1 year ago
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2/9 (Thursday) morning market trends (compared to the previous day)
- NY Dow: $33,949 -0.6%
- Nasdaq: $11,910 -1.6%
- Nikkei Average: ¥27,606 -0.2%
- USD/JPY: 131.4 +0.2%
- USD Index: 103.4 +0.05%
- 10-year US Treasury yield: 3.62 -1.3% per annum
- Gold Futures: $1,887 +0.18%
- Bitcoin: $22,896 -1.4%
- Ethereum: $1,647 -1.2%
traditional finance
crypto assets
The New York Dow and Nasdaq dropped today. The day before, Fed Chairman Jerome Powell’s remarks increased volatility and eventually the stock was bought back, but the market on the 8th turned into negative territory after receiving the remarks of some hawkish FOMC members.
connection: NY Dow rebounds for the first time in 4 days Chairman Powell mentions “disinflation” again
First, the slightly dovish New York Fed President Williams said in an interview last night that interest rates may need to be kept at a depressed level for several years to slow inflation. . At its meeting last week, the FOMC decided to raise interest rates by 0.25 points, setting the target range for the policy rate to 4.5% to 4.75%, but the market consensus is that 5.00% to 5.25% (twice at 0.25% each) is expected to be the final destination. was However, the employment data for January, which was announced on the 3rd of last week, greatly exceeded expectations, raising concerns that interest rate hikes will continue beyond expectations.
Williams, who is also a voting member of this year’s FOMC, said in an interview last night that 0.25 percentage points could be a good rate hike going forward, and that the pace of further rate hikes would depend on future data. The January 1st Consumer Price Index (CPI), which is scheduled to be announced on the 14th of next week, will be a point of interest.
On the other hand, hawkish Minneapolis Fed President Neel Kashkari said yesterday’s hawkish stance was followed by an easing of inflationary pressures, adding: There is not yet much evidence that it is having an impact and more action will be needed to restore equilibrium in the labor market. He said a recession was “undesirable, but we still have work to do to keep inflation under control.” It seems that it is becoming increasingly difficult for the market to predict how the Fed will achieve a soft landing.
connection: Virtual currency market rebounds, SAND 30% higher than the previous day due to partnership with Saudi government agency
Important economic indicators and plans for February
- 10th 24:00 (Friday): U.S. Michigan Consumer Confidence Index February preliminary figures
- 8:50 on the 13th (Monday): Japan October-December Quarterly Real Gross Domestic Product (GDP, preliminary figures)
- 14th 22:30 (Tue): US January Consumer Price Index (CPI)
- 15th 22:30 (Wednesday): US January retail sales
- 23rd 22:30 (Thursday): U.S. October-December Quarterly GDP Personal Consumption and Core PCE Revised Values
- 24th 22:30 (Friday): US January Personal Consumption Expenditure (PCE deflator)
- 24th 24:00 (Friday): University of Michigan Consumer Confidence Index February Confirmed value
connection: What is the “dollar index” that also pays attention to the virtual currency market | Commentary for beginners
US stocks
IT and high-tech stocks sell first in response to remarks by FOMC members. In particular, Google’s parent company, Alphabet Inc., fell. In the background is the announcement the day before that rival Microsoft has introduced ChatGPT’s AI technology to search engine Bing. Bing, which has been upgraded with an AI platform, is said to be able to regain market share from the search engine area that Google has monopolized so far, and there is concern whether Google’s soon-to-be-launched AI chatbot Bard will be superior to ChatGPT, which has acquired first-mover advantage. seems to be on the rise.
In addition, Chinese IT giant Alibaba announced on the 8th that it will enter the AI chatbot field, and that it is developing an artificial intelligence tool like ChatGPT and conducting internal tests. Competitor JD.com also announced on the same day that it plans to integrate ChatGPT’s technology into its service. Competition in the field of language-based artificial intelligence tools is becoming increasingly fierce. Amazon is also expected to enter this space soon.
connection: Microsoft, interactive artificial intelligence installed in search engine “Bing”
Compared to the previous day for individual stocks, NVIDIA +0.1%, c3.ai +6.8%, Big Bear.ai +10%, Tesla +2.2%, Microsoft -0.3%, Alphabet -7.6%, Amazon -2%, Apple -1.7% , Meta-4.2%, Coinbase-2.7%, Microstrategy-2.8%.
connection: Recommended for cryptocurrency investors, advantageous shareholder benefits “10 selections”
USD/JPY 131 yen level
US dollar = 131.4 yen, up 0.2% from the previous day. The dollar seems to have been supported by remarks by a hawkish committee member.
Source: Yahoo! Finance
connection: The background of the “strong dollar” that affects the virtual currency market also explains the correlation and factors of the weak yen
Cryptocurrency/Blockchain-related Stocks (Year-on-Year Change/Year-to-Week Change)
- Coinbase | $69.4 (-2.7%/-7%)
- Robinhood Markets | $10.4 (-0.7%/-2.5%)
- Hat 8 Mining | $2.1 (-2.1%/-2.7%)
connection: Stock investment recommended for virtual currency investors, representative virtual currency stocks of Japan and the United States “10 selections”
GM Radio Tonight!
connection: Connext, aiming for cross-chain UX optimization, will participate in the 5th “GM Radio”
The 5th GM Radio will start at 21:00 on Thursday, February 9th. Guest was Connext co-founder Rahul Sethuram. We will ask questions about Connext’s public launch, the benefits of xApps, future plans, and more.
Our next #GMRadio will feature @ConnextNetworka modular interoperability protocol!
Our guest will be CTO Rahul Sethuram (@RHLSTHRM)
Tune in to hear about their recent upgrade launch, natively cross-chain apps (xApps), and more!
See you there! https://t.co/SvfiT0YXt0 pic.twitter.com/sD8M8wg0oO
— CoinPost Global (We’re hiring!) (@CoinPost_Global) February 3, 2023
GM radio last week
The 4th GM Radio was held last Friday. Four guests, including the co-founder of LayerZero Labs, who participated for the second time, and the founder of DeFi Kingdoms, talked about “Possibilities of cross-chain games” and “Challenges of blockchain games”.
Live in 25! #GMRadio@DeFi Kingdoms @LayerZero_Labs https://t.co/LfYsp3zKfZ
— CoinPost Global (We’re hiring!) (@CoinPost_Global) February 3, 2023
connection: 4th “GM Radio” held, guests are DeFi Kingdoms executives
The post Nasdaq declines due to the impact of FOMC member remarks, etc. | 9th Financial Tankan appeared first on Our Bitcoin News.
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