Last week, US stock markets surged significantly amid decreasing international tensions and increasing optimism for a potential rate cut by the Federal Reserve (Fed). Meanwhile, crypto markets have remained stable with minimal changes.
Economic Events from June 30 to July 4
Tuesday will be significant for economic indicators as the Manufacturing Purchasing Manager’s Index (PMI) for June is due, showing business conditions in the manufacturing sector and serving as a vital economic health indicator. Job openings data will also be released on Tuesday, reflecting labor market conditions. More labor market reports, including nonfarm payrolls and unemployment figures, will be released on Wednesday and Thursday, which are strong indicators of economic health.
Crypto Market Overview
Crypto markets remained flat over the weekend but gained significantly during early trading on Monday to reach a total capitalization of $3.46 trillion. Bitcoin reached a two-week high at $108,750 but faced resistance and fell back to $108,500. Ethereum also showed some movement, reaching its resistance level at $2,500 after a 2.8% gain. Altcoins largely showed minor gains, with Hyperliquid (HYPE) leading the pack with a 7.5% increase.
Consumer Inflation Prospects
The Fed’s preferred inflation gauge, core PCE, indicated that price increases accelerated in May, raising inflation concerns. Fed Chair Jerome Powell stated that he expects to see inflation pick up this summer but reiterated a 'wait and see' approach.
US stock markets are showing significant growth amid international events and internal economic indicators, while crypto assets remain stable. Investors will closely monitor forthcoming economic data as it may impact future market trends.
