Market Turmoil: Bitcoin Dips Below $90,000 as Investors Await Fed's Direction

Market Overview

Signs of a waning Trump-led rally became apparent as investors assessed the economic outlook ahead of Fed Chair Jerome Powell's speech in Dallas at 3 p.m. ET. The inflation data released over the last two days presented mixed signals: while consumer prices met expectations, producer prices slightly exceeded forecasts, indicating a year-over-year increase in October.

Despite these inflation reports, market confidence seems unshaken, with an 80% likelihood of a December rate cut being priced in. By midday, major indices on Wall Street were in the red, with the S&P 500 down 0.3% and small-cap stocks trailing behind large-caps.

The U.S. dollar index saw a slight increase of 0.1%, even as Treasury yields fell. Bonds outperformed equities, with the iShares 20+ Year Treasury Bond ETF climbing 1.2%. In commodities, gold edged down 0.2%, while oil rose 0.2%. Notably, Bitcoin experienced a 1.8% drop, stalling its recent rally.

Thursday’s Performance In Major US Indices, ETFs

| Major Indices | Price | Chg % (1 day) | |---------------------------|------------|----------------| | Dow Jones | 43,884.60 | -0.2% | | Nasdaq 100 | 20,986.66 | -0.2% | | S&P 500 | 5,969.78 | -0.3% | | Russell 2000 | 2,345.60 | -1.0% |

Updated at 12:55 p.m. ET

According to Benzinga Pro data:

• The SPDR S&P 500 ETF Trust (SPY) fell 0.3% to $595.18.
• The SPDR Dow Jones Industrial Average (DIA) eased 0.2% to $438.76.
• The tech-heavy Invesco QQQ Trust Series (QQQ) slipped 0.4% to $510.28.
• The iShares Russell 2000 ETF (IWM) tumbled 1% to $232.71.
• The Consumer Staples Select Sector SPDR Fund (XLP) outperformed with a rise of 0.2%, while the Industrials Select Sector SPDR Fund (XLI) lagged, down 1.5%.

Thursday’s Stock Movers

• Walt Disney Co. (DIS) rose 7% after reporting better-than-expected quarterly results.

Other stocks responding to earnings reports included:

• Cisco Systems Inc (CSCO), down over 2%.
• Brookfield Corp. (BN), up 0.9%.
• Talen Energy Corp. (TLN), up 0.9%.
• Nu Holdings Ltd. (NU), down 7.5%.
• Tetra Tech Inc. (TTEK), down over 10%.
• StandardAero Inc. (SARO), down 5.5%.

Companies expected to report their earnings after Thursday’s close include Applied Materials Inc (AMAT), Globant S.A. (GLOB), AST SpaceMobile Inc (ASTS), and Post Holdings Inc (POST).

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