Bitcoin ETF Approval in France: What It Means for European Crypto Portfolios

Wall Street paused on Thursday, with major indexes treading water as traders looked ahead to Friday’s critical inflation report. Thin volumes and muted price action underscored a wait-and-see mood across equities, bonds, and currencies. ## Markets Flat in Cautious Trade The **S&P 500** finished nearly unchanged, closing at **5,270**, while the **Nasdaq Composite** slipped just **0.1%** to **17,050**. The **Dow Jones Industrial Average** ticked up by a modest **0.2%**, ending the day at **39,250**. Investors showed little appetite for risk, keeping moves constrained ahead of the next read on the Federal Reserve’s preferred inflation gauge. Treasury yields held steady, with the benchmark **10-year note** yielding **4.43%**, as bond traders refrained from making big bets before the economic data. The dollar was little changed, leaving the **DXY index** flat near **104.6**. In commodities, oil prices edged lower, with **WTI crude** settling at **$79.10** per barrel, down **0.5%** on the day. **Gold** hovered at **$2,340** an ounce as safe-haven demand remained subdued. ## Key Movers: Tech Lags, Energy Softens Tech stocks underperformed, with megacaps like **Apple** and **Microsoft** each dipping by about **0.3%**. Semiconductor names were mixed after a strong run earlier in the month. Healthcare and consumer staples firms saw modest gains as investors rotated toward defensive sectors. Energy shares slipped as crude prices retreated, despite ongoing geopolitical tensions in the Middle East. The sector lost about **0.4%**, with **ExxonMobil** and **Chevron** both easing alongside oil futures. Meanwhile, utilities eked out small advances, reflecting the market’s cautious tone. Crypto assets were quiet, mirroring the broader risk-off mood. For those considering digital assets, our step-by-step guide to buying your first crypto in Europe offers practical insights for getting started securely. ## What to Watch All eyes turn to Friday’s release of the April **Personal Consumption Expenditures (PCE) Price Index**, the Fed’s go-to measure for tracking inflation trends. Economists expect the core PCE to rise by **0.2%** month-over-month, a figure that could shape rate expectations heading into the June FOMC meeting. Investors will also monitor remarks from several Federal Reserve officials scheduled to speak over the next 24 hours. Any hints about the timing of potential rate cuts—or concern about sticky inflation—could move markets. With earnings season winding down, macro data and Fed commentary remain the primary catalysts as May draws to a close. For now, markets are in holding mode, with traders reluctant to make bold moves before Friday’s inflation print. A hotter-than-expected number could rattle both stocks and bonds, while a softer reading might rekindle hopes for a Fed pivot later this year.