Stock Market Today - 5/13: Stocks Move Higher As Powell Soothes Rate Bets and Crypto Market Steadies

Stock Market Today - 5/13: Stocks Move Higher As Powell Soothes Rate Bets and Crypto Market Steadies ...

The stock market in the United States increased on Friday, posing a six-day losing streak for the Dow, as investors sought to stabilize cryptocurrency prices and detailed comments on near-term rate hikes from Chairman Jerome Powell.

Powell discussed the possibility for 50 basis point rate hikes at the next two policy meetings in June and July, "simply the economy performs as expected." He reiterated his belief that a 75 basis point hike isn''t being "actively considered."

"But I would just say, we have a slew of expectations about the economy," Powell said. "If things come in better than we anticipate, then were prepared to do less. If they come in worse than when we expect, then were prepared to do more."

Given the enormous strength of fundamental consumer prices last month, betting on a bigger move has been remained elevated, with the CME Group''s FedWatch tool boosting chances in June and July.

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Despite the possibility that broader assurance on the Fed''s rate trajectory would have at least neutralized one of the market''s biggest concerns this week, while the other -- the ongoing upheaval in crypto prices -- has also been calmed, with bitcoin increasing 6.7 percent in overnight trading to surpass the $30,000 mark.

Evidence of a modestly firmer''''risk on'' sentiment was seen in a pullback for the US dollar, which traded at 104.70 against a basket of its global peers, but maintains its pace for its longest weekly gains in four years and still holds at its highest level in two decades.

Benchmark 10-year Treasury note rates were at 2.95% in the midst of one of the most powerful weekly rallies in years, according to Bank of America''s ''Flow Show'' report, which reported weekly inflows of $11.5 billion, the highest since March of 2020.

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Robinhood is backed by a 30-year-old cryptocurrency billionaire.

The VIX, the CBOE''s benchmark volatility gauge, was also in rethirsty, down 5.77% in early-hours trading to 30.68 points.

Futures contacts with the Dow Jones Industrial Average indicating a 270 point opening bell gain, while those linked to the S&P 500, which is down 17.5% for the year, are priced for a 48 point increase to the downside Futures linked to the Nasdaq are looking at a 217 point jump on average.

Get Twitter, Inc. Reportshares was easily the most active in pre-market trading, up more than 15% after Tesla (TSLA) - Tesla Inc ReportCEO Elon Musk said his $44 billion "take private" acquisition for the social media business is "temporarily on hold."

In response to a Reuters story on May 2, Musk made the statement through his verified Twitter account, which stated that Facebook had 229 million users, adding that less than 5% of its so-called''monetizable daily active users'' were false or spam accounts.

Get Robinhood Markets, Inc. Class A Reportshares have surged by 24% as the CEO of cryptocurrency exchange FTX had revealed a 7.6% share in the online trading platform.

Samuel Bankman-Fried''s investment was made public late Thursday in an SEC filing, but noted that he didn''t intend to acquire a controlling stake in the beaten-down trading platform. Robinhood, via its verified Twitter account, said Bankman-Fried''s move was "an attractive investment."

Reportshares, owned by General Electric, rose 0.5 percent to investors as investors responded to CFO Carolina Dybeck Happe''s remarks that the industrial company might see a substantial improvement in cash flow in the second half of the year.

In a world in which so much is changing everyday, Dybeck Happe told the Goldman Sachs Industrials & Materials Conference that although "nothing is certain" she was optimistic that the group will see "a path to significant growth in the second half."

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