The 2022 stock market weakness continued this week, with major indexes trading lower on another round of discouraging inflation data. What Happened: On Friday morning, the SPDR S&P 500 ETF Trust dropped 2.6% after the Labor Department reported the consumer price index rose 8.6% in May, the highest U.S. inflation reading since 1981.
New York lawmakers passed legislation banning the use of carbon-based energy sources for the mining of Bitcoin. New York would be the first state in the U.S. to ban particular Bitcoin mining, which could have a ripple effect across the country.
Friday early morning, New York lawmakers passed legislation banning certain bitcoin mining firms from using carbon-based energy sources. What happened: If signed, it would make New York the first state in the country to ban blockchain technology infrastructure, according to Perianne Boring, founder and president of the Chamber of Digital Commerce, reported CNBC.
Ford Motor Co has called on the mining industry to work together on "smart deals" that will help offset rising commodity prices amid the legacy automaker's push towards electrification. What Happened: Ford CEO Jim Farley said on Wednesday the company is seeing significant pricing pressure on the commodity side for steel, aluminum, copper, lithium, and nickel.
Investors already know that gold is a very interesting market when the tide gets tough. In times of recession or economic crisis, investors tend to take money out of the stock market and take refuge in safe-haven assets such as the precious metal.
The metals and mining sector may not be the most exciting group of assets at the moment, but that could change in the coming years. The increasing demand for mining commodities has been driven by the global efforts for green energy. The World Steel Association reported that every metric ton of steel produced in 2020 emitted 1.8 tons of carbon dioxide into the atmosphere.
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