Wall Street treaded water and gold prices fell on Wednesday as investors parsed mixed U.S. retail earnings and weak housing data, while looking ahead to Nvidia results and the minutes from the U.S. Federal Reserve’s most recent policy meeting.
The U.S. dollar traded calmly Wednesday ahead of the release of the minutes from the last Federal Reserve meeting, while sterling gained as inflation fell by less than expected in April.
Oil prices fell around 1% on Wednesday, retreating for a third straight day on expectations that U.S. interest rate cuts might be deferred due to sustained inflation, which could weaken oil demand.
As Bitcoin teeters near $70,000, analysts are closely watching a critical supply zone for the largest cryptocurrency. This range is crucial because it represents a key area where a substantial amount of Bitcoin was acquired.
U.S. stocks were lower Wednesday, ahead of key earnings from AI-darling Nvidia as investors digested the minutes from the Federal Reserve May meeting showing concerns about progress on inflation.
China will control the intertwined risks in the property sector, local government debt and small local financial institutions, Vice Premier He Lifeng said on Tuesday.
The dollar struggled for direction on Tuesday as investors stuck to their views for the expected timing of Federal Reserve monetary easing this year.
Oil prices extended losses on Tuesday, with investors expecting lingering U.S. inflation to keep interest rates higher for longer, depressing consumer and industrial demand.
Ether was set for its largest two-day gain in nearly two years and bitcoin approached a record high on Tuesday on speculation about the outcome of applications for U.S. spot exchange-traded funds that track the world’s second-biggest cryptocurrency.
U.S. stock index futures traded largely unchanged Tuesday amid uncertainty over the future path of interest rates and ahead of earnings from market darling Nvidia.
