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Nasdaq Closes Record High, Oil Price, and Bitcoin Futures Update

June 23, 2021 – Nasdaq closes record high as tech shines meanwhile Big Oil CEOs join traders, banks in predicting higher oil prices, Bitcoin futures begins to trade by Goldman Sachs

The Nasdaq closed at a record highs Tuesday with big tech making strong gains as Federal Reserve Chairman Jerome Powell in testimony before Congress continued to downplay fears over the sharp pace of inflation.

The S&P 500 rose 0.51%, the Dow Jones Industrial Average gained 0.20%, or 68 points, and the Nasdaq Composite was up 0.79% at 14,223.27.

Powell largely stuck to his prepared remarks in testimony before a House select subcommittee hearing on the Fed’s pandemic response and the economy, reiterating the rapid pace of inflation will fade and job gains will pick up in the coming months.

“Perhaps all of the overshoot in inflation comes from categories such as rising used car and trucks, airplane tickets, hotel prices that have been affected by the reopening of the economy,” Powell said in response to questioning from lawmakers on whether inflation is transitory. These factors “will ultimately start to decline.”

“While these effects have turned out to be larger than we expected, the incoming data are consistent with the view that these factors will wane over time,” he added.

Big Oil CEOs Join Traders, Banks in Predicting Higher Oil Prices

P: 75.03
A: 72.97 – 0.12 – 0.16%
A:74.72 – 0.34 – 0.41%

Prices are likely to keep rising because a lack of investment will curtail future supply

The chief executive officers of Royal Dutch Shell, Plc and TotalEnergies SE joined major commodity traders and banks in predicting that oil could go as high as $100 a barrel.

Goldman Sachs partners with Galaxy Digital, begins trading Bitcoin futures

P: 31,394
A: 32,373.0 +979.0 +3.12%

Goldman’s move to start trading Bitcoin futures is in response to client demand

Goldman and other financial behemoths have continued to cast their nets deeper into the crypto waters. Goldman unveiled a new Bitcoin derivatives product.

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