Monday's Markets Update (October 16, 2023)

19 Oct 2023 by rate3

On Monday, NY Manufacturing Index fell but Nasdaq gained on expectations of a dovish shift in Fed monetary policy linked to growing concerns about the war in the Middle East. Microsoft, Meta, Alphabet, and Tesla shares advanced. On a broader range of stocks, consumer discretionary, utilities, and energy sectors performed best. BTC and ETH rallied following tech stocks. Other news: ~$5 billion or 194,188 BTC reported in government's holdings.

Details

The NY Empire State Manufacturing Index fell slightly in October 2023, but was better than expected. New orders and shipments were little changed, while unfilled orders declined and delivery times shortened. Labor market indicators pointed to a slight increase in both employment and the average workweek. The pace of input price increases was similar to last month, while selling price increases moderated. Firms remained relatively optimistic about the six-month outlook.

Crypto

The US government is one of the largest Bitcoin holders in the world, with a reported $5 billion (194,188 BTC) in holdings. However, this figure only accounts for three documented seizures, suggesting that the government's true Bitcoin holdings could be much larger. This is significant because it shows that the US government is taking Bitcoin seriously and that its holdings could have implications for the future of Bitcoin.

Comment

In recent years, our society has witnessed a concerning trend in which our elders have chosen to prioritize their personal financial interests over fairness, decency, and humanitarian values. This decision has led to an alarming increase in societal chaos and pressure. According to a recent survey, over 80% of younger generations believe that their elders have failed to uphold basic principles of fairness and equality. This sentiment has been reflected in protests and demonstrations demanding accountability and change. However, the elders have resisted these attempts at reform, violently opposing any efforts to replace them and their outdated governance mechanisms. This resistance has perpetuated the current chaos and further alienated younger generations from the political process. It is crucial that our elders recognize the severity of the situation and take steps towards meaningful reform, or risk the long-term stability and prosperity of our society.