Tuesday's Market Update (Jan 3rd, 2023))

04 Jan 2023 by rate3

NASDAQ opened this year by sliding from 10562 to 10386 (1.7 percent, with Tesla dropping 8.8 percent and Amazon holding 83 mark) on a day session. Looks like traders, after abandoning all hopes for FED's early pivot, started to factor in the recession.

One of triggers was today's Global Manufacturing PMI report published by SP at 9.45AM (EST). It showed the sharpest decline in the production sector since May 2020 (-3.2 percent, to 46.2 in December, from 47.7 a month earlier). Moreover, this report noted that manufacturers begin to deep into their stocks piles, accrued in 2022, and lowered prices, faced by rapidly weakening customer demand.

BTC met its 14th birthday in a bit more optimistic mood than the leading tech Index. After regressing by a less than a percent during the main trading session, BTC bounced back still staying within the narrow corridor of 16500 - 16900 (depending on exchanges).

Might it be that FED saying today (in its Joint Statement on Crypto-Asset Risks) that 'Banking organizations are neither prohibited nor discouraged from providing banking services to customers of any specific class or type' lighten the atmosphere for crypto players a bit?