New York Stock Exchange Bitcoin Stumbling Jackson Hole Symposium Opening Tapering “Postponed” Jerome Powell Speech
The New York Stock Exchange is paying close attention to what signals Jerome Powell will give about tapering in his Jacksonville meeting address. According to the speed of tapering announced at the Jackson Hole meeting, international oil prices, the dollar exchange rate, and the market price of cryptocurrencies such as Bitcoin, Ethereum, Dogecoin, etc. are expected to be affected. Bitcoin, the once-rising cryptocurrency, is also faltering due to tapering concerns. The prospect of a slowing of the tapering due to the spread of the corona delta mutation is good news for New York stocks. On the New York Stock Exchange, the Nasdaq Dow Futures Index is slightly higher at this time. JD.com, Tencent, Samsung Electronics Jin AMC, Nvidia, Alibaba, Tesla, Microsoft, JP Morgan Chase Bank of America Kakao Bank Coupang, Home Depot, Costco, Wal-Mart, Target, Apple, Amazon, etc. are shaking. International oil price, cryptocurrency, dollar exchange rate, Ethereum, and Dogecoin are also shaking.
According to the New York Stock Exchange on the 26th, Federal Reserve Chairman Jerome Powell will give a speech titled ‘Economic Outlook’ at the Jackson Hole Symposium on Friday night (Korean time). Chairman Powell’s speech will begin at 11 PM Korean time on the 27th. It is of great interest to see what hints Jerome Powell will give in this speech to normalize monetary policy, such as tapering down asset purchases. The New York Stock Exchange is looking forward to a clear message from the Jackson Hole Symposium. Anwiti Bahuguna, senior portfolio manager at Threadneedle Investments in Columbia, said: . He stressed that what New York stock investors want is a clear statement from Chairman Powell at the Jackson Hole Symposium. If there is a signal of early tapering at the Jackson Hole Symposium, the New York Stock Exchange will be shocked.
As Bitcoin fell to the 55 million won level, investors’ anxiety is growing. On the cryptocurrency exchange Upbit, 1 bitcoin was traded at 55.49 million. Unlike stocks, cryptocurrencies are priced on a per exchange basis, so even the same type of cryptocurrency has a slightly different price depending on the exchange. Ethereum is also on the decline.
The New York Stock Exchange, which closed at dawn on the 25th, rose as risk preference was revived on the news of the official approval of the new coronavirus infection (COVID-19) vaccine ahead of the Jackson Hole Symposium. On the New York Stock Exchange (NYSE), the Dow Jones Industrial Average rose 30.55 points, or 0.09%, to close at 35,366.26. The Standard & Poor’s (S&P) 500 index rose 6.70 points (0.15%) to 4,486.23, and the Nasdaq index, centered on technology stocks, jumped 77.15 points (0.52%) to 15,019.80. The S&P 500 and Nasdaq both closed at all-time highs. In particular, the Nasdaq index crossed the 15,000 mark for the first time ever. The S&P 500 has rewritten its 50th high this year. Investor sentiment improved on the news that the U.S. Food and Drug Administration (FDA) has officially approved Pfizer-BioNtech’s COVID-19 vaccine. The official approval of the COVID-19 vaccine is expected to give momentum to the stagnant vaccination in the United States. With the official approval measures, the government, universities and schools, as well as businesses and workplaces, are expected to accelerate the movement to make vaccination compulsory. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases (NIAID), said the United States could have the pandemic under control by the spring of next year if a large number of people are vaccinated.
The biggest variable in the New York Stock Exchange is Federal Reserve Chairman Jerome Powell’s Jackson Hole Symposium speech. It remains to be seen whether Chairman Powell will refer to tapering, which is the talk of the Fed’s downsizing of its asset purchase program in this speech. If Chairman Powell takes a more cautious stance on tapering due to concerns about delta mutations, the risk appetite could spread further. The prevailing view is that Chairman Powell will not make any major announcements at the Jackson Hole meeting. Experts predict that even if a tapering signal is given, it will give a signal that it will proceed slowly. Yields on 10-year U.S. Treasury bonds rose. According to the Chicago Mercantile Exchange (CME) FedWatch, the Federal Funds (FF) interest rate futures market saw a 3.6% chance of a 25bp rate hike in March next year. At the Chicago Board Options Exchange (CBOE), the volatility index (VIX) recorded 17.22, up 0.07 points (0.41%) from the previous field.