NY Dow flat Apple stock rises, ahead of Chairman Powell’s congressional testimony | 7th Financial Tankan

1 year ago 107

March 7 (Tue) morning market trends (compared to the previous day)

traditional finance

NY Dow: $33,431 +0.1%
Nasdaq: $11,675 -0.1%
Nikkei Stock Average: ¥28,237 +1.1%
USD/JPY: 135.9 +0.01%
USD Index: 104.3 -0.2%
10-year US Treasury yield: 3.97 +0.3% per annum
Gold Futures: $1,852 -0.1%

crypto assets

Bitcoin: $22,377 -0.3%
Ethereum: $1,563 -0.6%

The New York Dow remained flat today and closed at +40 dollars. The S&P 500 also rose slightly, while the Nasdaq fell slightly. The wait-and-see atmosphere intensified as Fed Chairman Jerome Powell’s congressional testimony tomorrow and the release of the US jobs report over the weekend approached.

Powell will testify semiannually on monetary policy before the Senate Banking Committee on Thursday and before the House Financial Services Committee on Thursday. It is seen as an important event to confirm the Fed’s stance on the economic outlook and recent monetary policy. This time, he is expected to send a message in harmony with other Fed officials. The chairman commented in an interview on Feb. 7 that if the exceptionally strong labor market persisted, it was quite possible that further action would be needed, but a series of strong economic data released in February is likely to continue. It is feared that it will justify several more rate hikes.

In particular, the change in the number of non-farm payrolls in the US for February, which is scheduled to be announced on the 10th, is gaining attention. In January, the unexpected increase of 517,000 people caused turmoil in the market, but some pointed out that it was an abnormal value. The consensus for February is an increase of 200,000.

In addition, both the number of new applications for unemployment insurance (Feb. 25) and the number of continued unemployment insurance recipients (Feb. 18) for the last week announced last week were lower than expected, indicating concerns over wage inflation due to continued tightness in the labor market. was getting stronger.

connection: Expectations of US Fed interest rate hikes after May

March Economic Indicators (3/8-3/15)

March 8, 22:15 (Wednesday): U.S. February ADP employment statistics (month-on-month change)
March 10, 22:30 (Friday): U.S. February average hourly wage (vs. previous month), change in February non-agricultural sector employment (vs. previous month)
March 14, 21:30 (Tuesday): US February Consumer Price Index Core Index (CPI)
Wednesday, March 15, 21:30: U.S. February Retail Sales
Wednesday, March 15, 21:30: U.S. February Wholesale Price Index (PPI)

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US stocks

Some IT and high-tech stocks continued to rise today. Compared to the previous day for individual stocks, NVIDIA -1.4%, c3.ai -3.8%, Big Bear.ai +0.8%, Tesla -2%, Microsoft +0.6%, Alphabet +1.6%, Amazon -1.2%, Apple +1.8% , Meta-0.2%, Coinbase-2.7%, Silvergate Capital-6%.

For the first time in about six years, Goldman Sachs recommends buying Apple stock. Since Goldman’s last buy of Apple stock in 2017, the company’s shares have surged more than 300%. The reason for this is said to be the expansion of the service business and user base.

As for Amazon, The Web3 Media reports that it plans to launch its own NFT marketplace on April 24th. While no firm announcement has been made yet, Blockworks reported at the end of January that it would launch a service called Amazon Digital Marketplace, citing sources, with a target launch date of April.

BREAKING: @amazon REPORTEDLY TO LAUNCH NFT MARKETPLACE ON APRIL 24 – ABOUT 15 COLLECTIONS RUMORED TO BE AVAILABLE FROM LAUNCH pic.twitter.com/sJck7pLwsA

— DEGEN NEWS (@DegenerateNews) March 6, 2023

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

Coinbase｜$62.7 (-2.7%/-2.7%)
MicroStrategy | $237.4 (-3.8%/-3.8%)
Silvergate Capital | $5.4 (-6.2%/-6.2%)

Silvergate Capital stock continues to fall. The bank’s deposits climbed to $168 million as of Friday, as crypto-related companies such as Coinbase and Paxos ended their ties with the company last week after concerns over its financial situation surfaced. decreased to Bailouts by major shareholders such as Citadel appear to be in place.

UPDATE: Sources inside Silvergate $SI note that at the close of business on Friday, deposits left at the bank totaled $168M.

**source: “…that number will most assuredly drift lower today.”

— Andrew (@AP_Abacus) March 6, 2023

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dollar yen 135.8 yen

US dollar = 135.9 yen, up 0.01% from the previous day. The dollar/yen pair continued to move without a sense of direction ahead of Chairman Powell’s testimony before Congress tomorrow.

Source: Yahoo! Finance

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