NASDAQ, S&P 500 record new highs
The S&P 500 and NASDAQ raced to new highs to start the trading week, as markets prepared for upcoming economic events.
All three major U.S. indices ended last week in the red, with the USD also falling to an 18-month low against the EUR.
Markets however seem to be buoyed by the prospect that the Federal Reserve could set some new frameworks for the economy when they meet on Thursday.
The Fed will hold a virtual Jackson Hole meeting on Thursday into Friday, with many expecting this to be a turning point in the bank’s stance on its current monetary policy agenda.
As of writing the NASDAQ, S&P 500, and Dow Jones were all trading higher.
Bitcoin climbs above $50,000
On Monday, Bitcoin prices rose above $50,000 for the first time in over 3-months, as crypto markets extended last week’s bullish run.
BTCUSD hit an intraday high of $50,519 earlier in today’s session, which was the highest level it has traded at since May 15th.
This comes as PayPal recently announced that it will now allow its users to buy, sell cryptocurrencies on its platform, with a newly launched service.
Crypto markets across the board rallied on the news, taking the overall market cap to a size of $2.16 trillion, up from around $1.2 trillion in late July.
BTCUSD was trading at $49,562 as of writing.
Oil rallies, ending 7-day losing streak
Monday’s bullish sentiment was also felt in commodity markets, with oil prices climbing for the first time in a week.
WTI Crude rose by as much as 5% to start the week, after falling for 7 consecutive sessions.
Recent declines in oil prices have been attributed to the rapid spread of the Delta Variant of COVID-19, with some fearing potential new lockdown measures as a result.
Quote of the day -“The goal of a successful trader is to make the best trades. Money is secondary.”– Alexander Elder