• How is Bitcoin hitting $64K linked to the upcoming halving event?
• Why did Apple drop its electric vehicle plans?
• What were the key points in the January PCE inflation report?
MARKET MOVEMENTS
Dow Jones
S&P 500
Nasdaq
38,972.41 (-0.25%)
5,078.18 (+0.17%)
16,035.30 (+0.37%)
Opening price as of 02/29/2024 compared to last close
IN THE HEADLINES
Bitcoin Touches $64K, Nearing All-Time Highs as Halving Approaches
Bitcoin's price surged by over 10% to a new yearly high of $64,000, driven by anticipation of an upcoming supply halving event and increased investment in spot Bitcoin ETFs. However, technical analysts warn of potential risks due to high leverage in the market. Following the peak, Bitcoin experienced a swift drop to $58,700, attributed to selling pressure and the liquidation of leveraged positions. Despite the setback, Bitcoin recovered nearly 5%. Investors are optimistic about surpassing the all-time high of $68,900 before the halving event in 52 days, but caution is advised due to the risk of correction from excessive leverage and market uncertainties. Read more
Apple Ends Quest to Build Its Own Electric Vehicle
Apple has decided to terminate its electric car project. The technology giant's ambitious plan to enter the electric vehicle market, which had been in development for several years, has been abandoned. The article discusses the reasons behind Apple's decision, highlighting challenges faced during the development process and the competitive landscape of the electric car industry. The move signifies a strategic shift for Apple and prompts reflection on the future direction of the company in the rapidly evolving automotive sector. Read more
January PCE Core Numbers Rise in Another Downbeat Inflation Report
The January Personal Consumption Expenditures (PCE) price index met expectations by rising 0.4% monthly and 2.8% annually. Personal income surpassed forecasts, increasing by 1%, while spending decreased slightly. Initial jobless claims rose slightly, indicating ongoing stability in the job market. The Federal Reserve's inflation measure also rose as expected, with both headline and core measures exceeding the 2% target. Market reactions remained subdued, but uncertainties persist regarding monetary policy and interest rates amid inflation concerns and consumer savings behavior. Read more
TradeUP TIDBITS
With Mortgage Rates Remaining High, Renting Is Less Expensive Than Buying
“Stability is clearly an advantage to a homeowner, but the cost and the down payment can make it unaffordable. There are renters who are simply discouraged from saving because it has become so difficult in some markets to become a homeowner.”
—Susan M. Wachter, a professor of real estate and finance at The Wharton School of the University of Pennsylvania Read the Full Article
INVESTOR TIPS
Personal Consumption Expenditures (PCE) Price Index
The PCE price index, released each month in the Personal Income and Outlays report, reflects changes in the prices of goods and services purchased by consumers in the United States. Quarterly and annual data are included in the GDP release.
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