Dive into the latest highlights: Bitcoin soared past $93,000, marking a historic milestone; Amazon's stock hit a new high amid the launch of its budget-friendly e-commerce platform; and U.S. equities slid as Federal Reserve Chair Jerome Powell signaled caution on rate cuts. Plus, gold prices dipped to a two-month low under pressure from a stronger dollar.
Stay informed and explore the key market movements of the week!
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*It is important to remember to assess your financial situation and risk tolerance, before engaging in copy trading. Past performance and forecast are not reliable indicators of future results.
Stocks Slide as Powell Signals Caution on Rate Cuts
US stocks retreated as the post-election rally lost steam, with investors digesting cautious remarks from Federal Reserve Chair Jerome Powell. In a speech, Powell emphasized that the central bank is not in a hurry to lower interest rates, prompting a sell-off.
The Dow Jones Industrial Average ($US30) dropped 0.5%, shedding over 200 points, while the S&P 500 ($SPX500) fell 0.6%. The Nasdaq Composite ($NAS100) slipped 0.7%, extending declines after a mixed performance in the prior session.
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Amazon Stock Hits New High as Tech Giant Launches Temu Competitor
Amazon ($AMZN) stock is building on its postelection rally by notching another record high Wednesday and gaining further early Thursday. Shares of the tech giant are rallying as Amazon launched a discount-focused e-commerce service, an answer from the company to the rapid rise of PDD Holdings' Temu.
The newly minted Amazon Haul will offer a range of products that the company says will all be priced under $20, with more than half selling for under $10.
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Gold Slumps to 2-Month Low as Dollar Marches on
Gold prices ($XAUUSD) were subdued after hitting a two-month low, pressured by a strong dollar rally, though traders have not lost confidence in a December rate cut following the latest U.S. economic data.
Spot gold fell 0.1% to $2,570.05 per ounce, touching its lowest level since Sept. 12. U.S. gold futures settled 0.5% lower at $2,572.90.
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Bitcoin's Price Run Continues as it Rises Above $93,000
The post-election Bitcoin price ($BTCUSD) run has shown no signs of slowing down, as the world's largest crypto asset recently traded above $93,000 for the first time in its history.
Bitcoin, which was trading below $70,000 on election night, has more than doubled in price in 2024 following the launch of spot bitcoin exchange-traded funds (ETFs) in January.
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This concludes our weekly recap. Have a great weekend and see you next week! 👋
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