Wednesday 4/17/24 Market Recap Evening Edition:

With few economic indicators in sight, the stock market took a breather today alongside the dollar, crude oil, and interest rates, which eased back from recent multi-month highs. Yesterday's cautious comments from the Federal Reserve, coupled with disappointing earnings reports from Travelers (TRV) and U.S. Bancorp (USB), kept many investors on the sidelines. Technology (XLK), Real Estate (XLRE), and Industrials (XLI) led the decline, with seven out of eleven sectors posting losses. Currently, ten out of eleven sector ETFs are trading at or below their 50-day moving averages.

The Dow Jones Industrial Average slipped by 45.66 points (-0.12%) to close at 37,753.31, while the S&P 500 fell by 29.20 points (-0.58%) to settle at 5,022.21. The NASDAQ experienced a sharper decline, tumbling 181.88 points (-1.15%) to finish at 15,683.37.

Market breadth was predominantly negative, with declining issues outpacing advancing ones by 76 units on the NYSE and by a ratio of 3:2 on the NASDAQ. Although the advancing volume was 50% on the NYSE, declining volume slightly exceeded advancing volume on the NASDAQ at 51%. The VIX, a measure of market volatility, dipped by 0.20 points (-1.03%) to settle at 18.21.

Crude oil prices retreated by 2.47 points (-2.89%), with the May contract closing at $82.89 per barrel. Gold prices also stumbled, losing 19.40 points (-0.81%) to finish at $2,388.40 per ounce. Bitcoin (BTC) ended the day at $61,316.64.

Stocks reaching new 52-week highs have seen a significant reversal over the past week, with new 52-week lows taking the lead on both the NYSE and NASDAQ. A visual representation of this shift can be observed by clicking on the Market-At-Glance link on the Home tab, where the New Low line has crossed above the New High line, indicating a strengthening downtrend. New 52-week highs have returned to levels last seen in late October 2023, just before the current bull run began.

Earnings reports to keep an eye on for Thursday include: ABB Ltd. (ABBN), Blackstone (BX), D.R. Horton (DHI), Infosys LTD (INFY), Intuitive Surgical (ISRG), Netflix (NFLX), and Marsh & McLennan Companies (MMC).

Key events on Thursday's economic calendar include the release of weekly jobless claims data and speeches from Federal Reserve officials.

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Bitcoin halving is likely this week

The Bitcoin halving looms large on the horizon. This significant technical event, encoded in Bitcoin's core protocol, occurs roughly every four years. Simply put, it entails cutting the rewards for Bitcoin miners in half.

The primary objective is to slow down the rate at which new Bitcoin enters circulation. With a cap of 21 million Bitcoin, the halving serves to enhance scarcity, thereby potentially driving up its value.

Historically, previous halving events have heralded substantial surges in Bitcoin prices, often reaching new record highs. However, the landscape appears distinct this time around.

Bitcoin revenue projected for 'multibillion-dollar declines' in halving first.

https://www.thestreet.com/crypto/markets/bitcoin-projected-for-multibillion-dollar-declines-after-halving-event

Just to remind everyone, when crypto is selling off....this is still a thing

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An older man came into the store I work at to deposit $10,000 into a bitcoin atm, and I decided not to intervene. Should I have?

Context: I’m a cashier at a small grocery store in texas and we have one of those bitcoin atms within eyeshot of the registers. I never really see anyone on it but I’ve heard lots of stories of older people coming in and getting scammed. I’ve heard they’re always on the phone and seem very panicked. Now I don’t know much about bitcoin which means I don’t know what kind of people actually use these or how much money they usually put in.

Now with that out of the way: I clock into work and as I’m walking in I see an older man probably mid 60s wearing a suit and depositing money into the machine. He’s not on the phone with anyone and he seems very calm and collected so I thought “oh look someone’s actually using the machine!” I clock in, talk to my manager, count my till, and realize he’s still depositing money. I’m thinking about saying something either to him or my manager but I don’t bc I’ve never even seen someone use this machine before and don’t know what to look out for.

He finally finishes up and leaves the store and I notice he left behind a $10,000 band from the bank and my jaw drops. Like I said though I don’t know if depositing that amount of money is a normal thing for these machines, or if that was 100% a scam. I’m writing this from my register minutes after the event took place feeling guilty and awful that I didn’t do or say anything to stop it.

I would love to hear anyone’s input and also any potential warning signs/ red flags for looking out for scams on this machine would be greatly appreciated.

Bitcoin (BTC) Halving: A New Chapter in Crypto With the Rise of ETFs

Bitcoin's upcoming halving and the rise of ETFs could reshape investment strategies, potentially offering a competitive advantage in the market.

The 2024 Bitcoin halving, coupled with the emergence of Bitcoin ETFs, represents a pivotal event for the cryptocurrency landscape. Understanding these shifts is crucial for investors and market participants, enabling them to capitalize on emerging opportunities and navigate potential challenges in the ever-changing financial landscape.

Read More https://newsramp.com/curated-news/bitcoin-btc-halving-a-new-chapter-in-crypto-with-the-rise-of-etfs/43fb4c033387ff6065f2f1a0bfe25169

Bitcoin Halving Approaching: Block Reward to Halve in 5 Days

The Bitcoin halving countdown indicates that there are approximately 5 days remaining until the next halving event. This event is scheduled to occur when the block height reaches 840,000, which is expected to happen around April 20, 2024, 12:57 PM CDT. During this halving, the block reward will decrease from the current 6.25 BTC per block to 3.125 BTC per block.