Friday's Markets Update (June 23, 2023)

26 Jun 2023 by rate3

On Friday, the PMI Manufacturing sunk and NASDAQ (o:13484, c:13492) continued to correct. At the same time, BTC (o:30106, c:30880) gained another 2.5 percent on whales trying to push it over 31K.

The S&P Global US Manufacturing PMI fell to 46.3 in June, the lowest since December. New orders fell sharply, as did input buying and inventories. Cost pressures eased, as suppliers offered discounts. Employment rose, but sentiment was weak.

In Week 26, there will be Tuesday's Durable Goods Orders for May (previous: 1.1 percent, consensus: -1.0 percent) and Friday's Core PCE Price Index for May (previous: 0.4 percent, consensus: 0.4 percent) influencing market players' positions. However, since both NASDAQ and BTC are hovering slightly above their important resistance levels, a plausible trading scenario would be sideways volatility.