Modest movesU.S. markets rose Monday, with all three major indexes registering modest gains. Shares of Macy’s surged 19.44% on news the U.S. retailer had received a buyout offer of $5.8 billion. Europe’s Stoxx 600 index added 0.3%, led by media stocks’ increase of 1.2%, though mining stocks continued slumping and shed 0.9% yesterday. ‘Somebody has it wrong’Falling oil prices and rising gold prices signal an economic slowdown. On the other hand, better-than-expected U.S. jobs data and inflation figures point to an economy that remains strong with price increases moderating. But both scenarios can’t be true at the same time — so “somebody has it wrong here,” said David Neuhauser, CIO of Livermore Partners. Central bank super weekThis week’s stacked with central bank meetings. The U.S. Federal Reserve meets Wednesday, followed by a “Super Thursday” when the European Central Bank, Bank of England, Swiss National Bank and Norway’s Norges Bank will all meet. Analysts and investors mostly expect the Fed and the ECB to keep rates unchanged, but will keep an eye out for hints on when they might start cutting. Bitcoin’s volatility After bitcoin broke the $44,000 barrier last week for the first time since April 2022, the cryptocurrency fell around 6% to $41,147.25, hitting a low of $40,300 at one point during Sunday night. Ether, Solana’s SOL and Ripple’s XRP also dropped around 7%. Despite its recent slide, analysts expect bitcoin to have plenty of juice in the tank because a spot bitcoin exchange-traded fund seems to be on its way. [PRO] S&P breakout?On Friday, the S&P 500 hit 4,604.37, a new high for 2023. What’s more, according to one technical analyst, there’s a “very good chance” that the S&P will break past its resistance level. That means the broad-based index could start trending higher as more investors, convinced that the S&P’s riding a wave of positive momentum, jump in.
CNBC Daily Open: Another AI Gem – WorldNewsEra
