Yesterday’s CPI report confirmed a slight increase in inflation last month in the US. The headline figure fell in line with predictions at 2.7% annually while core inflation, which excludes food and energy prices, came just below expectations at 2.9%. The response in US indices was mixed, with the Dow Jones and S&P dropping 1% and 0.4% respectively. Meanwhile, Nvidia (NVDA) and Microsoft (MSFT) both notched new record high closes yesterday, pushing the Nasdaq Composite index to a record high of its own. Nvidia stock surged 4% following news that the company had been given the green light to resume selling chips to China after having previously been banned from doing so.
All three crypto-related bills failed to advance through the House of Representatives yesterday following procedural hurdles. While close, Tuesday’s vote was enough to block the Genius Act, Clarity Act and Anti-CBDC Act from moving forward. The result was an obvious blow to the crypto industry, but several hours later president Trump announced that the congressmen blocking the vote had agreed to change their position following a meeting in the Oval Office. A second vote could proceed as early as this morning. Crypto companies such as Coinbase (COIN) initially reacted poorly to the development but recouped much of the losses by the closing bell. Understandably, cryptocurrencies also took a sizeable hit but as with Coinbase, the sector still has hope that the new legislation will see the light of day sooner rather than later. Bitcoin pushed all the way to $123k on Monday but now rests at around $117k. Interestingly, the broader alt market suffered less than Bitcoin, resulting in a significant drop in Bitcoin dominance.
Tuesday saw a number of major US banks report their second quarter earnings, marking the unofficial start of earnings season. JPMorgan (JPM), Wells Fargo (WFC), Citigroup (C) and Blackrock (BLK) are already out, while Bank of America (BAC), Goldman Sachs (GS) and Morgan Stanley (MS) are set to report later today, as are Johnson & Johnson (JNJ) and ASML Holding (ASML). Taiwan Semiconductor Manufacturing Company (TSMC) and Netflix (NFLX) are among the heavy hitters on Thursday, while American Express (AXP) and 3M (MMM) report on Friday.
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