S&P 500 Slides, Walmart Earnings & Powell Speech Watch

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[
  {
    "time": "1 hr 33 min ago",
    "title": "Bitcoin Trades Lower as Traders Await Powell's Speech",
    "content": "bitcoin traded lower Thursday as investors awaited Federal Reserve chair Jerome Powell's speech at Jackson Hole, Wyoming. bitcoin was down 1.3% to $26,170. A week ago, the cryptocurrency briefly dipped below $25,500 after Elon Musk's SpaceX sold off its bitcoin holdings. Traders are pricing in a roughly 72% chance of the Fed lowering its target rate by a quarter of a percentage point, per CME FedWatch. Ned Davis Research analysts Philippe Mouls and Pat Tschosik are "still bullish" on bitcoin. "Typically, bitcoin has a major run-up or 'blow off top' before every major decline. We have not had that yet, however, which leads us to believe the current 'secular bull' for bitcoin is not yet over." That said, they're keeping an eye on Coinbase crypto trading volumes skewing to other crypto - at 55%, non-bitcoin assets have the highest share on the platform since the fourth quarter of 2021. The other factor making the analysts "nervous": The world's largest crypto hasn't experienced a 50% drawdown for 661 days, roughly two months away from breaking its record of 738 days. If bitcoin prices bounce in the short-term, stocks may soon follow. Fundstrat's Tom Lee said on social media Wednesday: "Crypto $BTC and $ETH are leading indicators to equities. Both bottomed yesterday evening = stocks bottom by Friday." -Crystal Kim"
  },
  {
    "time": "12 hr 33 min ago",
    "title": "How Might Stocks React to Powell's Speech?",
    "content": "Wall Street was on edge Thursday as investors awaited what is bound to be a pivotal policy speech from federal Reserve Chair Jerome Powell. Traders are positioning themselves accordingly. Options pricing suggests investors expect the S&P 500 to move about 0.8% in either direction through the end of this week. That's nearly twice the S&P 500's average daily move over the past month. At last year's jackson Hole, Powell declared the Fed was ready to begin cutting interest rates more than a year after policymakers hiked rates for the 11th and final time in their post-pandemic policy tightening campaign. "The time has come for policy to adjust," Powell said. "With an appropriate dialing back of policy restraint,there is good reason to think that the economy will get back to 2 percent inflation while maintaining a strong labor market." It was the news Wall Street was hoping for. The S&P 500 jumped more than 1% to trade just shy of an all-time high. Though for investors last year, seeing was believing; it wasn't until mid-September, when the Fed cut rates for the first time, that the index finally broke its previous record. Evercore ISI analysts warned in a note on Sunday that Powell's speech could deliver stocks a rough patch if Wall Street finds his comments inadequately dovish."For a market that was eager to embrace '50 in Sept', a balanced view could catalyze a near term -7% to -15% pullback into October," the analysts wrote, referring to recent speculation that the fed could make a jumbo, 50 basis point (bps) cut next month. Deutsche Bank economists are also worried about Wall Street's high hopes. In a note earlier this week, they expressed concern that Powell's comments, which they expect to be "more balanced" than his last statement in July, "could create uncertainty about September cut prospects, at least relative to current elevated pricing." But expectations and stock prices have moderated in recent days.The S&P 500 fell in each of the last four sessions. If the index declines on Thursday, it will mark its longest losing streak this year. And in the last week, traders have become less confident of any rate cut, let alone a jumbo one, in september. Federal funds futures trading data put the odds of a 25 bps cut at about 72% on Thursday, down from 92% a week ago, according to CME Group's FedWatch Tool -Colin Laidley"
  },
  {
    "time": "16 hr 13 min ago",
    "title": "Boeing in Talks to Sell 500 Planes to China, Report Says",
    "content": "Boeing (BA) is reportedly in discussions to sell as many as 500 jets to China in what would be a breakthrough for the aircraft manufacturing giant. Bloomberg News, which reported the news, said that the two sides are still working out the details, including the number and kinds of aircraft included. However, Chinese officials have already begun asking domestic airlines how many planes they want, the report said. Boeing has only made a handful of sales to Chinese carriers over the past few years. The sale would be a key element of a potential trade deal that has been in the works between the Trump governance and Beijing. Bloomberg said the talks have been under way for years, and the countries were close to an agreement when then-President Joe Biden met with Chinese leader Xi Jinping in San Francisco in 2023. Boeing shares were little changed in recent trading. The stock has gained 27% as the start of the year, making it the second-biggest gainer in the Dow Jones Industrial Average, trailing only AI chips giant Nvidia (NVDA) slightly. -Bill McColl"
  },
  {
    "time": "17 hr 3 min ago",
    "title": "HP Enterprise Rises as morgan Stanley Upgrades Amid AI Boom",
    "content": "Hewlett Packard Enterprise (HPE) shares advanced Thursday on an upgrade by Morgan stanley, which sees increased corporate spending on the computer processing hardware maker's artificial intelligence and other products."
  }
]