Tuesday's Markets Update (October 24, 2023)

25 Oct 2023 by rate3

On Tuesday, private sector growth accelerated but the Nasdaq rose, ignoring the perspectives of Fed rate's new hikes, led by strong corporate earnings reports and a stabilization in Treasury yields. Top gainers included Spotify, Verizon, and Coinbase, which soared by more than 6% as Bitcoin rose to 35K for the first time since April 2022. BTC and ETH relented on technicals after a week's rally.

Details

Private sector growth accelerated in October 2023, driven by manufacturing and services expansion. Demand for manufactured goods improved, but new service business fell. Job creation was weak, backlogs fell, and expenses and inflation eased. Business confidence picked up.