prompting a sell-off.
The Dow Jones Industrial Average ($US30) dropped 0.5%, shedding over 200 points, while the S&P 500 ($SPX500) fell 0.6%. The Nasdaq Composite ($NAS100) slipped 0.7%, extending declines after a mixed performance in the prior session.
Trading involves significant risk of loss.
Amazon Stock Hits New High as Tech Giant Launches Temu Competitor
Amazon ($AMZN) stock is building on its postelection rally by notching another record high Wednesday and gaining further early Thursday. Shares of the tech giant are rallying as Amazon launched a discount-focused e-commerce service, an answer from the company to the rapid rise of PDD Holdings' Temu.
The newly minted Amazon Haul will offer a range of products that the company says will all be priced under $20, with more than half selling for under $10.
Trading involves significant risk of loss.
Gold Slumps to 2-Month Low as Dollar Marches on
Gold prices ($XAUUSD) were subdued after hitting a two-month low, pressured by a strong dollar rally, though traders have not lost confidence in a December rate cut following the latest U.S. economic data.
Spot gold fell 0.1% to $2,570.05 per ounce, touching its lowest level since Sept. 12. U.S. gold futures settled 0.5% lower at $2,572.90.
Trading involves significant risk of loss.
Bitcoin's Price Run Continues as it Rises Above $93,000
The post-election Bitcoin price ($BTCUSD) run has shown no signs of slowing down, as the world's largest crypto asset recently traded above $93,000 for the first time in its history.
Bitcoin, which was trading below $70,000 on election night, has more than doubled in price in 2024 following the launch of spot bitcoin exchange-traded funds (ETFs) in January.
Trading involves significant risk of loss.
This concludes our weekly recap. Have a great weekend and see you next week! 👋
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