Thursday's Markets Update (September 7, 2023)
On Thursday, the Nasdaq closed lower as investors worried about the Federal Reserve’s plans to raise interest rates. Tech stocks fell the most, with Apple down 2.9%. Lower-than-expected jobless claims and strong labor costs data pointed to a tight labor market, which could keep the Fed on track to raise rates. BTC has a small up-tick despite Fed Barr spoke against crypto again.
The number of filings for unemployment benefits fell to the lowest level since February. Continuing claims also fell to the lowest level since mid-July. This data suggests that the labor market remains strong despite the Federal Reserve’s tightening cycle.
Fed Barr said: Non-federally regulated stablecoins could pose significant risks to financial stability and policy. A robust federal framework is needed before they become widely adopted.