Wall Street surged on Wednesday following the Federal Reserve’s decision to cut interest rates by 50 basis points, signaling further cuts as inflation approaches its target. The S&P 500 and Dow Jones reached new record highs, fueled by strong performances from tech giants, particularly Tesla and Nvidia, which saw significant gains.
Dogecoin (DOGE) has surged 8% in the past 24 hours, buoyed by a broader market rally and renewed interest from Tesla CEO Elon Musk. Technical analysts predict a breakout from a bullish falling wedge pattern could send DOGE to $0.15 or even higher, potentially doubling its price to $0.22. Elon Musk’s recent tweets referencing Dogecoin as the ‘official mascot’ for a hypothetical government efficiency initiative have further fueled speculation.
The Dow hits a new all-time high, driven by Nvidia’s strong Q2 revenue despite production hiccups. This signals the AI revolution is in full swing, but cracks are appearing in other ‘Magnificent Seven’ companies, with Tesla and Alphabet missing earnings expectations. Benzinga Research Analyst Gianni Di Poce sheds light on the market’s direction in the face of potential interest rate cuts.
Cryptocurrency markets are experiencing a surge in prices, with Bitcoin, Ethereum, Solana, Dogecoin, and Shiba Inu all seeing gains. While traders remain optimistic about a potential upward trend, analysts are cautious due to the market’s volatility and recent downturns. The influence of Bitcoin as an institutional asset class is expected to be discussed at Benzinga’s upcoming Future of Digital Assets event.
