2/24 (Friday) morning market trends (compared to the previous day)
- NY Dow: $33,153 +0.3%
- NASDAQ: $11,590 +0.7%
- Nikkei Stock Average: Closed
- USD/JPY: 134.7 -0.07%
- USD Index: 104.5 -0.02%
- 10-year US Treasury yield: 3.88 -0.8% per annum
- Gold Futures: $1,829 -0.63%
- Bitcoin: $23,976 +0.6%
- Ethereum: $1,653 +2.3%
traditional finance
crypto assets
Today’s New York Dow was down nearly $250 at one point, but it turned positive after being bought back in the final stages. The Nasdaq and S&P 500 also rallied.
Last night, the U.S. Department of Commerce released a revision to U.S. real gross domestic product (GDP), which was revised down from a preliminary estimate of 2.9%, while core personal consumption expenditure (core PCE), which excludes food and energy, was a preliminary estimate of 3.9. %, up 4.3%. Growth in personal consumption, which drives US GDP, has slowed significantly since the previous quarter, but core PCE, which is the most important price indicator for the US Fed, has outperformed the preliminary figures.
And the labor market remains tight, with initial unemployment claims falling unexpectedly last week to a three-week low.
- U.S. October-December Quarterly GDP (revised): result 2.7% forecast 2.9% previous quarter (revised) 3.2%
- US October-December Quarterly Personal Consumption (Revised): Result 1.4% Forecast 1.9% Previous Period (Revised) 2.1%
- Core PCE Annual Rate (Revised): Result 4.3% Forecast 3.9% Previous Period (Revised) 3.9%
- Number of new unemployment insurance applications Last week: Result 192,000 Predicted 200,000 Previous (revised) 194,000
FOMC Minutes
The minutes of the US Federal Open Market Committee (FOMC) held from January 31 to February 1, announced on the morning of the 23rd, have receded speculation that the interest rate hike will end early. At that meeting, almost everyone agreed to slow rate hikes to 0.25% from the 0.5% set at last December’s meeting, but there were hawks who favored 0.5% and called for continued monetary tightening. was also found to be strong.
Officials who supported reducing the range of interest rate hikes were concerned about the risk of a US recession, but after the FOMC, solid economic indicators such as the better-than-expected January employment report and the better-than-expected January CPI/PPI Given the spate of announcements, some market participants appear to be concerned that after the 0.25% rate hikes in March and May, there is a scenario for a further 0.25% rate hike in June. After the last FOMC meeting, Chairman Powell indicated that “the process of disinflation (slowing price increases) has begun.” Inflation is expected to reassess the upside risk.
In addition, it is pointed out that the median policy interest rate at the end of the year in the “dot chart”, which shows the interest rate outlook of FOMC officials, will be raised from 5.1% in December to a maximum of 5.6%. The next FOMC meeting is scheduled for March 21-22.
The following economic indicators are due tonight.
- 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: The US economy “Will it be a no-landing?”
connection: What is the US monetary policy meeting “FOMC” that attracts the attention of global investors | Easy-to-understand explanation
US stocks
NVIDIA, a major GPU maker, announced its financial results after the closing of the previous day, and its bullish outlook for February-April sales (first quarter) was well received, resulting in a significant increase of 14% compared to the previous day. Earnings per share exceeded expectations, but sales were down -21% year-on-year. While demand for semiconductors for personal computers is sluggish, demand for artificial intelligence systems such as ChatGPT is said to boost demand for the company’s products.
Block Inc (formerly Square), which provides Bitcoin trading app Cash App, announced that BTC quarterly gross profit decreased by 25% to $ 35 million. Total Bitcoin sales totaled $1.83 billion, down -7% year-on-year. Meanwhile, the company’s overall gross profit increased by 40% year-on-year to $1.66 billion. The stock is up +7% after hours.
Compared to the previous day for individual stocks, NVIDIA +14%, c3.ai +2.2%, Big Bear.ai -0.3%, Block +1.6%, Tesla +0.6%, Microsoft +1.3%, Alphabet -0.8%, Amazon +0.03% , Apple +0.3%, Meta +0.5%.
connection: Recommended for cryptocurrency investors, advantageous shareholder benefits “10 selections”
Cryptocurrency/Blockchain-related Stocks (Year-on-Year Change/Year-to-Week Change)
- Coinbase｜$62.3 (+1.9%/-4.4%)
- MicroStrategy | $265.7 (-1%/-9.6%)
- Algo Blockchain | $1.68 (+3%/-9.2%)
Regarding Coinbase, it seems that last night it announced Ethereum (ETH)’s own L2 network “Base”. Base is L2, which is launched based on the technology of “Optimism”, which is operated by Coinbase’s rollup mechanism, and is currently in testnet operation.
1/ 🔵 We’re excited to announce @BuildOnBase.
Base is an Ethereum L2 that offers a secure, low-cost, developer-friendly way for anyone, anywhere, to build decentralized apps.
Our goal with Base is to make onchain the next online and onboard 1B+ users into the cryptoeconomy. pic.twitter.com/RmwZFJzGGs
— Coinbase (@coinbase) February 23, 2023
connection: Stock investment recommended for virtual currency investors, representative virtual currency stocks of Japan and the United States “10 selections”
Friday GM Radio
This week GM Radio will be speaking with Neel Somani, founder of Eclipse Laboratories, which develops ETH/SOL rollup technology, at 12:30 on Friday.
connection: “GM Radio” Next time, ETH/SOL rollup project Eclipse will participate
📣Next week’s 2nd #GMRadio will feature @EclipseFNDa customizable rollup solution that promises to bring Web2 scale to Web3, not only supporting the EVM but also Solana VM!
👥Our guest will be founder @neelsalami.
🎙️Tune in for this and some big news!https://t.co/b90XAOZE8u pic.twitter.com/iuYlwO9I9e
— CoinPost Global (We’re hiring!) (@CoinPost_Global) February 17, 2023
GM radio on Mondays
Coinpost Global held the 7th GM Radio on the night of the 20th. This time, we have a guest interview with Igneus Terrenus, head of communications and business development at Mantle Network.
https://t.co/dJUKP4woKb
— CoinPost Global (We’re hiring!) (@CoinPost_Global) February 20, 2023
connection: “GM Radio” guest is Ethereum L2 developer Mantle
