NY Dow rebounds, Nasdaq continues to fall, remarks by senior FRB officials continue to develop

2/18 (Sat) morning market trends (compared to the previous day)

traditional finance

• NY Dow: $33,826 +0.4%
• NASDAQ: $11,787 -0.58%
• Nikkei Average: ¥27,513 -0.6%
• USD/JPY: 134.1 +0.17%
• USD Index: 104 +0.2%
• 10-year US Treasury yield: 3.81 -0.6% per annum
• Gold Futures: $1,851 -0.02%

crypto assets

• Bitcoin: $24,677 +0.8%
• Ethereum: $1,705 +1.6%

Today’s New York Dow rebounded, but the Nasdaq and S&P500 continued to fall. This week, market participants seem to be in a state of turmoil due to the upswing in economic indicators and remarks by senior Fed officials.

The day before, he said he would not rule out the possibility that hawkish St. Louis Fed President James Bullard, who does not have voting rights, would endorse the 0.5 points at the FOMC meeting in March. ‘s Governor Barkin said he would support a gradual rate hike at 0.25 points, which is similar to the FOMC rate hike in February, rather than 0.5 points. “I don’t think raising interest rates rapidly toward the terminal rate and then pausing is the proper way to conduct monetary policy,” Barkin said. Birkin, like Bullard, won’t be voting at this year’s FOMC meeting.

connection: NY Dow/Nasdaq reversal due to strong economic indicators

“Will there be no landing?”

So far, the market has been speculating about an economic recession due to the Fed’s interest rate hike, but with the employment statistics for January and the CPI and PPI indicating solid economic conditions, there is concern that the recession will lead to a prolonged interest rate hike. seems to be returning.

Some analysts have speculated that the previous “hard landing” scenario could turn into a “no landing” scenario. A no-landing is a situation in which the economy continues to grow while promoting anti-inflationary policies for a longer period of time.

“The no-landing shift is a bit of a tailwind for equities, with solid economic growth and higher and longer-lasting inflation than 2%,” said Emmanuel Coe, a strategist at financial giant Barclays, according to Bloomberg. commented.

Important economic data dates for February

• 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 CPI (Consumer Price Index) that attracts attention in the virtual currency market?

US stocks

Many IT/high-tech stocks and cryptocurrency-related stocks continue to fall. Compared to the previous day for individual stocks, NVIDIA -2.7%, c3.ai -1.6%, Big Bear.ai -1.7%, Tesla +3.1%, Microsoft -1.5%, Alphabet -1.2%, Amazon -0.9%, Apple -0.7% , Meta +0.2%, Coinbase -0.5%, Silvergate Capital +4%.

connection: The rise in Bitcoin approaches $ 25,000, the background of the rise

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

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

• Coinbase｜$65.2 (-0.6%/+14.2%)
• MicroStrategy | $294 (+3.5%/+20%)
• Algo Blockchain | $1.85 (+2.7%/-2.6%)

connection: US Pantera Capital “The virtual currency market may have bottomed out and entered the next cycle”

connection: Stock investment recommended for virtual currency investors, representative virtual currency stocks of Japan and the United States “10 selections”

USDJPY 135 yen

US dollar = 134.1 yen, up 0.17% from the previous day. The dollar continued to rise in response to this week’s solid US economic conditions, reaching a high of 135.11 yen at one point. CPI, PPI and retail sales data have all but wiped out expectations of a rate cut this year, sending U.S. Treasury yields soaring again.

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

GM radio of the week

connection: “GM Radio” Ethereum L2 developer Scroll will participate next time

The 6th GM Radio was held this Thursday at 12:30. As a guest, we invited Mr. Sandy Peng, co-founder of the zk rollup development company “Scroll”, to talk about the competition between L2 and future plans under the theme of “ZK competition in EVM equivalence”.

https://t.co/d1dehYQmQS

— CoinPost Global (We’re hiring!) (@CoinPost_Global) February 16, 2023

GM radio last week

The 5th GM Radio was held last Thursday. Guest speaker Rahul Sethuram, co-founder of Connext, talked about US VC-related trends, the public launch of Connext, the benefits of xApps, and future plans.

https://t.co/SvfiT0Zviy

— CoinPost Global (We’re hiring!) (@CoinPost_Global) February 9, 2023

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