Australia and Japan markets decline as the Fed decision approaches, and most Asian markets are closed

The outlook is starting to look bright for biotech stocks, according to some.

With markets now expecting the first rate cut to take place in September rather than June or July, as previously thought, biotech stocks could start to perform well.

Biotechnology encompasses many different areas, but Citi has identified one of them as a $2.9 billion market — which it says is poised for further growth. According to Citi, its market is expected to grow at an average rate over the next five years.

CNBC Pro subscribers can read more here.

– Weezin Tan

Bitcoin continued its month-long decline to close out April, falling 4% and at one point trading just below the $60,000 level.

The major cryptocurrency is on track to end the month down 15% and record its first negative month in the past eight. This will be the worst month since November 2022, when FTX collapsed. Still up 43% for 2024.

Stocks whose performance is linked to the price of Bitcoin fell with the cryptocurrency. Cryptocurrency exchange Coinbase fell 6%, while MicroStrategy lost 15%. The self-described software company and Bitcoin developer also reported a loss in the first quarter.

In the mining sector, Marathon Digital fell 10.5%, while Riot Platforms lost 8.5%. IREN and CleanSpark both fell by 7%.

To learn more about what’s in store for Bitcoin next month, read our investment forecasts here.

– Tanya Machel

Consumer confidence reached its lowest level since mid-2022 in March as concerns about employment and inflation grow, the Conference Board reported Tuesday.

The board’s benchmark index registered a reading of 97, below the slump of 103.1 in March, and missing the Dow Jones estimate of 103.5. This was the index’s lowest level since July 2022, although board officials said their measure of current conditions remained at a fairly healthy level and the headline index had been in a “relatively narrow range” for more than two years.

However, there were concerns about the direction things were headed. Dana M. said: Peterson, the board’s chief economist, said participants’ answers reflected that “high price levels, especially for food and gas, dominated consumer concerns, with global politics and conflicts a close second.”

—Jeff Cox

Total workers’ compensation costs rose more than expected in the first quarter, providing another sign that inflation pressures will not go away.

The Labor Department reported Tuesday that the Employment Cost Index rose 1.2% during the period, faster than 0.9% in the fourth quarter of 2023 and higher than the Dow Jones estimate of 1%. Federal Reserve officials are monitoring the index as a sign of underlying inflation.

On an annual basis, the civilian workers index rose by 4.2% after rising by 4.8% for the same period in 2023.

—Jeff Cox