Tuesday's Market Update (Feb 14, 2023)

15 Feb 2023 by rate3

Today, Bureau of Labor Statistics reported long anticipated January's Core Inflation Rate (the primary measure of inflation for goods and services purchased by consumers, excluding volatile food and energy) decreased for the fourth consecutive month to 5.6 percent year-on-year. This value represents the lowest rate since December 2021 but it surpassed market projections of 5.5 percent and persisted above the target set by the FED.

Additionally, The NFIB Small Business Optimism Index increased to 90.3, rebounding from its six-month low of 89.9 in December. However, the index remained below its 49-year historical average of 98. Still, the most significant challenges facing small business owners was inflation, cited by 26% of respondents as the top concern and difficulties in filling job openings (+ 4 percent), reported by 45% of small business owners.

Nonetheless, it did not prevent traders from celebrating Valentine's Day by increasing the NASDAQ by +1.28 percent (o: 11,808, c: 11,960) and recovering BTC after the Poxos-Binance episode from the day prior, with a gain of +2.45 (o: 21,719, c: 22,252).