Skip to content Skip to footer

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

Contents

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

Tradeview Ltd. is not a portfolio manager or an investment advisor. This Market Report is for informational purposes only. Any statements made or opinions voiced in this Market Report do not constitute investment advice. The Tradeview Ltd. Market Report does not constitute a solicitation to buy or sell in the financial markets. Although the information contained in the Market Report comes from trusted sources, Tradeview Ltd. is not responsible for guaranteeing the accuracy, timeliness, completeness, or fitness of such sources. Tradeview Ltd. shall not be responsible for and disclaims all liability for any losses which may be suffered from access and use of the contents of the Tradeview Ltd. Market Report. Trading any financial instrument on margin, using leverage or otherwise involves considerable risk. Therefore, before deciding to participate in any style of trading, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consulting with your investment counselor, attorney, accountant or other professional upon whom you rely for guidance as to the appropriateness of an investment in any style of trading is recommended.

Tradeview Ltd.

Is licensed to carry on securities investment business and is regulated by the Cayman Islands Monetary Authority (CIMA) as a full securities broker-dealer. Tradeview conducts business pursuant to the Cayman Islands Securities Investment Business Law (SIBL) and its activities fall under the direct supervision of the Investments and Securities Division of CIMA.
Headquarters: 4th Floor Harbour Place 103 South Church St, Georgetown, Grand Cayman, Cayman Islands KY1-1002, BWI.
Website: www.tradeviewforex.com

TVM Global Ltd.

Is licensed and regulated by the Labuan Financial Services Authority (FSA) as a Money Broker, registration number LL15870 licensed to facilitate transactions in foreign exchange pursuant to Labuan Financial Services and Securities Act 2010, the Labuan Companies Act 1990 and the Labuan Business Activity Tax Act 1990.
Headquarters: International Business Financial Centre at Office 5, Jamie Business Center I, Unit F10, First Floor, Paragon Labuan, Jalan Mustapha, 87000 Labuan F.T.
Website: www.tvmgloballtd.com

Tradeview Europe Ltd.

Is licensed as a Category 2 Investment Service Company and is regulated by the Malta Financial Services Authority (MFSA). The Malta Financial Services Authority (MFSA) is the single regulator for financial services in Malta. MFSA is a fully autonomous public institution and reports to Parliament on an annual basis. The MFSA is a member of the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and the International Organization of Securities Commissions (IOSCO) and is a signatory of the Multilateral Memorandum of Understanding with other European regulatory Institutions. Tradeview is authorized to provide financial services across multiple asset classes and is passported in the EU/EEA under MiFID II (EU Markets in Financial Instruments Directive).
Headquarters: 157 Archbishops Street, Valletta VLT Malta 1440.
Website: www.tradeview.eu

Tradeview Financial Markets S.A.C.

Is authorized to conduct business pursuant to and in compliance with the General Law of Companies (LGS) promulgated by the government of Peru. Tradeview Financial Markets S.A.C is registered with the National Superintendence of Public Registries (SUNARP), company number 13089531. Tradeview Financial Markets S.A.C provides financial services in selected OTC derivative markets in compliance with all applicable government regulations.
Headquarters: Los Mirtos 239 Urb. San Eugenio, Lince, Lima, Perú.
Website: www.tradeviewlatam.com