The Federal Reserve cut interest rates on Wednesday in another divided vote, but signaled it will likely pause further reductions in borrowing costs as officials look for clearer signals about the direction of the job market and inflation that “remains somewhat elevated.”
GameStop posted Q3 revenue below estimates, as the video game retailer struggles to gain ground following its pivot to digital downloads and streaming, sending its shares down. The company booked a $9.2 million loss thanks to bitcoin’s price decline over the three month period.
The U.S. dollar rose ahead of an expected rate cut from the Federal Reserve on Wednesday, while the Australian dollar was firmer after its central bank ruled out more easing. Markets are anticipating a rate cut from the Fed, and preparing for several more central bank decisions before the weekend.
The UK’s blue-chip FTSE 100 was little changed, as gains in precious-metal miners and defence stocks offset declines elsewhere, while investors looked ahead to a highly anticipated U.S. interest rate decision today.
US spot Dogecoin ETFs are showing early signs of cooling demand, as total value traded has fallen to its lowest level since launch. Dogecoin ETFs’ TVT fell to just $142,000, the lowest since launch, and major drop from $3.23 million in late November.
Gold prices edged slightly down as investors stayed cautious ahead of the U.S. Federal Reserve’s two-day policy meeting and Chair Jerome Powell’s remarks for clues on future monetary policy.
