Nasdaq and AI-related stocks sharply lower US recession concerns grow | 6th Financial Tankan

1 year ago 51

4/6 (Thursday) morning market trends (compared to the previous day)

traditional finance

NY Dow: $33,482 +0.2%
NASDAQ: $11,996 -1%
Nikkei Average: ¥27,813 -1.6%
USD/JPY: 131.2 -0.007%
USD Index: 101.9 +0.3%
10 year US Treasury yield: 3.3 -0.8% annual yield
Gold Futures: $2,037 -0.06%

crypto assets

Bitcoin: $28,185 -0.1%
Ethereum: $1,909 +2.1%

Today’s NY Dow was slightly high, but the Nasdaq continued to fall. Selling to IT and high-tech stocks continued. Concerns over an economic recession have heightened.

Last night’s ADP private jobs data was weak following yesterday’s US job openings and Tuesday’s US March ISM manufacturing index. The number of private-sector employees increased by 145,000 in March, far below the expected increase of 210,000 and the previous month’s increase of 261,000. Wages for the more than 25 million U.S. workers in the data grew a modest 6.9% year-on-year for those who kept the same job, while those who changed jobs saw a 14.2% year-on-year increase last year. It fell to the slightest increase since January. (See Bloomberg report)

“The jobs data is one of several signals that the economy is slowing,” ADP’s chief economist said in a statement. We are reversing the strengthening movement.”

This week’s March nonmanufacturing headline index and the aforementioned private employment figures reignited recession fears, pushing the dollar and Treasuries (yields lower) higher, boosting the tech-heavy Nasdaq and gold. ) were sold.

The US March Consumer Price Index (CPI) will be released next week, a key indicator of inflation. Speculation has grown that the Fed will turn to early rate cuts to avoid a recession.

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

connection: The monthly trading volume of Ethereum futures is at the highest level since May last year as bitcoin struggles in the latest high price range

AI stocks fell sharply

U.S. IT Tech Stocks: NVIDIA-2%, c3.ai-15.4%, Big Bear.ai-17.9%, Bullfrog AI-32%, Tesla-3.6%, Microsoft-0.9%, Alphabet-0.2 %, Amazon -2.7%, Apple -1.1%, Meta -1.5%, Coinbase -2.8%.

NVIDIA

As for NVIDIA, Google’s AI-related announcement became a selling point. In a paper on Thursday, AI rival Google detailed the supercomputer it uses to train its artificial intelligence, claiming it’s faster and uses less power than a supercomputer powered by Nvidia chips. (See Reuters report)

According to the paper, Google’s supercomputer was up to 1.7 times faster and 1.9 times more power efficient than a comparable system based on Nvidia’s A100 chips. Google uses its in-house developed AI calculation chip “TPU” for more than 90% of its AI training work.

NVIDIA announced a new AI GPU and platform for natural language processing programs such as ChatGPT at a GPU technology event hosted in March.

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

Coinbase｜$60.7 (-2.8%/-10%)
MicroStrategy | $290.8 (-2.7%/-0.5%)
Marathon Digital Holdings | $7.9 (-6.8%/-9.1%)

Last night, MicroStrategy announced that it had purchased an additional $29.3 million worth of cryptocurrency Bitcoin (BTC). Bitcoin holdings increased to 140,000 BTC.

connection: US Micro Strategy buys 3.8 billion yen worth of Bitcoin

connection: Recommended for cryptocurrency investors, advantageous shareholder benefits “10 selections”

connection: Top 10 cryptocurrency stocks in Japan and the US

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