Thursday's Markets Update (January 23, 2025)

24 Jan 2025 by rate3

On Thursday, equities rose, continuing this week's rally as investors evaluated how Trump's policy changes could affect corporate profits. Higher jobless claims also contributed to the bullish sentiment. Oil slipped following Trump's speech at Davos. BTC fluctuated below its ATH after Trump signed the national digital asset stockpile order. SOL and ETH mostly stalled.

Details

The Kansas City Fed's Manufacturing Production Index fell to -9 in January - lowest level since September 2024, marking the third consecutive month of decline. Declining materials and finished goods inventories contributed to the contraction. New orders continued to decline, while employment remained steady. Elevated raw material costs led to higher manufacturing charges. 1Y trend: "Down" (KFed)
Initial jobless claims rose to 223K in the week ending January 18th, slightly exceeding expectations. The increase marked the sharpest rise in six weeks. 1Y trend: "Up". (DOL)

Crypto

Trump has reportedly signed an executive order to establish a national digital asset stockpile, emphasizing the importance of cryptocurrencies in global finance. (source)

Commodities

Crude oil prices slipped following Trump's Davos speech announcing plans to ask OPEC to lower oil prices. This was coupled with MIddle-East seas-fire and an increase in US fuel stockpiles, contributed to the price decline. 1Y trend: "Side"