Crypto, stock and metal markets overturn because the tech revenue disappears and the economic weakness of the United States is deepened-market tactics
Crypto, stock and metal markets overturn because the tech revenue disappears and the economic weakness of the United States is deepened-market tactics
The stock markets began the day in the minus after the latest corporate profit reports were published by some of the world's largest companies, including Microsoft. The latest telephone conference in the technology giant was considered disappointing, and the profits of companies such as Boeing, Texas Instruments and 3M were also lackluster. The gold and silver prices fell between 0.43 % and 0.72 % on Wednesday, and the cryptocurrency industry has fallen by $ 2.79 % in the last 24 hours compared to the US dollar.
concerns about a US recession are increasing because the company profits disappoint
After a few interest bulls, stocks, precious metals and cryptocurrencies were in the red on January 25, 2023. When the investors were waiting for Next Weakness. Results reports from Microsoft , Union Pacifik , Texas instruments on Wednesday that the economy did not recover, and increased the continuing concerns regarding a possible US recession.
from Wednesday morning to afternoon were the four US benchmark stock indices-the Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), the Nasdaq Composite (IXIC) and the Russell 2000 (RUT)-all in minus 1 % and 2.05 %. In addition to the lack of profit reports of some of the largest companies in the country, industrial production in the USA was roughly a in December 2022 .
Industrial production also decreased in November 2022 and fell by 0.6 %in the year. Another shock was the fact that retail sales were also low during the Christmas season in November and December 2022. Data indicates that retail sales go back in the last month and while the holidays were in full swing, it was the greatest decrease of the year.
precious metals and crypto assets go back in the middle of economic uncertainty
precious metals such as gold, silver and platinum have also recorded losses compared to the US dollar in the last 24 hours. The New York spot price on January 25, 2023, indicates that gold is traded for $ 1,931.70 per troy ounce, which corresponds to a decrease of 0.43 %. A ounce silver fell by 0.72 % and will be traded on Wednesday at 11:00 a.m. Eastern Time for $ 23.59 per unit. Kenneth Broux, strategist at Société Générale, says that the escalating tensions in Ukraine, low corporate profits and fears of recession plague investors.
"The market is definitely concerned about slowing down profit, especially in the technology area, so there is a feeling that the market continues to sell technology and the dollar", Broux notes on Wednesday. "But a huge risk of cock is now what happens in Ukraine when there is an escalation of the conflict and Europe is conflict," added the strategist.
According to the key figures recorded on Wednesday, the cryptocurrency industry floats just above the $ 1 billion brand with 1,019,712,653,474. The cryptoma markets fell by 2.79 % in total, and Bitcoin (btc) lost 1.49 % on Wednesday. The second largest cryptocurrency, ether (eth) has lost more since Tuesday.
The global trade volume with cryptocurrencies was not too long ago above the $ 100 billion region, but today the global trade volume is around $ 55.98 billion throughout the cryptocurrency. Despite the withdrawal on Wednesday, precious metals, stocks and cryptocurrency systems are still developing much better than in the last month. On Wednesday at 11:30 a.m. (ET) gold rose compared to the US dollar, but still fell by 0.2 %, and silver also rose and has currently increased by 0.13 %.
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