Nasdaq/AI Stock Rebound Tomorrow Closed | 7th Financial Tankan

4/7 (Friday) morning market trends (compared to the previous day)

traditional finance

• NY Dow: $33,485 +0.007%
• Nasdaq: $12,087 +0.7%
• Nikkei Stock Average: ¥27,507 -1.1%
• USD/JPY: 131.7 +0.004%
• US dollar index: 101.8 +0.05%
• 10-year US Treasury yield: 3.3 +0.4% annual yield
• Gold Futures: $2,023 -0.5%

crypto assets

• Bitcoin: $28,026 -0.6%
• Ethereum: $1,870 -2%

Today’s Nasdaq rose to positive territory with buybacks of IT and high-tech stocks. The NY Dow stayed in a small movement. US stock markets will be closed tomorrow for Good Friday.

The number of initial U.S. unemployment insurance claims announced last night (ending April 1) exceeded the forecast of 200,000, recording 228,000. 18,000 fewer than the previous week’s 246,000. Meanwhile, the number of continuing unemployment insurance recipients (the week ending March 25) was 1,823,000, exceeding the forecast of 1.7 million. The market temporarily plunged into negative territory due to concerns about an economic slowdown, but it seems to have been bought back due to limited downward pressure.

It is unclear how accurately the changes in the number of applications reflect labor market conditions, as the government has changed historical data to adjust for seasonal fluctuations. That said, a series of weak economic data released this week, including the ADP private sector employment data and March’s non-manufacturing headline index, appears to have significantly reduced expectations of a Fed rate hike.

Next week, the US March Consumer Price Index (CPI), a key gauge of inflation, will be released. The US corporate earnings season for the March quarter also begins next week.

Economic indicators (Japan time)

• April 12, 21:30 (Wednesday): US March Consumer Price Index (CPI)
• Thursday, April 13, 3:00 PM: Federal Open Market Committee (FOMC) Minutes
• Friday, April 14, 21:30: U.S. March Retail Sales
• April 14, 23:00 (Friday): April University of Michigan Consumer Confidence Index, preliminary figures

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Individual stocks Google’s AI movement, etc.

U.S. IT/tech stocks compared to the previous day: NVIDIA +0.5%, c3.ai +8.3%, Big Bear.ai +14%, Bullfrog AI +19.8, Tesla -0.2%, Microsoft +2.5%, Alphabet +3.7% , Amazon +0.9%, Apple +0.5%, Meta +2.1, Coinbase +1%.

Google

Alphabet CEO Pichai yesterday announced plans to add artificial intelligence (AI) interaction to the Google search engine. Microsoft already has ChatGPT in its search engine Bing, but Pichai denied the OpenAI threat Microsoft is involved with in an interview with the WSJ.

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Google unveiled its own AI chatbot, Bard, in March, but is now working on improving it after discovering problems with its responses. Pichai also declined to comment on Bard’s general availability.

In a paper released Wednesday, Google details the supercomputer it uses to train its artificial intelligence, claiming it’s faster and uses less power than a supercomputer powered by Nvidia chips.

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Cryptocurrency/Blockchain-related Stocks (Year-on-Year Change/Year-to-Week Change)

• Coinbase｜$61.4 (+1%/-9.1%)
• MicroStrategy | $290 (-0.25%/-0.8%)
• Robinhood Markets | $10 (+2.6%/+3%)

Robinhood Markets will be fined $10.2 million. The case revolves around an investigation by seven state securities regulators into the platform’s system failure in March 2020. The Association of North American Securities Commissions said in a press release, “Robinhood has repeatedly failed to serve its customers, and this settlement makes it clear that Robinhood must take its customer care obligations seriously and correct these shortcomings. It’s something to do,” he said.

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