US stocks were mixed on Friday (2/14), with January retail sales declining, indicating that inflation and tariff uncertainties may lead consumers to tighten their spending. Today (2/17) is Presidents' Day in the US, and the stock and bond markets are closed for the day. Over the weekend, the TRUMP meme coin named after the current President Trump surged nearly 50% to $24, while Argentine President Javier Milei launched a controversial third-party issued meme coin called LIBRA.
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ToggleControversy Surrounding the President's Meme Coin Before Presidents' Day in the US
Today (2/17) is Presidents' Day in the US, and the stock and bond markets are closed for the day.
The TRUMP meme coin named after the current President Trump surged from $16 to $24 over the weekend, a nearly 50% increase, but fell back to around $18.9 before the deadline.
Trump Media & Technology Group, the company of President Trump, released its annual report after the market close on Friday, reporting a loss of $401 million in 2024 due to declining revenue, while distributing over $107 million in stock as employee bonuses, and its crypto project WLFI also remains controversial.
Over the weekend, Argentine President Javier Milei launched a third-party issued meme coin called LIBRA, which experienced a surge and then a crash, with the meme coin's market cap plummeting from $4.6 billion to $200 million, and the community has started a manhunt to find the culprits.
Australia and New Zealand to Announce Interest Rate Decisions This Week
This week, Australia and New Zealand will announce their interest rate decisions, with the Reserve Bank of Australia expected to begin its long-awaited rate cut cycle on Tuesday, while the Reserve Bank of New Zealand is likely to continue its rapid easing policy on Wednesday to support the sluggish economy.
In the US, the Federal Reserve meeting minutes and housing starts data will be released on Wednesday, and the S&P Global Manufacturing and Services PMIs will be released on Friday.
Risk Warning
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