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The NASDAQ vuilding, nasdaq and S&P 500 reached record highs as GDP data came in

NASDAQ Reaches a New High, JP Morgan Releases Earnings Reports & Bitcoin Falls

NASDAQ record new high on inflation data

The NASDAQ index rallied to a new high on Tuesday as consumer prices in the United States raced to their highest levels in 13 years.

Figures from the Labor Department showed that its consumer price index rose by 0.9% in June, which was the largest gain since June 2008.

Today’s reading comes after the CPI rose by 0.6% in May, and as markets anticipated last month’s report to show a 0.5% increase.

Motor vehicles contributed the most to the rise, with used car prices accelerating 10.5%, which was the biggest jump since the inception of the series.

As of writing the NASDAQ was trading 0.11% lower, retreating from earlier highs.

JP Morgan profits beat expectations

Earnings season officially kicked off this week, with JP Morgan today reporting its Q2 2021 earnings.

The “too-big-to-fail” bank announced that profits were up 155% on the same period last year, as the U.S. economy re-opened.

Overall, profits came in at $11.9 billion, or $3.78 per share, in Q2, which was an increase from $4.7 billion, or $1.38 per share, a year earlier.

Revenue also beat expectations, coming in at $31.4 billion versus the $29.9 billion estimate.

On the earnings call, the bank’s CEO Jamie Dimon stated that, “My God, the company is doing quite fine, our bankers, our traders, our credit card, our debit card, our merchant services, our auto business, our digital, it’s doing pretty good”.

Despite this, $JPM was down 1.66% as of writing.

Bitcoin falls as UK seizes $408 million in Cryptocurrency

Bitcoin prices traded lower in today’s session as it was reported that British police had seized $408 million worth of cryptocurrency.

Reports claimed that the seizure came as part of a police investigation into money laundering, as organized crime groups moved into cryptocurrencies.

A detective on the case stated that, “While cash still remains king in the criminal world, as digital platforms develop, we’re increasingly seeing organized criminals using cryptocurrency to launder their dirty money”.

BTCUSD fell to an intraday low of $32,329, whilst Ethereum also traded lower, dropping to as low as $1,964.

Quote of the day – “The secret to being successful from a trading perspective is to have an indefatigable and an undying and unquenchable thirst for information and knowledge.”

– Paul Tudor Jones

Eliman Dambell

Senior Market Analyst
edambell@tvmarkets.com

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