Coinbase +16.8% compared to the previous day, exceeding the Nikkei average bubble | 27th Financial Tankan

Traditional finance *2/27 (Tue)

• NY Dow: 39,069 -0.16%
• Nasdaq: 15,976 -0.13%
• Nikkei average: 39,233 +0.3%
• USD/JPY: 150.6 +0.2%
• NVIDIA: $790.9 +0.3%
• Microsoft: $176 -0.3%

US stock indexes are slightly lower today. Investors are awaiting comments from senior Fed officials this week on the future interest rate environment.

The NASDAQ and S&P 500 were pushed up last week, mainly by the AI ​​sector, in response to the strong financial results announced last Thursday by Nvidia, the world's No. It's a casual look.

Shares of semiconductor giant Micron Technology Inc. rose 4%. Yesterday, Nvidia's announcement that it would begin mass production of its high-performance memory chip “HBM3E” used in semiconductors for AI was well received.

Regarding expectations for rate cuts, analysts at major bank Santander pointed out that the Fed may wait until after the presidential election in November to cut rates. Although the Fed is an independent central bank, monetary policy is important to elected officials, who expect monetary easing to be postponed as the economic environment and inflation persists at higher-than-expected levels. However, he predicted that once the presidential election was decided, the FOMC would have room to begin a new easing cycle in November.

❖ Fed May Delay Rate Cuts Until After Presidential Election

US politics could be a reason for the Fed to wait until after the November presidential election to cut rates, Santander's Stephen Stanley says in a note. “The Federal Reserve is an independent central bank, but…

— *Walter Bloomberg (@DeItaone) February 26, 2024

Last week, the minutes of the US FOMC meeting held in January were made public, showing that officials do not want to cut interest rates too soon.

connection: Goldman Sachs selects “Seven Samurai” to represent Japanese stocks

Today's main market materials are as follows:.

• Nikkei average updated record high for 2 consecutive business days. The background factors include high prices, monetary easing, a weak yen, improved corporate profit margins, the new NISA, and the opening of TSMC's Kumamoto factory.
• Dollar yen: High 150 yen range.
• Gold prices fall due to rising US bond yields.

Important economic indicators/events from this week onwards

• 2/27 (Tue) 8:30am Japan January National Consumer Price Index
• 2/28 (Wed) 22:30 U.S. Q4 real gross domestic product (GDP) revised value
• 2/29 (Thu) 22:30 U.S. January personal consumption expenditure (PCE deflator)

connection: How to use the stock investment bible “Quarterly Report” that even beginners can understand

Virtual currency-related stocks/Bitcoin, etc. sharply rise

• Coinbase｜$193.9 (+16.8%)
• MicroStrategy | $796.4 (+15.8%)
• Marathon Digital Holdings | $29.1 (+21.6%)

Cryptocurrency-related stocks rose significantly as Bitcoin recovered to the $54,000 level.

connection: Coinbase stock price soars to the highest level since March 2022

Virtual currency market

• Bitcoin (BTC): $54,575 +5.5%
• Ethereum (ETH): $3,175 +2.4%

Ethereum hit a new high this year, returning to the $3,100 level.

connection: Matrixport aims to reach $63,000 in Bitcoin by March

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