Business News

Bitcoin (BTC) saw a brief but promising return to $17,500 overnight on Jan. 11 as newfound strength continued.

BTC/USD 1-Day Candlestick Chart (Bitstamp). Source: TradingView

Bitcoin fails to convince skeptical traders

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hit fresh local highs of $17,504 on Bitstamp.

Nearly retracing the December 16 high, the pair showed rare bullish momentum amid one of the lowest volatility levels ever seen during the holiday season.

Traders and analysts are expecting an erratic reaction to the upcoming macroeconomic data out of the United States. The Consumer Price Index (CPI) due Jan. 12 is expected to reinforce the narrative that inflation is slowing and provide a potential window of opportunity for risky assets.

Cast your vote now!

Nonetheless, many voices urged caution as signs of fundamental price support are still lacking.

Comments from Federal Reserve Chairman Jerome Powell had disappointed markets the previous day, avoiding mentioning future policy or the state of the economy itself.

“The real breakout or dump will come on Thursday when the CPI data is released,” said popular trader Johnny summarized on twitter.

A follow-up post warned via “bull tweeting as $BTC sits below higher timeframe resistance at $17,600,” with Johnny previously push Followers “not feeling the urge to FOMO, especially this week.”

“CPI this week could bring prices back to where they were last week,” he argued.

The conservative approach seemed symptomatic of the broader sense of apathy among market participants that day, with little belief that BTC could stage a sustained rally.

The past few weeks have seen persistently low price predictions, with some of the most prominent traders focusing on $12,000, $10,000 or even lower.

“Are we going into ‘disbelief’?”, queried Philip Swift, co-founder of the Decentrader trading platform.

A bearish sentiment remained firm when it came to Crypto’s Il Capo ignoring the recent recovery in Crypto to throb that there has been “not a single bullish confirmation yet.”

“Just look. It’s there, right before your eyes. The bearish trend is intact,” he commented alongside the 3-day BTC/USD chart.

“Bitcoin and most of the market are testing broken supports as resistances. We have seen that again and again.”

Annotated BTC/USD chart. Source: Il Capo from Crypto/ Twitter

Altcoin Volume “Very Concerning”

Equally dubious was the forecast for altcoins, with Ether (ETH) outperforming BTC as the rally began.

Related: 3-week highs in BTC price hail US CPI – 5 things to know in Bitcoin this week

ETH/USD is up nearly 17% on Jan. 10 from its mid-December lows of $1,150.

ETH/USD 1-day candlestick chart (Binance). Source: TradingView

Looking at the trading volume dominance, Maartunn, a contributor at on-chain analytics platform CryptoQuant, feared the worst.

“In the 6 years of crypto experience I noticed something important. Healthy and sustained price action starts with bitcoin surge followed by ethereum/altcoins,” he wrote in a blog post.

“When traders get bored with BTC, they typically start trading altcoins, which are generally further down the risk curve. This makes them very fragile and easy to squeeze.”

An accompanying chart showed altcoin volume dominance of over 50% of total volume, potentially serving as a sign of bulls.

“Today, altcoin dominance is back above 50%. Of course, it doesn’t have to be as hard as these examples. But be aware: if altcoins continue to dominate, there is a potential risk of further downside,” he added.

Altcoin Volume Dominance vs BTC/USD Annotated Chart. Source: CryptoQuant

The views, thoughts, and opinions expressed herein are solely those of the authors and do not necessarily reflect or represent the views and opinions of Cointelegraph.

US stock futures edged higher ahead of the open Wednesday as Wall Street counted down to a crucial inflation gauge and big bank gains later this week.

Futures linked to the S&P 500 (^GSPC) rose 0.3%, while futures linked to the Dow Jones Industrial Average (^DJI) gained 60 points, or 0.2%. Contracts on the tech-heavy Nasdaq Composite (^IXIC) were also up about 0.3%.

US Treasury yields edged higher compared to the previous session, with the benchmark 10-year bond falling below 3.6%. The US dollar index also fell.

Wells Fargo (WFC) was among companies to be watched in early trade after the megabank announced late Tuesday that it would scale back its home loan business. The move by Wells Fargo, once a leading mortgage lender, comes amid a housing market slowdown as sky-high interest rates dampen home purchases and refinancing deals. The share price has hardly changed.

Party City (PRTY) shares are up nearly 27% premarket after jumping 118% on Tuesday after Bloomberg News reported that the company has filed for funding for a possible Chapter 11 bankruptcy, with people with knowledge of the preparations were quoted.

Embattled retailer Bed Bath & Beyond (BBBY) also rose a week after announcing that the company was considering bankruptcy due to its financial woes. Meme stock is up 25% premarket after climbing more than 50% in the previous two sessions.

Coinbase (COIN) shares fell 4% premarket after Bank of America downgraded its ratings to underperform from neutral after the company announced Tuesday it would cut nearly 1,000 jobs as part of a restructuring plan.

A trader works on the trading floor of the New York Stock Exchange (NYSE) in New York City, U.S. January 5, 2023. Portal/Andrew Kelly

The drumbeat for the December consumer price index (CPI) on Thursday morning is getting louder. Economists expect headline CPI to have risen 6.5% year-on-year over the past month, Bloomberg consensus estimates show. If realized, the value would mark another slide lower from November’s 7.1% rise.

The report is likely to influence bets on whether the Federal Reserve will hike rates by 0.25% or 0.50% at the end of its next meeting on Feb. 1, while also providing clues as to how much higher rates in subsequent meetings likely to be raised.

The story goes on

The latest economic forecasts from the Fed’s December meeting showed officials expect its key federal funds rate to rise to 5.1% in 2023.

Several Federal Reserve officials, including San Francisco Fed Chair Mary Daly and Atlanta Federal Reserve Chair Raphael Bostic, have claimed this week that rates are likely to rise anywhere above 5%. And (JPM) CEO Jamie Dimon predicted rates could hit 6% in an interview with Fox Business Network that aired on Tuesday.

However, DataTrek’s Nicholas Colas points to a “pronounced dovish” bias in federal funds futures expectations since the start of 2023.

“Markets flatly ignored and decided Fed interest rates less than a month after they were released,” Colas wrote in a note. “Instead, futures – and by extension equity markets – expect the Fed to set rates within 25 to 50 basis points of where they are today at the end of the year.

—

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

Click here for the latest stock tickers from the Yahoo Finance platform

For the latest stock market news and in-depth analysis, including events moving stocks, click here

Read the latest financial and business news from Yahoo Finance

Download the Yahoo Finance app for Apple or Android

Follow Yahoo Finance on TwitterFacebook, Instagram, Flipboard, LinkedIn and YouTube

Zara, Next, H&M, Primark… Major international clothing brands have been accused of unfair practices towards their suppliers in Bangladesh, such as order cancellations, defaults or late payments, according to a study published on Wednesday.

This Transform Trade Association study, conducted alongside the University of Aberdeen and the Center for Global Development, examined 1,000 garment factories or producers in Bangladesh and found “unfair” practices that began during the COVID-19 pandemic, but were continued thereafter.

The manufacturers surveyed “reported that brands and retailers had canceled orders, refused payment or requested discounts on orders already in production or shipped,” despite rising production costs since economies reopened after lockdowns and rising inflation.

Among the big brands that produce in Bangladesh, Inditex (parent company of Zara), Next, Primark and H&M have canceled around 30% of their orders and also asked for price reductions or delays in payment. Gap, Walmart, C&A too, but in a smaller proportion, among many other examples.

“Such unfair practices impact suppliers’ employment practices, leading to (…) job losses and declining wages,” the report said.

“One in five factories in particular said they had difficulty paying the minimum wage since the end of lockdown in Bangladesh,” he adds, calling for the creation of a garment sector regulator in developed countries to put an end to these abusive purchasing practices.

The clothing industry is regularly accused of abusive wage or labor practices, including in developed countries like the UK.

Shannon Stapleton | Portal

Thousands of US flights were delayed Wednesday morning after the Federal Aviation Administration suffered an outage in the system that sends messages to pilots.

The FAA said on its website that domestic departures would be suspended until 9:30 a.m. ET. The agency said it is working to restore the Notice to Air Missions system. All flights currently in the air could be landed safely, said the agency.

The White House said Secretary of Transportation Pete Buttigieg notified President Joe Biden of the outage. “At this time there is no evidence of a cyberattack, but the President has directed the DOT to conduct a full investigation into the causes,” said White House press secretary Karine Jean-Pierre said in a tweet.

More than 3,500 U.S. flights were delayed as of 8:20 a.m. Wednesday, according to FlightAware. Once the ground stop is lifted, residual delays can take hours from backup.

“This technology issue is causing significant operational delays across the National Airspace System,” said Airlines for America, an industry group representing major U.S. airlines including Delta, American, United, Southwest and others.

Austin-Bergstrom International Airport in Texas said in a tweet that arriving and departing passengers can expect delays throughout the day.

The incident came just weeks after inclement weather during the busy holiday travel season led to mass flight disruptions across the U.S. and days later more than 15,000 Southwest Airlines flight cancellations after the airline backed away from all schedule changes.

Southwest is preparing to cancel flights Wednesday to avoid further disruption, Southwest Airlines Pilots Association president Casey Murray told CNBC.

Southwest shares were down about 1.5% in premarket trading on Wednesday. Shares of other major airlines were little changed.

This is breaking news. Please check again for updates.

All televors will tell you: when they come back from vacation, TV series writers have to grab viewers by the throat to convince them to stay tuned or risk losing them.

That’s what the writers of The Adventures of Super Fitzgibbon did yesterday.

They gave us an exciting episode rich in unexpected twists that kept us in suspense until the end.

We can’t wait to see what’s next!

What other Super Fitzgibbon enemies will he fight? The Immigration Minister? That of the language? The environment ?

If we trust the ending of yesterday’s episode that threw everyone out of their chairs, anything is possible!

THE COLLISION TITANS

A recap is in order for those who missed the latest episodes of this great series revolutionizing television in Quebec.

Thanks to a wave of the wand of François Legault, the CAQ’s Nick Fury, Super Fitzgibbon inherited several special powers that made him the most powerful god of Olympus.

But his respite was short-lived.

In fact, Wonder Brochu, the goddess of electricity, capable of sitting on four boards simultaneously while lecturing, refused to submit to her supreme authority!

“I’m the electricity fairy,” she said indignantly. I and I alone will decide how my powers are used! »

It will be remembered that Super Fitzgibbon asked Wonder Brochu to use his powers to help him attract foreign companies to Quebec. A request the Queen of Thunder and Lightning categorically refused, on the grounds that she wished to put her powers at the service of her subjects in Quebec, not at the service of foreign goncillionaires.

“Just because all the other gods of Olympus kneel before Super Fitzgibbon doesn’t mean I will,” Wonder Brochu said, gritting his teeth. It’s very bad to know me! »

At the end of the final episode of the 2022 season, the tension between the two was cut with a knife.

We felt it was all going to lead to a bloody confrontation.

Who would win?

WILL IT HAVE ITS OWN SERIES?

Yesterday a dramatic turn of events! Instead of fighting, Wonder Brochu has decided to give up and leave Olympus!

“It has nothing to do with the recent conflicts with Super Fitzgibbon, it has been implied. It was time she moved on…”

But don’t fool the public!

Will we see Wonder Brochu again in a series of his own at the start of the fall season? Most likely.

We whisper that the writers of the PLQ series, who no longer know what to invent to be successful again, would be very interested in speaking to him.

Unless Wonder Brochu is content to make flash cameos in more discreet productions, a bit like Bruce Willis who has pocketed tempting sums in recent years just to show his face for a few minutes…

Either way, Super Fitz reigns supreme at the moment.

Will he want to be caliph instead of caliph?

Sequel follows !

A sign advertising home loan interest for purchase or refinancing at a Bank of America in New York.

Scott Mlyn | CNBC

Mortgage rates fell sharply last week after rising late in the year. That spurred demand from current homeowners hoping to save on their monthly payments, but it did little to excite potential homebuyers.

As a result, the total volume of mortgage applications last week rose just 1.2% from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

The average contract rate on 30-year fixed-rate mortgages with matching loan balances ($647,200 or less) fell from 6.58% to 6.42% last week, with points at 0.73 (including the processing fee) for loans down by 20% remain payment. A year ago, that rate was 3.52%.

“Mortgage rates fell last week as markets reacted to data showing a slowing economy and slowing wage growth. All loan types in the survey saw interest rates fall,” said Joel Kan, an MBA economist.

The decline in interest rates triggered a 5% increase in home loan refinance applications. However, the volume was still 86% lower than the same week a year ago. Even with rates down from their previous peak of over 7% last fall, only 270,000 borrowers could benefit from refinancing at the current rate, according to Black Knight, a mortgage technology and analytics firm. A year ago, around 7 million borrowers were able to benefit from the halved interest rate.

Mortgage applications to buy a home fell 1% on the week and were 44% lower than the same week a year ago. That was the lowest level since 2014. Buyers today are not only struggling with higher interest rates, but also with a falling supply. They also see prices drop and may be waiting to see how low they fall.

Mortgage rates have been range-bound so far this week. The market is eyeing the next release of the monthly CPI, which is due on Thursday. If inflation cools any further, mortgage rates could fall further.

Dow Jones futures rose early Wednesday along with S&P 500 futures and Nasdaq futures. US domestic flights were suspended while WWE, Wells Fargo, Axcelis Technologies and Impinj were also in focus ahead of the opening.

X

The stock market rally was undecided for much of Tuesday, but major indices gained momentum, with the S&P 500 moving its 50-day moving average. Investors await the December CPI inflation report on Thursday morning.

Medpace (MEDP) rose solidly on Tuesday, signaling a fresh buy signal after a similar move in late 2022 fizzled. first sun (FSLR) bounced off its 50-day moving average and also offered an early entry. but ELF beauty (Eleven) and super microcomputer (SMCI) plunged after Monday’s reversals.

MEDP Stocks and ELF Beauty are on the IBD Leaderboard. SMCI stock is on the IBD 50. Medpace was Tuesday’s IBD stock of the day.

Tesla (TSLA) and UnitedHealth (UNH) declined as many big caps continue to struggle.

Investors should remain cautious, especially with the forthcoming CPI inflation report.

business news

The FAA halted all domestic flights until 9 a.m. ET due to a significant system failure. Air traffic had been suspended since early Wednesday morning. The FAA expects to “repopulate” the system soon, but airlines are struggling to get back on schedule. Airline shares incl Delta Airlines (DAL) and United Airlines (UAL) declined slightly.

Vince McMahon is again chairman at World Wrestling Entertainment (WWE) after his daughter Stephanie stepped down as chairman and co-CEO Tuesday night. Mr McMahon, a major shareholder, resigned last year over payments related to sexual misconduct lawsuits. WWE stock was up solidly in premarket trading after surging in recent days on reports of his expected return to lead a sale of the company.

In the meantime, Wells Fargo (WFC) will largely exit the mortgage business amid regulatory pressure, CNBC reported late Tuesday. It will offer home loans only to existing banking and wealth management clients and borrowers in minority communities. WFC stock was little changed in extended trading.

Axcelis Technologies (ACLS), which has taken a strong step over the past several meetings, said revenue for the fourth quarter ended December exceeded $250 million, up from the chip equipment maker’s earlier guidance of $232 million to $240 million. ACLS stock rose after the close of business.

impinj (PI) says fourth-quarter revenue exceeded $76 million, compared to the RFID chip maker’s previous guidance of $71.5 million to $73.5 million. PI stock, which was already slightly above the 50-day moving average, rose solidly overnight. That could offer early entry or get close to Impinj stock’s flat base buy point. PI stocks are also on the leaderboard.

Earnings season also starts at the end of the week. Taiwan semiconductor (TSM) reported Thursday morning. On Friday, JPMorgan Chase (JPM), Bank of America (BAK), Citigroup (C) and Wells Fargo all report ahead of the opening, along with Delta Air and UnitedHealth.

Dow Jones futures today

Dow Jones futures are up 0.15% from fair value. S&P 500 futures were up 0.2% and Nasdaq 100 futures were up 0.1%.

The 10-year government bond yield fell 4 basis points to 3.58%.

Crude oil futures edged higher despite the American Petroleum Institute’s estimate of a huge weekly rise in US inventories. The Energy Information Administration will release data on US crude oil and petroleum products at 10:30 am ET.

Keep in mind that overnight action in Dow futures and elsewhere doesn’t necessarily translate to actual trading in the next regular trading session.

Join IBD experts as they analyze actionable stocks in the stock market rally on IBD Live

stock market rally

After Monday’s disappointing decline, the stock market rally strengthened Tuesday afternoon, closing near session highs.

The Dow Jones Industrial Average rose 0.6% in trading on Tuesday. The S&P 500 index rose 0.7%. The Nasdaq Composite rose 1%. Small-cap Russell 2000 rose 1.5%

Tesla shares fell 0.8% on Tuesday after rising 5.9% on Monday. Shares reversed higher on Friday after hitting a bear market low of 101.06 after the EV giant announced big price cuts in China and other major Asian markets. TSLA stocks need a lot of repairs.

Shares rose 2% ahead of Wednesday’s open. Tesla has applied for a major expansion of its Austin assembly plant in Texas, the Austin Business Journal reported late Tuesday. Tesla Austin is still expanding its existing capacity.

UNH shares fell 0.8%, hitting their lowest level since last June. Health insurer Dow Jones is already down 8.3% in 2023 after ending 2022 in reasonably good shape. UnitedHealth’s earnings and guidance on Friday will be important for the suddenly competitive sector.

US crude prices rose 0.7% to $75.12 a barrel. Natural gas prices fell by 6.9%.

The 10-year Treasury yield rose 10 basis points to 3.62% after slipping 20 basis points in the previous two sessions.

Tesla vs. BYD: EV giants vie for the crown, but which is the better buy?

ETFs

Among growth ETFs, Innovator IBD 50 ETF (FFTY) is up 1.1%, while Innovator IBD Breakout Opportunities ETF (BOUT) is up 0.15%. The iShares Expanded Tech-Software Sector ETF (IGV) returned 0.1%. The VanEck Vectors Semiconductor ETF (SMH) gained 1.3%, narrowly beating the 200-day moving average after surmounting the 50-day moving average on Friday. TSM stock is a large SMH holding.

Reflecting more speculative story stocks, ARK Innovation ETF (ARKK) is up 2.5% and ARK Genomics ETF (ARKG) is up 3.6%. Tesla shares remain a key position at Ark Invest, with Cathie Wood strengthening her position in recent weeks.

The SPDR S&P Metals & Mining ETF (XME) was up 2.5% and the Global X US Infrastructure Development ETF (PAVE) was up 1.6%. The US Global Jets ETF (JETS) is up 2.4%, with DAL stock among notable holdings. The SPDR S&P Homebuilders ETF (XHB) is up 1%. The Energy Select SPDR ETF (XLE) was up 0.7% and the Financial Select SPDR ETF (XLF) was up 0.6%. Health Care Select Sector SPDR Fund (XLV) ended up 0.8%, with UNH stock a top XLV holding.

The five best Chinese stocks to watch right now

Analysis of the market rally

The stock market rally spent much of the morning hovering around breakeven but ended on Tuesday with relatively strong performance.

The S&P 500 rose above the 50-day moving average. The 200-day moving average is slightly above.

The Dow Jones recovered from a test of its 50-day moving average after moving above this key level on Friday. The Nasdaq rose off its 21-day moving average with the 50-day moving average not far away.

The Russell 2000 is back above its 50-day moving average, just below its 200-day moving average.

The S&P MidCap 400 rose Tuesday after finding support at the 50-day price. That’s after it jumped above its 21-day, 50-day, and 200-day moving averages on Friday. The Invesco S&P 500 Equal Weight ETF (RSP) looks very similar.

RSP and the MidCap 400 highlight how big caps such as Apple (AAPL), Tesla and UNH shares weighed on the market.

A sustained stock market rally may not begin until there is clarity about when the US Federal Reserve will stop raising interest rates. Markets are keen on a hike of just a quarter point at the February 1st monetary policy meeting and again at the end of March.

Thursday’s CPI inflation report could set expectations for a quarter-point hike. Inflation should trend downwards further in the coming months, if only because year-on-year comparisons are so steep.

Why this IBD tool makes finding top stocks easy

Mixed leading stocks

A number of leading stocks have flashed buy signals over the past few days and weeks. But most quickly faltered. In some cases, such as B. the MEDP stock, they recover a few days later.

Medpace rose 5.9% to 223.29 in strong volume, bouncing off the 50-day moving average and surmounting its Dec. 29 high as MEDP tried to exit.

First Solar rose 7.4% to 171.01, continuing a mini-win streak. The move off the 50-day moving average offered an early entry into a new base, but now looks a bit prolonged. But the official buy point of 173.78 is not far away.

Other names keep falling.

ELF stock had a promising breakout on Friday, but gave back most of those gains on Monday, falling 8.3% to 51.15 on Tuesday, breaking the 50-day moving average and the low of its flat base undercut.

SMCI shares rose Monday morning, offering an early entry but closing only marginally higher. On Tuesday, shares fell 7.55% below the 50-day moving average after a short seller report.

Many other stocks are hovering right around potential buy points.

Time the market with IBD’s ETF market strategy

What now

The stock market rally is still in force, but the major indices, sectors and especially leading stocks are vulnerable to trend reversals. Thursday’s CPI inflation report could trigger big gains as major indexes decisively breach some key levels. But it could also go the other way around.

Investors should be cautious about their exposure and cautious about new purchases, especially ahead of the CPI report.

When making new purchases, you should know your exit strategy before you enter. Consider taking quick partial wins to lock in some wins.

This is still a window market. But there are many intriguing stocks to watch across a variety of sectors. Prepare these watch lists.

Read The Big Picture every day to keep up to date with market direction and leading stocks and sectors.

Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.

YOU MAY ALSO LIKE:

Catch the next big winner stock with MarketSmith

Want to make quick profits and avoid big losses? Try SwingTrader

The best growth stocks to buy and watch

IBD Digital: Unlock IBD’s premium stock lists, tools and analysis today

The US Federal Aviation Administration is suspending all flights in the United States until 9 a.m.

Hundreds of planes are grounded in the United States due to a major computer failure, the US Federal Aviation Administration said.

Update 3: The FAA is still working to fully restore the Notice to Air Missions system following an outage.⁰⁰The FAA has directed airlines to suspend all domestic flights until 9:00 a.m. Eastern Time to allow the agency to ensure the integrity of flight and validate security information.

— The FAA ✈️ (@FAANews) January 11, 2023

The U.S. Civil Aviation Administration (FAA) is directing airlines to suspend all U.S. domestic flights until 9 a.m.

The outage would affect the system that allows the FAA to notify pilots and other aviation personnel of potential hazards.

“Technicians are currently working to fix the problem,” the website says.

More details to come.