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NASDAQ gains ahead of big tech testimony

NASDAQ Falls as Inflation Expectation Rises, Oil Prices Climb to 6-Week High & Walmart Denies Adoption of Litecoin

NASDAQ lower as U.S. inflation expectation rises

The tech-centric NASDAQ was trading lower to start the week, as data revealed that consumers inflation expectations had risen.

Figures from the New York Fed showed that inflation expectations for the next year rose to 5.2% last month, which is the highest in 8-years.

Inflation expectations have now risen for ten consecutive months, with the Federal Reserve maintaining its policy stance.

OPEC can influence world oil supplies and prices
The Organization of the Petroleum Exporting Countries (OPEC) can have a significant influence on oil prices by setting production targets for its members. OPEC includes countries with some of the world’s largest oil reserves. As of the end of 2018, OPEC members controlled about 72% of total world proved oil reserves, and in 2018, they accounted for 41% of total world crude oil production.

This comes despite long-term inflation expectations well above their 2% target, with the Fed anticipating rates will begin to stabilize in upcoming months.

As of writing, the NASDAQ was trading 0.28% lower, with GBPUSD mostly unchanged in today’s session.

Oil prices climb to 6-week high

On Monday, oil prices raced to their highest level in over 6-weeks as concerns over the supply of U.S. oil continued to impact the sector.

The cost of Crude has been surging in recent weeks, in the aftermath of Hurricane Ida, and the anticipation of further upcoming storms that could impact several pipelines in Texas.

WTI crude hit an intraday high of $70.97 in today’s session, a level it hasn’t traded at since August 4th.

OPEC Oil demand forecast for 2022
In its closely watched monthly market report, OPEC raised its forecast for global oil demand for 2022 by just under a million barrels a day to 100.8 million barrels a day, higher than 2019’s demand level of 100.3 million barrels

All of this comes despite OPEC recently revising its 2021 demand forecast, expecting the recent surge in the Delta variant to lower the appetite for oil.

Many now expect that the price of WTI could be heading to its long-term resistance level of $77 per barrel.

Litecoin down after Walmart rumour rebuffed

Litecoin plummeted after Walmart denied claims that it would soon accept the cryptocurrency.

Over the weekend, it had been rumored that Walmart was on the verge of agreeing to accept LTC for in-store transactions, leading LTCUSD to climb by as much as 25% on the news.

Crypto currency adoption
Recently more and more talks have ignited about cryptocurrency adoption after El Salvador adopted Bitcoin as legal tender.

The rumours were initially published by reputable news site, “GlobeNewsWire”, however the company moved to quickly remove the post once Walmart rejected the claims.

Prices of LTCUSD hit an intraday high of $236.12, however have fallen to $171.03 since.

Quote of the day – “The stock market is filled with individuals who know the price of everything, but the value of nothing.”

– Phillip Fisher

Eliman Dambell

Senior Market Analyst

 

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