Friday's Markets Update (February 23, 2024)

23 Feb 2024 by rate3

On Friday, stock indexes closed near record highs, with the S&P 500 and the Dow Jones rising. Nvidia surpassed a $2 trillion valuation. Internationally, Chinese direct investments dropped. Gold was stable while Cocoa continued to skyrocket. The crypto market was mixed with BTC and ETH edging down about one percent while some major altcoins such as Bitcoin Cash, Polkadot, Cosmos and Cardano showed a positive dynamic. Uniswap rocketed up by more than 53% and closed above $11 at its two-year highs.

Crypto

Uniswap's $UNI token price surged by 50% due to a governance proposal rewarding token holders for staking. Uniswap's Protocol emphasized efficiency in token swapping with minimal governance.(source)

World Markets

Foreign investments into China decreased by 11.7% YoY in January 2024 but rose by 20.4% from the previous month. According to CPC 4,588 new foreign-invested enterprises were established, showing a 74.4% increase from the previous year.(CMC)
The FGV-IBRE Consumer Confidence Index in Brazil dropped to 89.7 in Feb, the lowest level since May 2023, driven by declining future expectations due to high interest rates and private debt. While lower-income households experienced a sharper decline, current conditions slightly improved.(source)
Argentina's Leading Economic Index fell by 6.79% in December 2023 compared to the same time the year before. The average index from 1993-2023 was 0.19%, with a peak of 14.39% in May 2020 and a low of -9.98% in March 2020.(Utdt)

Commodities

Gold above $2,020/ounce, supported by weaker dollar and safe-haven demand. Uncertainty on Fed rate cuts. Waller suggests delay, citing inflation concerns. Geopolitical tensions in Middle East also increase gold demand.