Summary:
Dow Jones hits record high as inflation lowers.
Apple projected to derive 96% of its revenue from iPhone sales by 2025.
Shiba Inu surges 29% on stablecoin news, exciting the community.
Peter Schiff critiques Bitcoin for underperforming against gold since November 2021.
Market Overview
Benzinga analyzed the latest trends in the stock market, including Bitcoin and Shiba Inu, amidst a backdrop of economic changes. The Dow Jones Industrial Average reached a record high last Friday, indicating that investors are optimistic about the ongoing efforts to reduce inflation. Wall Street has seen three consecutive weeks of gains, with the S&P 500 and Nasdaq also posting significant increases.
Economic Indicators
The personal consumption expenditures index, the Federal Reserve's preferred measure of inflation, rose by 2.2% in August compared to the previous year, which was below economists' expectations. This comes after the Federal Reserve's recent 0.5% interest rate cut, the first in over four years.
Highlights of the Week
The Bulls
- Apple Inc. is projected to generate 96% of its 2025 revenue from iPhone sales, making it a safer investment compared to AI-focused companies like Amazon and Microsoft.
- Shiba Inu experienced a 29% surge following updates about the upcoming SHI stablecoin, crucial for the Shibarium ecosystem, as teased by lead developer Shytoshi Kusama.
The Bears
- Peter Schiff expressed concerns about Bitcoin's 35% decline compared to gold since November 2021, questioning the commitment of Bitcoin investors amidst significant media attention.
For more insights, Benzinga continues to track the most popular stocks and cryptocurrencies among investors, providing a comprehensive overview of the market's bullish and bearish sentiments.
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