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Dow Jones Fades As Fed Official Gives This Warning; Coinbase Dives As Bitcoin Rallies

The Dow Jones Industrial Average saw gains fade as indexes lost momentum. A senior Federal Reserve official delivered an inflation warning. Coinbase (COIN) plunged even as Bitcoin rallied again, with the likes of Riot Blockchain (RIOT) rising. Walt Disney (DIS) was the top blue chip on earnings.

Three impressive stocks were among those breaking out. Sector Leader Matador Resources (MTDR), Western Midstream Partners (WES) and Clean Harbors (CLH) all tested buy points.

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Volume was up on both the Nasdaq and the New York Stock Exchange vs. the same time Wednesday.

The yield on the benchmark 10-year Treasury note jumped 12 basis points to 2.9%. West Texas Intermediate crude oil rose around 2.5% to just over $94 per barrel.

Fed Official Gives Warning Amid Encouraging Inflation Data

Stocks were boosted early Thursday amid more encouraging inflation data.

New producer price index data showed wholesale prices fell 0.5% in June, better than the 0.3% expected by analysts. Core prices increased 0.2% from June vs. the consensus of 0.4%.

Year over year, prices were up 9.8%, below the 10.3% consensus. The core rate rose 7.6%, just under the 7.8% consensus

But the San Francisco Fed president warned it is still too soon to “declare victory” in the fight against inflation. She told the Financial Times that she is not ruling out a third consecutive 0.75% rate hike when the Federal Reserve Open Market Committee meets in September. However, she did say that a half-percentage point rate rise in September is her “baseline.”

While Daly welcomed the latest inflation reports, she wants to see more evidence the central bank is “on a path to bring inflation down substantially and achieve our price stability target.”

Nasdaq Reverses As Small Caps Shine

The Nasdaq saw gains evaporate as it fell 0.5%. DocuSign (DOCU) was among the worst laggards as it fell around 4%.

The S&P 500 also saw progress stall and remained flat. Devon Energy (DVN) was a top performer here, popping about 8%.

U.S. Stock Market Today Overview

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