Thursday's Markets Update (March 7, 2024)

07 Mar 2024 by rate3

On Thursday, major indices climb with S&P 500 & Nasdaq hitting new highs. Powell hinted on Fed cutting rates this year while jobless claims up slightly, labor costs revised lower. On the world markets, ECB held the rate at the record high (4.5%). BTC hovered under 68K, while the rest of crypto market continued to outperform with Solana (+14%), Binance (+10%) and Algorand (+8) leading the surge.

Details

Employers announced most Feb job cuts (84,638) in 11 months, led by tech (12,412) and transportation (13,573). YTD cuts down 7.6% YoY, with tech leading industry cuts (28,218). (CHAL)

Crypto

Tether partners with Uzbekistan to make it a blockchain hub. This aims to boost the country's economy and innovation through crypto and stablecoins. (source)

World Markets

ECB holds interest rates at record highs (4.5%) to fight inflation (projected at 2.3% in 2024), despite revising down growth forecast to 0.6% for 2024. They anticipate a rebound in growth (1.5% in 2025, 1.6% in 2026). (ECB)

Currencies

Dollar falls to 1-month low on rate cut bets. Fed sees inflation nearing 2% target, jobless claims rise, layoffs highest since 2009. Euro surges despite lower ECB forecasts.