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Stocks down, Fed telegraphs rate hike, Gas prices soaring nationwide, Bitcoin surge elevating entire crypto market, Adani slams US short-seller group as stock value plummets by $70 billion.
Stocks futures were down on Monday as investors are anticipating continued rate hikes from the Federal Reserve.
As of 8:30 AM ET on Monday, the Dow Jones industrial futures were down 188 points or 0.55%, while S&P futures fell 32.75 points or 0.80%, while NASDAQ futures tumbled 128.25 points or -1.05%, Yahoo Finance reported.
The benchmark US 10-Year Treasury note was up +0.056 to yield at 3.57% as of 8:32 AM ET. The 2-Year Treasury was up +0052 to yield at 4.259%.
In oil futures, WTI Crude was down -0.41% at $79.35 a barrel, while Brent Crude was down minus symbol 0.39% at $86.32 a barrel as of 835 ET.
Comments by the Federal Reserve have telegraphed its forthcoming policy decision this week on rate hikes, with investors anticipating a continued but less steep rise with a quarter-of-a-percentage-point increase in their benchmark interest rate coming, Yahoo reports. If this occurs, it will be the smallest increase since the Fed started the current cycle 10 months ago.
Inflation cooled slightly in December, however, gas prices have steadily been increasing with the national average surging nearly 40 cents in the last month. As of January 30, 2023, the national average for one gallon of regular unleaded gasoline was $3.508, up from $3.179 a month earlier and $3.423 a week earlier, according to AAA.
Gas prices traditionally decline during winter, as demand drops with fewer drivers on the roads. However, with an unusually mild weather season, demand has been higher, putting a further strain on supply, NBC reported.
Bitcoin is poised for a historic performance in January, its best January performance since 2013 and its strongest month since the end of 2020, Yahoo reported. The largest token is up 40 percent since the beginning of the year, and its rise has elevated the entire crypto market which has seen a $280 billion climb for all digital assets overall.
The Adani Group is accusing a US investment firm of launching “a calculated attack” on India by publishing a report alleging widespread fraud, which has seen the group stock plummet by $70 million in value since the short seller firm Hindenburg report’s release, CNN reported. The personal wealth of its founder and chairman Gautam Adani has fallen $27.9 billion in the year to date, CNBC reported.
