Nvidia’s GTC event kicks off today. It’s the company’s flagship AI and accelerated-computing conference, where Nvidia typically unveil new chips, software, and product roadmaps. It matters because those announcements often shape expectations for the broader AI industry — and can move sentiment around Nvidia and the companies building on its infrastructure. CEO Jensen Huang’s keynote is at 2 p.m. ET today.
All Eyes on the Fed
Last week’s wave of economic data leaves this week’s calendar relatively light, but the upcoming will be the main focus. Markets are not expecting a rate cut on Wednesday, though the committee’s economic projections will be closely watched as growth slows, the labor market stalls, and remains elevated — all before the recent spike in oil prices.
Crypto Corner
has rallied for seven straight sessions as the broader crypto market shows signs of life. Total crypto market cap has climbed back above $2.5 trillion for the first time since early February, while the market cap excluding Bitcoin has reclaimed the $1 trillion mark.
This morning’s leaders include , Shiba, Sonic, and Polkadot.
The Setup — Bitcoin
As Bitcoin extends its current rally, traders are keeping a close eye on the $74,000 level.
Chart as of 8:00 a.m. ET. Source: eToro ProCharts, courtesy of TradingView.
$74,000 has been a key resistance level since Bitcoin’s sharp breakdown in February. If BTC can reclaim it and hold above it, that could open the door to a larger rally — potentially toward the prior support zone near $85,000. If not, bearish momentum could build again and send prices lower.
Options
For investors who can’t trade or aren’t comfortable trading cryptocurrencies outright, they can consider ETFs for BTC and ETH. On the BTC front, remains the largest ETF by assets, while also supporting options trading. Bulls can utilize calls or call spreads to speculate on upside, while bears can use puts or puts spread to speculate on downside. In either case, investors may consider using adequate time until expiration.
What Wall Street’s Watching
– Shares of Micron are rallying this morning, currently up more than 4%. That’s on top of Friday’s 5.1% gain and comes ahead of the firm’s earnings report on Wednesday after the close. Shares climbed more than 15% last week and are up almost 50% so far on the year as MU sits near record highs.
– Shares of Meta are up roughly 3% in pre-market trading, almost erasing Friday’s decline. The rally comes on reports that Meta is considering cutting 20% or more of its workforce as it pours money into AI and looks to offset costs through expected productivity gains. If it follows through, the layoffs would mark its largest cuts since the 2022-2023 “year of efficiency,” when it eliminated about 21,000 jobs.
– Oil prices are again in focus this morning, as crude oil inches higher. After climbing four out of five days last week — and jumping more than 10% overall — the USO ETF is down slightly this morning. That’s giving a bit of a relief rally to US stocks, with S&P 500 ETFs like and higher by almost 1%.
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Disclaimer: Please note that due to market volatility, some of the prices may have already been reached and scenarios played out. Content, research, tools, and stock symbols displayed are for educational purposes only and do not imply a recommendation or solicitation to engage in any specific investment strategy. All investments involve risk, losses may exceed the amount of principal invested, and past performance does not guarantee future results.
