Shares of tech companies have recovered today after yesterday’s crash. Bitcoin reached its highest value in 2 years


US stock markets rose today, following yesterday’s declines caused by higher US inflation data. The Nasdaq Composite Index rose 1.3%, while the S&P 500 rose 1% and the Dow Jones Industrial Average rose 0.4%.

In turn, bitcoin’s price reached over $51,000, surpassing the $1 trillion market cap threshold for the first time since 2021 so far.

Yesterday, shares of US companies fell significantly after the US consumer price index for January showed higher-than-expected inflation, causing investors to doubt the Federal Reserve’s prospects of cutting interest rates later this year.

Uber and Lyft shares up after positive financial announcements

After US transportation company Uber announced a $7bn share buyback programme, its share price rose significantly in today’s trading session. It’s Uber’s first effort to return capital to shareholders.

Shares of competitor Lyft also rose after it announced its quarterly earnings, though it pared its rise after company executives said an administrative error caused it to overstate its profit margin forecast.

“The authorization of the company’s first share buyback program is a vote of confidence in Uber’s solid financial momentum,” said the company’s chief financial officer, Prashanth Mahendra-Rajah.

Last week, Uber reported its first annual net profit since its 2019 listing.

Nvidia overtakes Alphabet as third most valuable US public company

Nvidia shares rose more than 2.5% in today’s trading, propelling it ahead of Alphabet as the third most valuable US public company.

Nvidia’s market capitalization reached $1.821 trillion on Wednesday, while Alphabet’s value rose slightly to $1.817 trillion.

This is the second time this week that the chipmaker has overtaken a rival tech company to claim a new position among the country’s public giants. On Monday, Nvidia’s market capitalization surpassed Amazon’s.

Nvidia shares have gained more than 220% in the past year, the biggest beneficiary of the AI boom that has investors betting on the so-called “Magnificent Seven.”

Food producers face challenges as demand falls

Shares of the maker of Heinz ketchup and Kraft macaroni and cheese, Kraft Heinz Company, fell more than 6% today after the food giant reported that higher prices and falling demand led to lower sales in Q4 2023.

Kraft Heinz also anticipated a slowdown in organic sales growth in 2024 from a 3.4% jump in 2023. The company faces challenges as consumers cut spending amid the cost of living crisis.


Despite yesterday’s unfavorable inflation data, stock markets rallied today, boosted by the rising price of Bitcoin and solid financial results reported by companies like Uber. However, macroeconomic and demand challenges facing some sectors could temper stock market momentum in the near term.

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James Braun
James Braun is a seasoned cryptocurrency specialist and esteemed news editor with a robust background in the ever-evolving digital currency landscape. With a career spanning over a decade, James has established himself as a pivotal figure in the cryptocurrency community, offering in-depth analyses, market predictions, and comprehensive coverage on the latest trends and developments. Educated in finance and computer science, James combines his technical expertise with a keen market insight to provide readers and investors with actionable information. His work is characterized by a meticulous approach to research and a commitment to presenting complex concepts in an accessible manner. Before stepping into the world of cryptocurrency, James honed his skills in various fintech startups, where he developed a passion for blockchain technology and its potential to transform traditional financial systems. This experience laid the foundation for his transition to cryptocurrency journalism and consulting, where he has since become known for his unbiased reporting and thought-provoking commentary. As a news editor, James leads a team of dedicated writers, guiding them in crafting fact-checked, insightful articles that resonate with a global audience. He is also a frequent speaker at industry conferences, where he shares his expertise on blockchain technology, cryptocurrency investment strategies, and the future of digital currencies. In his online profile, James aims to connect with fellow cryptocurrency enthusiasts, share his knowledge, and explore new advancements in blockchain technology. He is committed to educating the public about the benefits and risks of cryptocurrency, advocating for transparency, and promoting ethical investment practices.


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