Daily Update: Bitcoin Reaches All-Time Peak
| Weekly Market Insights || --- || S&P 5005,996 (+0.38%) || Nasdaq19,287 (+0.09%) || Dow43,989 (+0.59%) || Bitcoin76,564 (+0.78%) |
1) Crypto Craze
The cryptocurrency titan, Bitcoin (BTC -5.22%), soared past all-time highs over the weekend, crossing the $81,000 mark. Financial expert Bernd Schmid opines, "While there are no guarantees, November 5th could mark the onset of the crypto enthusiasm phase." * Euphoria prediction: Headlines swirl around the $100,000 target by inauguration day. Some analysts, once ridiculed for envisioning such figures in 2018, believed Bitcoin could surpass $100,000+.* Halftime analysis: It's been a mere five years since Harvard professor Kenneth Rogoff suggested there was a slim chance of witnessing $100,000 by 2035, versus $100.
2) Stock Exchange Records
The stock exchange recorded its finest week of 2024, with all indexes breaking new records. The S&P 500 clocked its best 10-month streak in an election year since 1936, temporarily touching 6,000 points on Friday. * Election year accomplishments: In an election year, stocks have never closed less than they did in the dot-com crash.* Fool survey results: In September, we queried when Fools anticipated the S&P 500 to reach 6,000. A majority (54%) believed in 2025, while 30% suggested 2024 or earlier.
3) Gearing Up for Earnings
S&P 5005,996 (+0.38%)
Tuesday sees Q3 earnings from Spotify (SPOT -0.40%), expecting an EPS lift to $1.74. A shortfall in monthly active users for Q2 precipitated this forecast. * Monster leaps in revenue: Likewise reporting on Tuesday, Shopify (SHOP -1.50%) anticipates flat EPS after beating analysts' estimates for four consecutive quarters.* Retail kingpin: Home Depot (HD 0.37%) publishes results the same day. While Q2 earnings exceeded expectations, projected EPS slumps to $3.65 due to slow consumer demand.
4) Disney's Q4 Report Imminent
Nasdaq19,287 (+0.09%)
Walt Disney (DIS -0.14%) unveils its Q4 results on Thursday, with EPS anticipated to dip to $1.09 from Q3's $1.39. * Streaming success: Investors anticipate further streaming gains and yearn for an upswing in theme park earnings after a tough quarter.* "Making cancellation easy is part of the service": Fool analyst Seth Jayson underlined the potential controversy surrounding a new rule mandating cancellation procedures as simple as sign-up for services like Disney+, which has faced strong opposition.
5) Macroeconomic Measures
Dow43,989 (+0.59%)
Eyes concentrate on the October consumer price index (CPI) print due Wednesday, predicting an annual inflation rate of 2.5%, up from 2.4% in September. * Economic clues: A producer price index (PPI) will follow on Thursday, where an increase of 0.5% is anticipated. Retail sales figures, forecasting a 0.3% rise, will unfold on Friday.* "Guiding future developments too early isn't advisable": Keeping his cards close to his chest, Fed chair Jerome Powell is impeding forward guidance for now.
6) Footloose Fun
Bitcoin76,564 (+0.78%)
Bitcoin remains the most renowned, highly valued, and trusted cryptocurrency worldwide. Do you own cryptocurrency as part of a well-diversified portfolio, and what motivated that investment decision? Engage in friendly discourse with others, or *join us* to read other members' thoughts!
1) In light of Bitcoin's recent surge, many investors are considering diversifying their finance portfolios by investing in cryptocurrencies. According to some financial analysts, the potential return on investment in Bitcoin could be substantial.2. With the successful performance of the stock exchange, many individuals are now considering the idea of investing in stocks as a potential financial strategy. The S&P 500's record-breaking week has piqued the interest of many potential investors.
