DJIA -170.64 to 36236.47, NAS Comp -19.31 to 15080.86, S&P 500 -4.53 to 4696.05
Thursday, the US stock market closed flat to unchanged. The S&P 500 and NAS Comp both declined 0.1%, the DJIA declined 0.5%, but the small-cap Russell 2000, advanced 0.6%.
5 of the 11 S&P 500 sectors ended the session in the Green while 6 sectors closed in the Red. The materials (-1.2%), healthcare (-1.2%), and utilities (-1.1%) sectors declined more than 1.0%, while the IT sector declined 0.5%.
- DJIA -0.3% YTD
- S&P 500 -1.5% YTD
- Russell 2000 -1.7% YTD
- NAS Comp -3.6% YTD
WTI Crude Oil futures settled higher by 2.0%, or $1.58 at $79.40/bbl, Gold futures settled $35.90 lower (-2.0%) to $1,789.20/oz, and the US Dollar Index is +0.1% at $96.28.
GME stock is +30% after hrs on report that the video game retailer is launching platform for NFTs GameStop is creating partnerships with 2 crypto companies to share technology and co-invest in the development of games that use blockchain and NFT technology
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Notably, some decentralized finance (DeFi) tokens that fell out of favor in early Y 2021 still managed to retain some Top spots in terms of total value locked, which represents the number of assets that are staked in a protocol. Perhaps as they are considered more battle-tested and a safer store of capital compared to newer competitors.
For now, even with altcoins in the headlights, volatility has declined in both BTC and ETH recently.
Our view is that this volatility compression is structural and will be a theme for Y 2022. That said, we believe this dip in the front-end of the volatility curve is overextended and we are adding long gamma in here.
Savvy traders are “long gamma profit” when the underlying asset moves more than expected, and,
Crypto.com (CRO) is a Singapore-based cryptocurrency exchange that allows investors to buy, sell and exchange various crypto assets and blockchain products. Besides the decentralized exchange, it also offers a crypto wallet, NFT marketplace, and credit cards. Holding cryptos in their wallet attracts up to 14.5% interest.
The platform features 150 cryptocurrencies, including the top popular assets such as Bitcoin, Ethereum, Dogecoin, Polkadot, and Cardano. It also supports fit currencies such as the USS, EUR, GBP, and Canadian dollar.
Transaction fees can be as much as 0.40%, while these fees are reasonable, it is not the lowest in the market. This is where CRO comes in handy: CRO is crypto.com’s native cryptocurrency. Holding a significant amount of CRO will benefit you with low transaction fees, higher credit card rewards, and staking interests rates.
The US Economy
- Initial claims for the wk ending 1 January increased by 7,000 to 207,000 and continuing claims for the wk ending 25 December increased by 36,000 to 1.754-M.
- The Key takeaway is that the latest data did not disrupt the idea that the labor market is very tight and that initial claims are running at pre-VirusCaseddemic marks, which at the time were very low, aka Full Employment
- The ISM Non-Manufacturing Index for December decreased to 62.0% from a record high 69.1% in November. The dividing line between expansion and contraction is 50.0%. The December reading marks the 19th month running of growth for the services sector.
- The Key takeaway from the report is that it is not surprising to see some softening following a record-high print, however, the uptick in the prices index is a worrisome inflation point given the narrative that consumers will be engaging more with services companies in Y 2022 than they did in Y 2021.
- The trade deficit for November widened to $80.2-B rom $67.2-B in October. Exports were $0.4-B higher than October exports and imports were $13.4-B more than October imports.
- The Key takeaway relates to the soft growth in exports, which reflects relatively weak demand abroad.
- Factory orders for manufactured goods increased 1.6% m/m in November following an upwardly revised 1.2% increase in October. Shipments of manufactured goods jumped 0.7% after increasing 2.0% in October.
- The Key takeaway from the report is the lack of order growth for nondefense capital goods, excluding aircraft, a proxy for business spending.
Looking Ahead: Investors will receive the NFPS (Employment Situation Report) for December and Consumer Credit for November on Friday.
In a memo sent to lawmakers, the Department of Homeland Security said it has identified content online that ”could inspire violence, particularly by lone offenders, and could be directed against political and other government officials, including members of Congress, state and local officials, and high-profile members of political parties.” The memo was sent by John Cohen, DHS’ head of the Office of Intelligence and Analysis.
Have a prosperous day, Keep the Faith!