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Oil prices surge, major disagreements emerge within the Federal Reserve, Bitcoin faces further sell-offs, and semiconductor stocks stand out.
BlockBeats News, April 30. Last night and this morning, against the backdrop of worsening U.S.-Iran tensions, Brent crude oil rose to its highest level since June 2022. WTI crude oil jumped 8.2% to $108.11 per barrel, as the market worried that the Strait of Hormuz could remain in a stalled state for a longer period, causing global supply buffers to tighten rapidly.
Meanwhile, Powell’s remarks about staying on as a board member, along with concerns within the Federal Reserve about inflation, have led to major disagreements within the Fed over the interest-rate path. Traders therefore believe that the likelihood of rate hikes this year is higher than that of rate cuts.
Impacted by the above news, U.S. stocks moved in both directions, but the Philadelphia Semiconductor Index rose 1.8%. NXP Semiconductors surged 25%. Earnings reports released after market close affected several tech giants: Meta fell after raising its capital expenditure outlook, Microsoft’s cloud business growth failed to dispel investors’ doubts about AI returns, while Alphabet rose thanks to solid sales data.
Bitcoin, meanwhile, again showed weakness during U.S. stock trading hours, not only giving back yesterday’s gains in the Asian session, but also briefly falling below $75,000 in the early hours, with its current quote at $75,818.84. Coinbase’s Bitcoin premium index also turned negative today, indicating a selling trend among U.S. investors.