Hackers successfully infiltrated the Securities and Exchange Commission’s X (formerly Twitter) account on Tuesday night. The crypto promotion is an embarrassment for the SEC that takes the shine away from the eventual spot ETF Bitcoin approval.
Besides BTC-USD prices, look for trading activity for Marathon Digital (MARA) and Coinbase (COIN) rising in pre-market trade.
Markets will turn its attention back on the economy this morning. The inflation report from the Bureau of Labor Statistics has an impact on the Federal Reserve’s interest rate policy. Banks like Bank of America (BAC) and Wells Fargo (WFC) are most sensitive to rate levels. Ahead of the report, banks are trading at 52-week highs. When Wells Fargo posts results on Friday, it has no room to disappoint investors. WFC stock could sell off on profit-taking, even if results exceed consensus estimates.
Companies that are imposing aggressive Job cuts will attract traders. Amazon (AMZN) is laying off hundreds of staff in its Studio and Prime Video units. Amazon’s Twitch unit is reportedly cutting 3% of its staff. Earlier this week, Unity Software (U), which sells a gaming platform subscription, cut one-quarter of its staff.
In the technology sector, CES 2024 in Las Vegas is wrapping up. This might mark the peak for Nvidia (NVDA) and AMD stock. Bears cannot bet against them as their valuations continue to soar. Chip sales for the artificial intelligence market are growing.