Stock markets began the day in the red after the latest corporate earnings reports from some of the world's largest companies, including Microsoft. The tech giant's recent earnings call was seen as disappointing, and earnings from companies like Boeing, Texas Instruments and 3M were also lackluster. Gold and silver prices fell between 0.43% and 0.72% on Wednesday, and the cryptocurrency economy fell 2.79% against the US dollar in the last 24 hours. US Recession Concerns Grow as Corporate Earnings Disappoint After a few bullish weeks, stocks, precious metals and cryptocurrencies were in the red on January 25, 2023. …
Stock markets began the day in the red after the latest corporate earnings reports from some of the world's largest companies, including Microsoft. The tech giant's recent earnings call was seen as disappointing, and earnings from companies like Boeing, Texas Instruments and 3M were also lackluster. Gold and silver prices fell between 0.43% and 0.72% on Wednesday, and the cryptocurrency economy fell 2.79% against the US dollar in the last 24 hours.
After a few bullish weeks, stocks, precious metals and cryptocurrencies were in the red on January 25, 2023. When investors were waiting for it next At the meeting of the US Federal Reserve, the state of the US economy showed great weakness. Results reports from Microsoft, Union Pacific, Texas Instruments and others said Wednesday that the economy was not recovering, adding to ongoing concerns about a possible U.S. recession.
From Wednesday morning through afternoon, the four U.S. benchmark stock indexes - the Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), the Nasdaq Composite (IXIC) and the Russell 2000 (RUT) - were all down 1% and 2.05%. In addition to lackluster earnings reports from some of the country's largest companies, U.S. industrial production plummeted 0.7% in December 2022.
Industrial production also fell in November 2022, falling 0.6% year-on-year. Another shock was the fact that retail sales were also low during the Christmas period in November and December 2022. Data suggests retail sales fell 1.1% last month and while the holidays were in full swing, it was the biggest drop of the year.
Precious metals such as gold, silver and platinum also posted losses against the US dollar in the last 24 hours. The New York spot price on January 25, 2023, shows gold trading at $1,931.70 per troy ounce, down 0.43%. An ounce of silver has fallen 0.72% to trade at $23.59 per unit as of 11:00 a.m. Eastern Time on Wednesday. Kenneth Broux, strategist at Société Générale, says escalating tensions in Ukraine, low corporate profits and recession fears are plaguing investors.
“The market is definitely concerned about the slowdown in earnings growth, particularly in technology, so there is a feeling that the market wants to continue selling technology and the dollar,” Broux noticed On Wednesday. “But a huge tail risk now is what happens in Ukraine if there is an escalation of the conflict and Europe is drawn into the conflict,” the strategist added.
According to metrics recorded on Wednesday, the cryptocurrency economy is hovering just above the $1 trillion mark at $1,019,712,653,474. Crypto markets are down 2.79% overall, and Bitcoin (BTC) lost 1.49% on Wednesday. The second largest cryptocurrency, Ethereum (ETH) has lost even more, having lost 4.66% of its value since Tuesday.
The global cryptocurrency trading volume was not long ago above the $100 billion region per day, but today the global trading volume is around $55.98 billion across the entire cryptocurrency economy. Despite Wednesday's pullback, precious metals, stocks and cryptocurrency assets are still performing much better than last month. As of 11:30 a.m. ET on Wednesday, gold was up against the U.S. dollar but is still down 0.2%, and silver was also up and is currently up 0.13%.
How do you see the future for markets and the economy? Share your thoughts in the comments.
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