Market News Today: PCE Data, Earnings Reports to Shape Economic Policies

PCE Inflation Data in Focus as Nvidia Hosts Shareholder Meeting

Investors await the Personal Consumption Expenditures (PCE) index on Friday, hoping for signs of easing inflation that might prompt the Federal Reserve to cut interest rates. This week’s corporate updates feature Nvidia’s shareholder meeting, Micron Technology’s earnings, and reports from Nike, FedEx, and Walgreens. These events provide insights into inflation trends and the AI market, with significant implications for market sentiment and future economic policies.

EU Says Apple Breaches New Tech Rules, Opens Further Probe

EU regulators found Apple in violation of the Digital Markets Act (DMA) for restricting App Store developers from directing users to alternative purchasing channels. The European Commission also initiated a new investigation into Apple’s contractual terms with developers. The DMA, implemented to limit Big Tech’s power, prohibits blocking businesses from informing users about cheaper options outside of app stores. Apple’s steering system is criticized for imposing excessive restrictions and fees on developers.

Stock Futures Mixed as Market Nears Record Highs

Stock futures were mixed Monday as the market nears the end of June and the first half of 2024 at near record highs. The S&P 500 hit an intraday record last Thursday, gaining 0.6% for its eighth positive week in nine. Nvidia, a market heavyweight, saw a 4% drop last week after back-to-back declines over 3%. Analysts caution that Nvidia’s rapid rise may face hurdles, despite strong fundamentals. AI enthusiasm continues to drive market gains this year.

Gold Edges Up, Oil Prices Dip Amid Stronger Dollar

Gold prices rose 0.2% on Monday, reaching $2,325.53 per ounce, as falling Treasury yields made bullion more attractive. Investors await U.S. inflation data and Federal Reserve comments for rate cut signals. Meanwhile, oil prices fell for a second session, with Brent crude down 0.5% to $84.84 per barrel and West Texas Intermediate crude down 0.5% to $80.34. A stronger dollar pressured commodities, although last week saw gains due to rising U.S. demand and geopolitical tensions.

Major Cryptos Slide as Bitcoin Drops 3%, $150M in Longs Liquidated

Major cryptocurrencies fell up to 7.5% in 24 hours, with Bitcoin dropping 3%, leading to over $150 million in liquidated bullish bets. Ether, Cardano’s ADA, and BNB also experienced losses, while Solana’s SOL dropped 7%. Dogecoin and Shiba Inu fell nearly 5%. The CoinDesk 20 index fell over 4%. Contributing factors included large Bitcoin miner sales and the German government’s movement of substantial BTC amounts to exchanges, causing market jitters.