Bitcoin, Ford F-150 Lightning, Applied Materials: 5 Things You Need To Know

Here are five things you need to know for Thursday May 20th:

1. Stock futures fall on Fed taper discussions

Stock futures fell after three days of losses for the S&P 500 on Thursday as investors valued the somewhat surprising discussion by the Federal Reserve about easing bond purchases if the economy improves rapidly.

Bitcoin and the prices of other cryptocurrencies stabilized after Wednesday’s volatile session.

Bitcoin is fueling: Here are the levels of support to watch

Contracts related to the Dow Jones Industrial Average fell 147 points, S&P 500 futures fell 16 points, and Nasdaq futures fell 45 points.

Shares traded lower Wednesday but reduced losses late in the session after some Federal Reserve members stated in the central bank’s minutes that they were open to discussing asset purchases “sometime” if those broke Economy improves faster than expected coronavirus pandemic.

The discussions were the first time the Fed mentioned the possibility of cutting its monthly bond purchases by $ 120 billion.

“It was a surprise to hear the talk about the rejuvenation of the Fed.”
Joyce Chang, JPMorgan Chase’s chair in global research, said
Bloomberg TV. “The market thought there might be one
a few months before you really saw this particular problem
come into focus. ”

Chris Zaccarelli, Chief Investment Officer of the Independent Advisor Alliance, believes the Fed “wants to be patient and keep rates low for longer, but by the end of this year the committee’s unanimous desire to keep rates low may dissolve and more Lead to disagreements. ” can get into public. “

2. Thursday calendar: unemployment claims, income from applied materials

The US Thursday Economic Calendar shows weekly jobless claims at 8:30 a.m. (CET) and the Philadelphia Fed Manufacturing Index for May at 8:30 a.m. (CET)

Results reports are expected from Applied Materials on Thursday ((AMAT) – Get the reportKohls ((KSS) – Get the report, Ralph Lauren ((RL) – Get the report, Petco Health and Wellness ((SHOT) – Get the report, Palo Alto Networks ((PANW) – Get the report and Hewlett Packard Enterprise ((HPE) – Get the report.

Semiconductor Watch List: Cramer Says Keep An Eye On Applied Materials

3.- Bitcoin soars higher after Wednesday’s wild ride

Bitcoin rose on Thursday after a session that saw the world’s largest cryptocurrency drop as much as 31% and then recoup those losses.

Prices rallied late Wednesday after Tesla ((TSLA) – Get the report CEO Elon Musk said his electric vehicle company could hold its billion dollar position in Bitcoin.

Musk, whose criticism of Bitcoin’s energy consumption, coupled with the suggestion that Tesla could sell its $ 1.5 billion inventory acquired earlier this year, helped make digital currency its biggest tailspin of the year, with prices temporarily falling below $ 30,000 on Wednesday. A renewed crackdown on the virtual currency markets in China also put Bitcoin under pressure.

Later on Wednesday, however, Musk tweeted emojis of so-called diamond hands, images usually interpreted as indicating a “hold” strategy for important assets.

Bitcoin rose 2.76% to $ 40,294 on Thursday, according to Coindesk. The second largest digital currency, Ethereum, fell 4.73% to $ 2,698.

Bitcoin has returned 37.43% since the start of the year, while Ethereum is up more than 262%.

Bitcoin Selloff: Why Jim Cramer won’t buy the dip

4. Ford’s F-150 electric flash starts at under $ 40,000

Fords ((F.) – Get the report The new battery-powered F-150 will be priced at $ 39,974 when it goes on sale next year.

“That’s a lot of trucks for this starting point,” said Darren Palmer, Ford’s general manager, battery-electric vehicles, at a vehicle unveiling ceremony Wednesday night in Dearborn, Michigan, and we want to try it. “

Ford’s F-150 Lightning Pickup is the first all-electric version of the automaker’s best-selling vehicle.

The truck will be built by employees of Ford-United Auto Workers in the Ford Rouge Complex in Dearborn from next spring.

President Joe Biden visited Ford’s test track Tuesday and drove the truck. He declared, “This fool is fast!”

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5. – Cisco Systems is falling for weak earnings policies

Cisco Systems ((CSCO) – Get the report fell nearly 6% in premarket trading on Thursday after the network product maker released a weaker-than-expected earnings forecast for the current quarter.

Cisco expects adjusted earnings of 81 cents to 83 cents per share for the fourth quarter of the fiscal year, which is below the estimates of the analysts of 86 cents.

An increase in sales of 6% to 8% was forecast for the period
a year earlier, representing revenue of $ 12.9 billion to $ 13.1 billion versus Wall Street projections of $ 12.8 billion.

Like many companies, Cisco has felt the effects of a global chip shortage.

CEO Chuck Robbins told Bloomberg in an interview that the company is paying more per component and fees for accelerating deliveries.

Earnings guidance was below Wall Street’s estimates after the company decided to “endure short-term pain” to ensure it had enough chips to meet its contract obligations, Robbins said.

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