Bitcoin is trading just above $46,000, with the Securities and Exchange Commission expected to say later today if it will approve the first exchange-traded funds to hold the currency.
Major stock indexes were modestly higher, with tech shares continuing to recover from a grim start to 2024. The S&P 500 is trading within 1% of its record high set just over two years ago.
Bitcoin was off Tuesday’s high. The cryptocurrency neared $48,000 yesterday before SEC Chair Gary Gensler denied that the agency had approved spot bitcoin ETFs.
Stock indexes edged up. The S&P 500, Dow industrials and Nasdaq were all modestly higher. After declining in the first week of the year, indexes have regained their footing this week.
Meta Platforms shares jumped. The Facebook-parent traded nearly 4% higher. Mizuho put out a bullish forecast for the company, raising its price target to $470 a share.
Microsoft is closing in on Apple for the title of the most valuable U.S. company.
Treasury yields were steady. The yield on the 10-year note hovered above 4% after earlier dipping below that threshold.
Overseas stocks were mixed. Japan’s Nikkei 225 climbed 2% to a new 34-year high.
To watch in the coming days:
Earnings season kicks off in earnest this week. Major companies including JPMorgan Chase and Bank of America are set to report Friday.
U.S. inflation data is up ahead, with December consumer-price data due Thursday, followed by producer prices Friday.