Market Recap I 29-Feb-2024

The Federal Reserve’s favored measure of inflation – the core Personal Consumption Expenditures (PCE) Price Index – is scheduled for release later today on Thursday, with forecasts indicating a projected 0.4% increase.

Today, oil prices extended their decline from the previous session due to a larger-than-expected build in U.S. crude inventories.

Furthermore, the price of Bitcoin surged above the $60,000 threshold during Wednesday’s US session, marking its first ascent above this level since November 2021. This surge was driven by significant inflows into US-based ETFs, as highlighted by multiple analysts.

In a surprising turn of events, Apple has decided to terminate its decade-long effort to develop an electric car, a project known as Titan, shifting its focus from automotive innovation to artificial intelligence.