NY Dow flat, virtual currency-related stocks slightly lower, Bank of England raises unexpected interest rate | 23rd Financial Tankan

June 23 (Friday) morning market trends (compared to the previous day)

traditional finance

• NY Dow: $33,946 -0.01%
• Nasdaq: $13,630 +0.9%
• Nikkei Average: ¥33,264 -0.9%
• USD/JPY: 143.04 -0.05%
• USD Index: 102.4 +0.3%
• 10-year US Treasury yield: 3.79 -0.06% per annum
• Gold Futures: $1,923 -0.01%

crypto assets

• Bitcoin: $30,011 +0.0%
• Ethereum: $1,877 -0.3%

NY Dow Nasdaq today

Today’s NY Dow is flat at -4.8 dollars. The Nasdaq closed higher at +128.4 dollars. Fed Chairman Jerome Powell testified at a Senate hearing last night that the majority of FOMC participants expect two more rate hikes.

In addition, the Bank of England unexpectedly raised interest rates by 0.5% on the 22nd to curb persistently high inflation (8.7%), setting the policy interest rate to 5%. High price fears smoldered and profit-taking dominated in the U.S. stock market as major central bank officials continued to battle high inflation and hinted at the possibility of another rate hike.

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President Powell’s remarks on the second day

“It will be appropriate for policy makers to raise interest rates again later this year, perhaps twice,” Fed Chairman Powell said during the second day of Congress’s biannual monetary policy hearings (the Senate) on the 22nd. I testified that I felt

The Fed chairman said the pace of further interest rate hikes will be determined based on data to be obtained. Excessive fears of a recession appear to have receded as a “cautious” pace of about once every three months is expected. Statements such as “careful pacing” were also made in yesterday’s House testimony.

He also reiterated his stance that he is committed to returning inflation to the Fed’s 2% target, following yesterday’s testimony.

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At the moment, the probability of another 0.25% rate hike at the FOMC meeting in July is 75.6%.

economic indicators

• Friday, June 23, 22:45: June Services Purchasing Managers Index (PMI, preliminary)
• June 27 (Tue) 23:00: May new housing sales (vs. previous month)
• Thursday, June 29, 21:30: Jan-Mar Quarterly Real Gross Domestic Product (GDP, Final)
• Friday, June 30, 21:30: May Personal Consumption Expenditure (PCE deflator)
• July 3 (Monday) 8:50: April-June Quarterly Bank of Japan Tankan Forecasts for Large Enterprises in Manufacturing

U.S. Initial Unemployment Insurance Application

Last week, 264,000 U.S. unemployment claims were filed, slightly above market expectations of 259,000. The labor market appears to be showing signs of easing.

According to Bloomberg and other sources, the number of applications for unemployment insurance has remained at the highest level since October 2021, partly due to a series of large-scale layoff announcements this year, mainly in the IT and financial industries.

Meanwhile, the number of continuing unemployment insurance beneficiaries fell by 13,000 from the previous week to 1,759,000 in the week ending June 10.

IT and high-tech stocks fall across the board

In the US stock market, the NY Dow was flat, and the S&P 500 stock index rebounded for the first time in four days. Expectations for a soft landing led to buybacks of large tech stocks.

Individual stocks compared to the previous day: Nvidia -0.04%, c3.ai -4.1%, AMD -1.2%, Tesla +1.9%, Microsoft +1%, Alphabet +2.1%, Amazon +4.2%, Apple +1.6%, Meta + 1.1%.

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Virtual currency-related stocks fell slightly

• Coinbase｜$57.4 (-1%/+3.4%)
• MicroStrategy | $327.2 (-1.2%/+11.5%)
• Marathon Digital | $11.8 (-3.1%/+18.5%)

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