This guy is still my friend. Recall, I had warned that the first quarter of 2024 might experience indigestion.
Check my weekend letter for greater detail.
GENERAL MEDIA NEWS:
U.S. stocks closed notably lower on Tuesday as higher Treasury yields and concerns that the Federal Reserve
may not cut interest rates anytime soon hurt sentiment.
The major averages all ended in the red with the Dow finishing with a more pronounced loss. The Dow settled
with a loss of 231.86 points or 0.62 percent at 37,361.12. The S&P 500 ended down 17.85 points or 0.37
percent at 4,765.98.
The Nasdaq, which managed a brief spell in positive territory around mid morning, closed with a marginal loss
of 28.41 points or 0.19 percent at 14,944.35.
In addition to digesting some hawkish comments from some central bank officials, including from the Federal
Reserve, investors also reacted to quarterly earnings updates from some major U.S. companies such as Goldman
Sachs and Morgan Stanley.
Boeing shares dropped nearly 8 percent. The stock’s price declined after Wells Fargo downgraded the company,
amid ongoing issues with the 737 Max 9 model.
Morgan Stanley ended lower by more than 4 percent. Morgan Stanley’s fourth-quarter bottom line totaled $1.38
billion or $0.85 per share, compared with $2.11 billion or $1.26 per share a year ago.
PayPal, Moderna, Hewlett Packard, Nike, Warner Bros Discovery, Bakher Hughes, Delta Air Lines, Chevron, HP,
Invesco, Textron, Netflix, United Airlines Holdings and Bank of America lost 2 to 4 percent.
Goldman Sachs gained about 0.7 percent. The lender reported fourth quarter net earnings of $1.87 billion of
$5.48 per share, up from $1.19 billion or $3.32 per share in the year-ago quarter.
Advanced Micro Devices climbed more than 8 percent. The stock surged on upbeat analyst commentary on
semiconductor demand.
A report from the Federal Reserve Bank of New York said the NY Empire State Manufacturing Index plunged to –
43.7 in January, the lowest reading since May 2020.
In overseas trading, Asian stocks ended weak on Tuesday in the absence of Wall Street cues and heightened
geopolitical tensions.
Gold prices were subdued in Asian trade as the dollar and bond yields rose on waning expectations of an early
interest rate cut in the U.S. and Europe.
European stocks closed weak on Tuesday as hopes about an early interest rate cut by central banks faded a bit
following some hawkish comments from a few top officials. Data showing an acceleration in Germany’s consumer
price inflation weighed as well.
The yield on U.S. 10-year Treasury Note rose to more than 4.070 percent.
In the currency market, the dollar gained against most of its major counterparts. The dollar index surged to
103.43, gaining more than 1 percent.
Against the Euro, the dollar firmed to 1.0878 from 1.0953, and against the Japanese currency, it rallied to
147.21 yen, gaining about 1 percent.
https://www.howestreet.com/2024/01/could-2024-be-the-year-of-bitcoin-mark-leibovit/
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COME ON, DAD. IT’S TIME TO EAT
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