Stocks Edge Up Ahead of Big Week for Markets While Bitcoin Slumps
• Stocks ticked higher Monday ahead of CPI data and the Fed meeting later this week. The Dow rose 0.3% while the S&P 500 and Nasdaq also gained.
• Bitcoin plunged below $41,000, dragging down crypto-exposed stocks like Coinbase which sank over 6%.
• Macy's shares surged over 20% after the retailer received a $5.8 billion buyout offer to take the company private.
• Reports swirled that private equity firm RedBird Capital and Skydance Media CEO David Ellison offered to acquire a controlling stake in Paramount Global.
• JPMorgan strategists warned of a "catch-22 situation" for markets in 2024 where stocks can't rally sustainably unless rates fall, but the Fed won't cut rates unless stocks decline.