Finance

Government bond yields edged higher following a personal consumption expenditures inflation update that came in slightly hotter than economists anticipated. The data has prompted the fixed-income market to continuously bet on at least one additional interest rate hike from the Federal Reserve before the calendar year concludes.

The cryptocurrency market witnessed significant upward momentum as Bitcoin surpassed the $80,000 threshold for the first time in over three months. This rally was heavily supported by unexpected adjustments to the U.S. Treasury Department's long-term bond-buying initiative, though prices slightly moderated following the initial surge.

Abercrombie & Fitch shares surged over 35% on Wednesday following a stronger-than-expected earnings report and an upgraded forward-looking guidance plan. Conversely, traditional department store operators like Kohl's face ongoing structural hurdles, underscoring a stark divide in how consumers allocate discretionary capital.