Wednesday's Markets Update (Jan 25, 2023)

26 Jan 2023 by rate3

It was anticipated that bullish investors would not maintain an aggressive buying strategy in the lead up to the Federal Open Market Committee meeting. Furthermore, the release of Durable Goods data on Thursday and Consumer Price Index for Core data on Friday were factors that influenced traders' decision-making on Wednesday.

As a result, the markets exhibited fluctuations, initially declining due to an overbought relative strength index signal, and then rebounding as a result of short covering. These fluctuations resulted in a 1.5% increase in both the NASDAQ (o: 11146, c: 11313) and Bitcoin (o: 22595, c: 22938) on the day.

This uptick can be partially attributed to positive corporate earnings reports, including AT&T's EPS increasing from 0.57 to 0.61, IBM's EPS rising from 3.58 to 3.60, and Tesla's EPS growing from 1.15 to 1.19.

However, these gains did not significantly alter the overall weekly trends for the NASDAQ and Bitcoin, which remained within their respective ranges for the week.