June 8 (Thursday) morning market trends (compared to the previous day)
- NY Dow: $33,665 +0.2%
- Nasdaq: $13,104 -1.2%
- Nikkei Average: ¥31,913 -1.8%
- USD/JPY: 140 +0.3%
- USD Index: 104.1 +0.01%
- 10-year US Treasury yield: 3.8 +2.8% annual yield
- Gold Futures: $1,955 -1.3%
- Bitcoin: $26,441 -2.1%
- Ethereum: $1,840 -2%
traditional finance
crypto assets
NY Dow Nasdaq today
Today’s NY Dow continues to rise to +91.7 dollars. Meanwhile, the Nasdaq closed down $171.5. AI and tech stocks have taken a breather after last week’s big gains, and investors appear to be adjusting their positions ahead of next week’s US CPI and FOMC.
At this point, expectations for a pause in June interest rate hikes have receded from around 76% to around 66%. The market generally expects next week’s FOMC to keep interest rates on hold, but expects another 0.25 percentage point rate hike in July.
Druckenmiller’s view
Prominent US investor Stanley Druckenmiller said at a Bloomberg investment conference that he still expects a hard landing in which inflation remains high, and that the impact of higher interest rates is still part of the outlook for the US economy. He pointed out that it does not appear in the economic sector of the country.
Regarding the AI field, which is overheated, he said, “Unlike virtual currency, AI is real. It may be as innovative as the Internet.” is a stock I’d like to hold for at least two to three years.”
Druckenmiller is known as the right-hand man of billionaire George Soros and founder of the $12 billion hedge fund Duquesne Capital. In 2020, he revealed that he owns Bitcoin, which drew a lot of attention from the Web3 community.
connection: SEC coinbase lawsuit also rebounds Bitcoin significantly, full recovery of Binance shock
economic indicators
- June 13, 21:30 (Tue): May Consumer Price Index (CPI)
- Wednesday, June 14, 21:30: May Wholesale Price Index (PPI)
- June 15, 3:00 (Thursday): US Federal Open Market Committee (FOMC) policy interest rate announcement
US stocks
Against the backdrop of the observation that the environment of high interest rates will continue in the future, it seems that AI and high-tech growth stocks, whose value is expected future cash flow, are getting tired of buying these days. Nvidia, a leading stock in the AI field, has fallen for the fourth straight day. Individual stocks compared to the previous day: Nvidia-3%, c3.ai-4.6%, AMD-5%, Tesla +1.4%, Microsoft-3%, Alphabet-3.7%, Amazon-4.2%, Apple-1.2%, Meta- 2.7%.
Tesla
It was revealed on the 6th that all types of US Tesla’s flagship sedan “Model 3” are eligible for tax deductions of up to $7,500 (about 1.05 million yen) under the EV sales subsidy by the Biden US administration.
Until now, some grades have been subsidized at half the price of $ 3,750, but Tesla’s sales will be even more advantageous after the subsidy expansion. A total of 22 electric vehicles are eligible for the tax credit, including GM, Ford and Volkswagen models. On the other hand, most of the EVs produced by Japanese, European and Korean manufacturers are not eligible for support.
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Virtual currency stocks
- Coinbase｜$53.2 (+3.2%/-17%)
- MicroStrategy | $290.8 (-2.6%/-3.7%)
- Marathon Digital | $9.5 (-5%/-4.8%)
Coinbase fell sharply following the SEC lawsuit filed on the 6th, but rebounded after Arc Investment increased its purchases.
Coinbase’s largest shareholder, Ark Investment, has added 419,324 shares of Coinbase stock after the SEC filing. The purchase, which was the first since May 3, increased its holdings to 11.44 million shares, valuing the position at about $608 million.
connection: Coinbase lawsuit SEC Gensler chairman “I don’t need virtual currency anymore”
connection: Ranking of investment trusts that can be selected under the tax incentive system “Tsumitate NISA”
