Thursday's Market Update (June 13, 2024)

13 Jun 2024 by rate3

On Thursday, the stock market rose slightly on a drop in CPI and a surge in jobless claims. Tesla gained after shareholder approval of Musk's pay package. Internationally, EU markets continued to drop as manufacturing activity slowed. Both BTC and ETH are down after an attempted bounce on easing inflation data. The majority of coins and tokens followed, with Polygon, Algorand, and Avalanche decreased more than 4%.

Details

Core producer prices dipped to 2.3% YoY in May, down from 2.4% in April. This is still above the historical average of 2.57%, though well below the record high of 9.7% set in March 2022. 1Y trend: "Side" (DOL)
Jobless claims surged to 242K, the highest since August 2023, indicating a weakening job market. This could lead the Federal Reserve to cut interest rates to boost the economy. 1Y trend: "Up" (DOL)

Crypto

Representative Thomas Massie introduced a bill to abolish the Fed. The bill was inspired by a book about Bitcoin. (source)

World Markets

European stocks fell sharply after inflation data boosted bonds. The gap between French and German bond yields widened the most in years on political worries.
Eurozone factories saw a steeper decline than expected in April. Industrial output shrank 3% compared to the same month last year, following a revised 1.2% drop in March. 1Y trend: "Down" (Estat)
Brazil’s retail sales in April grew 2.2% compared to the same month last year. This is slightly lower than the average annual growth of 3.23% seen between 2001 and 2024. 1Y trend: "Up" (Ibge)
India's manufacturing output grew 3.9% in April compared to the same month last year. This is lower than the long-term average of 5.81% (2006-2024). Manufacturing has fluctuated significantly, reaching a record high of 196.0% in April 2021 and a record low of -66.6% in April 2020. 1Y trend: "Side" (MOSPI)