Bitcoin
Tech Profits, Cryptocurrencies, and Interest Rates: What to Watch
Photo: Tunvarat Pruksachat (Getty Images)
After a volatile week characterized by some economic growth and the intersection of Bitcoin and politics, this week will focus on what comes next.
A chipmaker working with Nvidia just posted its biggest profit in 6 years
Investors will be keeping an eye on the earnings of tech giants, the performance of the cryptocurrency market and what the Fed chairman has to say about interest rate cuts.
Let us explain what will happen:
Will the Fed cut interest rates?
The Federal Open Market Committee (FOMC) meeting is scheduled for Wednesday, and there are reports indicating that the Fed may cut interest rates during the meeting. Fed Chairman Jerome Powell will speak after the meeting to announce the decision.
Tech giants to report earnings
Similar to last week, major tech companies will release their financial health reports this week. On Tuesday, Microsoft and Advanced Micro Devices will report earnings after the bell, followed by Meta earnings on Wednesday after the closing bell. On Thursday, Apple and Amazon will release their reports after the closing bell.
Other important gains to note
On Monday, McDonald’s will report earnings before the market opens. Airbus and JetBlue will report on Tuesday, while Boeing will report on Wednesday. On Thursday, cryptocurrency companies such as Coinbase and MicroStrategy will report earnings. Berkshire Hathaway’s earnings will be released on Friday.
Keep an eye on the cryptocurrency market
It will be interesting to see how the cryptocurrency market behaves this week. This is because former President and Republican candidate Donald Trump’s speech at the Bitcoin conference could impact cryptocurrency prices. In addition, the performance of spot Ether ETFs and Fed Chairman Jerome Powell’s speech could also have an impact on the cryptocurrency market.
Other macroeconomic reports to monitor
The consumer finances report and the jobs report are due out on Tuesday, followed by the ADP employment report on Wednesday. On Friday, the U.S. employment report and the unemployment rate will be released. These reports will indicate the direction of the economy and whether the Fed is prepared to cut interest rates.