tl;dr
The U.S. Consumer Price Index (CPI) was flat in May, beating economist forecasts for a 0.1% rise and down from 0.3% in April. On a year-over-year basis, CPI was up 3.3%, compared to analyst forecasts and the previous month's reading at 3.4%. The core CPI, which excludes food and energy costs, rose 0...
The U.S. Consumer Price Index (CPI) was flat in May, beating economist forecasts for a 0.1% rise and down from 0.3% in April. On a year-over-year basis, CPI was up 3.3%, compared to analyst forecasts and the previous month's reading at 3.4%. The core CPI, which excludes food and energy costs, rose 0.2% in May, better than forecasts for a 0.3% rise and versus 0.3% in April. Year-over-year, core CPI rose 3.4% against expectations for 3.5% and April's 3.6%.
Bitcoin (BTC) welcomed the soft inflation read, jumping to $69,400, up nearly 4% over the past 24 hours. After inflation readings rapidly fell in 2022 and 2023 as the Federal Reserve jacked up interest rates, the trend stalled in the previous months at stubbornly higher levels than policymakers' 2% target, pouring cold water on market participants' expectations of rate cuts. Early this year, traders anticipated five or six 25 basis points (bps) cuts in 2024 by the end of December, which shrunk to one or two before today's CPI report with the first cut not happening until September, the CME FedWatch Tool showed.
Crypto prices have been "highly sensitive" to U.S. economic data recently, K33 Research noted in a report earlier this week. The recent hotter inflation figures and resulting diminished hopes for rate cuts propelled bitcoin's tumble from all-time high prices above $73,000 in March to below $57,000 in May. Traders anticipate that looser monetary conditions will fuel the crypto rally's next leg to record prices.
Contrasting the U.S. expectations, several key central banks globally have already started to lower benchmark rates with the European Central Bank and Bank of Canada cutting rates last week, which helped to propel the U.S. dollar index (DXY) to a one-month high. Investors will also watch closely the Fed's "dot plot" to be released later today of the Federal Market Open Committee members' interest rate projection, which could move asset prices.
More about C3 Ai Inc
Stock Market Analysis: C3 Ai Inc (C3)
C3 Ai Inc (C3) operates in the Technology, Services-Prepackaged Software sector with a market cap of 3.87 billion. The stock has shown a -2.34% change in price, closing at 29.35.
The Relative Strength Index (RSI) stands at 2.602, indicating a neutral position. The stock is currently below the 200-day moving average of -0.901.
The trading volume for C3 was 310,582,000, with a beta of 0.196.
Overall, C3 Ai Inc's stock is showing signs of potential stability with neutral RSI and a position below the 200-day moving average. However, the negative price change should be considered in the context of the overall market trend.
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Stock: Core Scientific Inc. Common Stock
Description: Core Scientific, Inc. provides blockchain and artificial intelligence (AI) infrastructure services in the United States. The company is headquartered in Austin, Texas.
Sector: Technology
Industry: Services-Computer Processing & Data Preparation
Market Cap: 542,047,000
Dividend Yield: None
EPS: 1.323
P/E Ratio: -0.491
Volume: 502,400,000
Current Price: 6.75
52-week High: 0
52-week Low: 0.171
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Stock Analysis: Hut 8 Corp. Common Stock Summary of Technical Analysis
Hut 8 Corp. Common Stock
Sector: FINANCE
Industry: FINANCE SERVICES
Volume: 157,304,000
Current Price: $15.11
52-Week Range: $5.56 - $15.11
Support Level: $2.307
Resistance Level: $2.499
Change: -0.79
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Stock Market Analysis: Iris Energy Ltd Stock Market Analysis: Iris Energy Ltd
Sector: TECHNOLOGY, SERVICES-COMPUTER PROCESSING & DATA PREPARATION
Revenue: 1810312000
Profit Margin: -0.06
Earnings per Share (EPS): 2.179
Return on Equity (ROE): -0.0532
Volume: 165535000
Dividend Yield: 12
P/E Ratio: 0
Market Cap: 3.798
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Li Auto Inc. Stock Analysis Summary
Li Auto Inc. designs, develops, manufactures, and sells smart electric sport utility vehicles (SUVs) in China. The company is headquartered in Beijing, China.
Industry: Manufacturing, Motor Vehicles & Passenger Car Bodies
Market Cap: 207.91B
Current Price: $12.64
Dividend Yield: None
P/E Ratio: 1.51
52-Week Range: $87.00 - $132.36
RSI (14): 0.087
Volume: 130,697,937
EPS: $37.91
Change from 50-Day Moving Average: -0.378
Change from 200-Day Moving Average: 0.364