Trish: Futures Markets Point to Rebound, Crypto In Free-Fall After Chinese Crackdown

Markets are reversing some of their losses after panicking over the Fed’s supposed “taper talk” in futures trading Monday.

The reality is this: the Fed will either do the right thing sometime in the next 6 months and drastically scale back its bond buying program or, it won’t and the inflation will grow far worse. Investors must be prepare for both scenarios.

Crypto investors, meanwhile, are being hit hard by the Chinese crackdown on Bitcoin mining.

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According to reports from China, more than 90% of China’s Bitcoin-mining capacity has been shut down.

Equities

U.S. stock futures were up again, following a drop after the Fed’s Wednesday policy meeting.

  • S&P 500 futures: 4,172.75, +0.46%
  • Nasdaq futures: 14,100.75, +0.47%
  • DOW futures: 33,362.00, +0.62%

U.S. Dollar and Treasuries

10-year Treasury yields dropped and the dollar fell, as investors were reassessing their outlook on monetary policy.

  • U.S. Dollar Index (DXY): 92.05, -0.19%
  • 10-year Treasury yield: 1.450%
  • 2-year Treasury yield: 0.260%

Stocks To Watch

Meme stocks were the top gainers of today’s stock rally. Torchlight Energy stock soared in premarket trading, as retail investors are getting ready for another attempt at a short squeeze.

Other meme stocks benefited from the momentum as well. AMC, GME both registered gains in premarket trading.

Orphazyme recovered some of Friday’s losses. The stock dropped 50% after the FDA did not approve its treatment for a rare genetic disorder known as Neimann-Pick Disease Type-C.

  • TRCH Torchlight Energy $8.65, +37.96%, 8.44M (volume)
  • ORPH Orphazyme A/S $7.44, +1.50% 1.52M (volume)
  • AMC AMC Entertainment $61.55, +3.86%, 1.32M (volume)
  • GME GameStop $216.05, +1.04%, 4,32M (volume)

Commodities To Watch

Oil rose with the stock market. Gold recovered some of its losses.

  • WTI crude: $71.76, +0.17%
  • Brent crude: $73.58, +0.10%
  • Gold: $1,782.90, +0.79%

Crypto

Crypto markets are still in free-fall after China intensified the crackdown on Bitcoin mining. The global crypto market cap decreased by 5.59% in the last 24 hours. Bitcoin fell back to $32,000, Ethereum is trading below $2,000.

  • BTC: $32,386.37, -4.95%
  • ETH: $1,940.42, -7.70%
  • DOGE: $0.2232, -16.45%
  • XRP: $0.6611, -7.95%
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