1 year ago
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6/2 (Fri) morning market trends (compared to the previous day)
- NY Dow: $33,061 +0.4%
- Nasdaq: $13,100 +1.2%
- Nikkei Stock Average: ¥31,148 +0.8%
- USD/JPY: 138.8 +0.03%
- USD Index: 103.5 -0.7%
- 10-year US Treasury yield: 3.6 -1% annual yield
- Gold Futures: $1,995 +0.6%
- Bitcoin: $26,925 -0.6%
- Ethereum: $1,870 +0.3%
traditional finance
crypto assets
NY Dow Nasdaq today
Today’s NY Dow rebounded to +153.3 dollars. The Nasdaq also closed at +165.7. The US House of Representatives passed the debt ceiling bill on the previous day, and the default risk of the US has receded significantly.
Progress on the U.S. Debt Problem
At the plenary session on the morning of June 1, Japan time, the US House of Representatives passed the “Fiscal Responsibility Bill” agreed by US President Biden and House Speaker McCarthy the other day with a majority of 314 in favor and 117 against. The bill, which has been sent to the Senate, is almost certain to pass, and is expected to be voted on today.
President Biden issued a statement calling the bill’s passage through the House “good news for the people and the economy.” The bill would suspend the application of the debt ceiling until January 1, 2025, and cap federal spending over the next two years.
connection: “X Day” approaching US debt ceiling problem, possible scenarios and their impact
U.S. May ADP employment statistics, etc.
There are many opinions that the passing of the bill and the avoidance of default have already been factored in to some extent, and the market’s interest seems to have shifted to the June FOMC (15th). The FOMC members’ remarks on the previous day revived speculations that the June meeting may postpone rate hikes.
Philadelphia Federal Reserve Bank President John Harker said on Thursday that he supports holding off rate hikes at this point. However, he said he could change his mind depending on the employment data released on June 2. The current policy interest rate is 5.00-5.25%.
The US May ADP employment statistics released last night showed an increase of 278,000 (number of private sector employees), far exceeding the expected increase of 170,000. On the other hand, wage growth has slowed, and the annual compensation of workers who have changed jobs has remained at the lowest level since October 2021.
ADP data showed that the labor market, which underpins the economy, remains strong. In addition, the number of US job openings in April, which was announced the day before, also increased unexpectedly, reaching a high level for the first time in three months.
economic indicators
- June 2, 21:30 (Friday): May unemployment rate, May average hourly wage
- June 13, 21:30 (Tue): May Consumer Price Index (CPI)
- Wednesday, June 14, 21:30: May Wholesale Price Index (PPI)
- June 15, 3:00 (Thursday): US Federal Open Market Committee (FOMC) policy interest rate announcement
US stocks
IT and tech stocks were bought today on speculation of a pause in rate hikes. On the other hand, c3.ai’s sharp drop stands out. In the high-tech field, there seems to be a sense of wariness about high prices, especially in artificial intelligence (AI), which has become a hot topic recently. Individual stocks compared to the previous day: NVIDIA +5.1%, c3.ai-13.2%, AMD +1%, Tesla -1.7%, Microsoft +1.2%, Alphabet +0.6%, Amazon +1.8%, Apple +1.6%, Meta + 2.9%.
c3.ai settlement
Shares of c3.ai, which offers artificial intelligence applications, plunged after a weaker-than-expected sales outlook.
In the February-April quarter financial results (4th quarter) announced after the close of business, sales forecasts for May-July 2023 and full-year April 2024 were disappointing.
In addition, sales for the period from February to April were 72.41 million dollars, a slight increase from the same period of the previous year. The cost of the main subscription service ballooned and the net loss was $64.95 million, lower than expected.
The stock price of the company has more than tripled this year due to the special demand of the “AI boom”.
Source: Tradingview
connection: Top 3 rankings of ETFs (listed investment trusts) in Japan and overseas that can be purchased with NISA
Cryptocurrency-related stocks high
- Coinbase｜$63.5 (+2.2%/+11.7%)
- MicroStrategy | $299.9 (-0.5%/+5.2%)
- Marathon Digital | $9.9 (+2%/+11.9%)
connection: Good news for the cryptocurrency industry with the US debt ceiling agreement The mining tax increase proposal is postponed
connection: Ranking of investment trusts that can be selected under the tax incentive system “Tsumitate NISA”
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