US Stocks Soar as Wall Street Eyes Inflation Data: Potential Impact on Bitcoin (BTC) and Ethereum (ETH)

• US stocks experienced a rise on Monday, following last week’s gains, as investors eagerly await the release of inflation data this week.
• The Consumer Price Index (CPI) inflation data is set to be released on Wednesday, alongside US retail sales data.
• Both inflation and retail sales data have significant potential to influence the Federal Reserve’s monetary policy.

US stocks rise in anticipation of inflation data and retail sales figures, which could potentially influence the Federal Reserve’s monetary policy.

US Stocks on the Rise

On Monday, US stocks saw an increase, continuing the upward trend from last week. Investors are keenly awaiting the release of this week’s inflation data. The Dow Jones Industrial Average rose 47.17 points or 0.12 per cent, to 39,560.01, the S&P 500 gained 2.90 points, or 0.06 per cent, to 5,225.58 and the Nasdaq Composite gained 42.66 points, or 0.26 per cent, to 16,383.53.

Anticipation for Inflation and Retail Sales Data

The Consumer Price Index (CPI) inflation data is due to be released on Wednesday. On the same day, the US retail sales data will also be made public. Both sets of data have the potential to significantly influence the Federal Reserve’s monetary policy. The yield on the 10-year Treasury slipped to 4.46 per cent from 4.50 per cent late on Friday.

Stock Movements and Developments

Shares of videogame retailer GameStop soared 65 per cent after “Roaring Kitty”, a former marketer at an insurance firm credited with sparking the 2021 meme stock rally, returned to X.com after a three-year hiatus. Shares of Alphabet dropped 1.5 per cent as Microsoft-backed OpenAI is set to announce its artificial intelligence (AI)-powered search product later in the day. Apple stock gained 1.6 per cent after a report on Friday said the tech giant had closed in on an agreement with ChatGPT-maker OpenAI to use the startup’s technology on the iPhone. SoftBank Group-backed Arm Holdings climbed 5 per cent after Nikkei Asia reported that the chip designer is planning to develop AI chips and could launch the first products in 2025.

Crude Oil and Bullion

Oil prices edged higher on Monday on signs that the US Federal Reserve is likely to keep interest rates higher for longer. Brent crude futures were up 55 cents at $83.34 a barrel. US West Texas Intermediate crude futures rose 62 cents to $78.88. Gold prices fell on Monday as investors awaited key US inflation data. Spot gold was down 0.7 per cent at $2,344.53 per ounce. US gold futures lost about 1 per cent to $2,350.80. Spot silver gained 0.4 per cent to $28.27 per ounce.

Conclusion

As investors await the release of key US inflation data and retail sales figures, the stock market has seen significant movements. The data could potentially influence the Federal Reserve’s monetary policy, leading to further shifts in the market. Investors will be keeping a close eye on these developments in the coming days.