Monday's Markets Update (March 6, 2023)

06 Mar 2023 by rate3

On Monday, traders' actions were defined by technicals, with the NASDAQ taking a pause at 11.7K (opening: 11736, closing: 11675) after hiking on Thursday and Friday, while BTC continued to slowly drift sideways (opening: 22397, closing: 22393). This cooling down might also be attributed to markets anticipating that Powell's testimonies on Tuesday and Wednesday in Washington D.C. could rattle the feathers of aggressive stock buyers.

As of March 6th, I have no surprises to report on the fundamental side, too. New orders for manufactured goods in January decreased by $8.9 billion or 1.6 percent to $542.8 billion, in line with the consensus of -1.8 percent, following a 1.7 percent increase in the previous month. Transportation equipment, including commercial aircraft (as assumed), led the decrease with a 13.3 percent downturn to $92.8 billion. On the other hand, food products have increased in seventeen out of the last eighteen months. Overall, however, the goods orders graph remains close to its all-time high of 560B reached in 2014 (compared to $360B in 2020, $320B in 2009, and $300B in 2001).