US stock futures opened flat on Thursday night, while the S&P 500 continues to inch toward records amid inflation data expectations.
Stock Market and Inflation Data Expectations
The S&P 500 rose 0.8% for the day, closing at 6,141.02, just shy of the intraday record of 6,147.43 set in February. The Dow Jones gained 0.9%, and the Nasdaq Composite climbed nearly 1%. Dow Jones Industrial Average futures added 33 points in after-hours trading, a 0.1% increase. This cautious positioning comes ahead of key inflation data scheduled for Friday morning. It’s expected to show a monthly rise of 0.1% and a year-over-year jump of 2.3%.
Bitcoin Trapped in Tight Range
Bitcoin's price has remained trapped in a range between $102,000 and $112,000 since May 9. Despite a significant influx of institutional interest, Bitcoin has not seen a robust rally, rising only 2% amidst $3.5 billion in inflows to Bitcoin ETFs this month alone.
Influence of Major Players in the Crypto Market
The largest players in the crypto market are still whales and megawhales, but they have been net sellers since the start of the year. Retail wallets are also offloading, while dolphins are stepping in to absorb the pressure. The balance remains fragile as significant Bitcoin reserves are still in the hands of Chinese miners, which could affect future price movements.
With uncertainties surrounding inflation and geopolitical risks, stock markets continue to rise while Bitcoin and cryptocurrencies face pressure from major players.
