Thursday's Markets Update (February 15, 2024)

16 Feb 2024 by rate3

On Thursday, stocks rose with 10 out of 11 S&P sectors finishing higher, led by energy, real estate, and materials. Treasury yields declined, and traders assessed weak retail sales data. Crypto market is mostly flat with BTC (+52K) and ETH (+2.8K) are slightly in green.

Details

Retail sales fell 0.8% in January 2024, the largest drop since March, surpassing forecasted declines. Several sectors, including building materials and gasoline stations, saw significant decreases, while furniture stores and food services saw increases. (CB)
The NY Empire State Manufacturing Index improved to -2.4 in February 2024 but remained in contraction territory. New orders and unfilled orders declined, while shipments rose. Employment was steady, and input price increases accelerated. Businesses were cautiously optimistic about the next six months.(NY Fed)
The Philadelphia Fed Manufacturing Index rose to 5.2 in February 2024, surpassing forecasts. New orders remained negative, while shipments turned positive. Employment fell to its lowest since May 2020. Price increases were reported but remained below long-term averages. Indicators suggest optimism for growth in the next six months.(Phil Fed)

Crypto

Chainalysis reported 29.5% drop drop in crypto sent to launder-friendly services from $31.5 billion in 2022 to $22.2 billion. The decline in laundering outpaced the overall transaction decrease, indicating a potentially cleaner crypto landscape. (source)
Gibran Rakabuming Raka, son of Indonesia's president, won the local elections with 60% of the vote, indicating the public's growing embrace of digital technologies. His campaign promoted blockchain, crypto, AI, and cybersecurity, aligning with Indonesia's goals to become a digital leader and bridge the divide.(source)

World Markets

Peru's GDP contracted by 0.74% in December 2023, against expectations. Declines were seen in fishing, financial & insurance, and manufacturing. Growth slowed in agriculture and mining, while utilities and accommodation & restaurants grew faster. The GDP for 2023 decreased by 0.55%.
Tunisia's economy contracted for a second straight quarter entering a technical recession, with declines in oil refining, manufacturing and agriculture offset slightly by growth in services like hotels, restaurants and finance; quarterly GDP rose slightly but annual growth was just 0.4% in 2023.(INS)

Commodities

Silver prices rose to $23/ounce due to Fed rate cut possibility. Retail sales fell, while jobless claims dropped. Chicago Fed Goolsbee expressed caution about waiting too long before cutting rates, citing inflation data and 2% target.