Wednesday Market Update

Good Morning Everyone!

Eggs prices in the U.S. are down 50% since peaking in December 2022.


Prices as of 4 pm EST, 2/7/23; % YTD


MARKET UPDATE

Jay Powell

  • Goods inflation coming down with shortages and supply chains easing

  • Focus shifting to ‘super-core services inflation’, basically services inflation less housing

  • That metric tends to have a high influence from wages

  • With the strong employment Report we just saw, this has to be a concern for Powell

Market reaction to Powell

  • Stocks down then up, 2% swing

  • Bond yields up but back down this morning

Next two Fed meetings

  • March 22

  • May 3

Crude $78 +1%

  • API numbers better than expected

Microsoft MSFT

  • Debuted an updated Bing search engine integrated with ChatGPT

Google GOOGL

  • Google has 90% of the search market share

  • To discuss their own AI products in Search and Maps today at 8:30 a.m.

Apple AAPL

  • Continues internal test of its upcoming “buy now, pay later” service
    nearing a public release

Autos

  • Used car prices ticked up in January after 7 consecutive months of decline

 

Earnings

  • Vertex VTNR flat Q4 inline revenues

  • Chipotle CMG -5% top and bottom line miss, delivery down 15%

  • Fortinet FTNT +14% Q4 better than expected, guide also better

  • Prudential PRU +1% miss in the qtr, buyback below street

  • CVS Health CVS +2% Quarter was fine but focus on the deal with Oak Street Health

  • Uber UBER +7% Q4 in-line, guide is better than feared

  • Emerson EMR -3% revenues inline, EPS below street

CRYPTO UPDATE

AI-focused crypto

  • Avg AI-based token is up 80% over past week

    • AGIX +233%

    • GRT +122%

    • FET +100%

  • JPMorgan’s recent e-Trading report

    • AI/machine learning: most influential trend next 3 years

    • Institutional traders shifting focus

      • From blockchain → AI

Death cross

  • Bitcoin’s BTC/USD weekly 50MA has never crossed below 200MA (ever)

  • Looks unlikely to stay that way

  • Bitcoin just saw “golden cross” on daily chart

 

Market News and Data brought to you by Benzinga APIs
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Posted In: CryptocurrencyEarningsNewsSmall CapMarketsTechGeneralAIBingcontributorseggs
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