Home 2022 SP500 Weighs, Crypto Fights Inflation, Time for Fauci to Go

SP500 Weighs, Crypto Fights Inflation, Time for Fauci to Go

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#stocks #banks #Fed #inflation#DeFi #knights #DAO #NFTs #politicians #GOP #cryptocurrency #Biden #Fauci

$DIA $SPY $QQQ $VXX $USO $GLD $USD $DXY $AMC $GME $BTCUSD $KNIGHTSUSD

“The Standard & Poor’s 500 Index is a market-capitalization-weighted index of 500 large-cap US companies that make up 80% of US equity by market cap. It is widely regarded as the best gauge of large-cap US equities and often referred to as “the market” because it is comprised of stocks that span all market sectors”–Paul Ebeling

DJIA -543.34 to 35368.47, NAS Comp -386.86 to 14506.89, S&P -85.74 to 4577.11

Tuesday, the S&P 500 fell 1.8% on anxiety surrounding rising interest rates, as well as some concerns about corporate earnings. The NAS Comp (-2.6%), Russell 2000 -3.1%, while the DJIA fell 1.5%. 

10 of the 11 S&P 500 sectors closed lower with losses ranging from 0.7% (real estate) to 2.5% (information technology). The energy sector (+0.4%) was the exception, extending its monthly gainer 17%.

  • DJIA -2.7% YTD
  • S&P 500 -4.0% YTD
  • Russell 2000 -6.6% YTD
  • NAS Comp -7.3% YTD

Key Commodities

WTI Crude Oil futures settled higher by 1.9%, or $1.61 at $85.48/bbl, Gold futures settled $4.10 lower (-0.2%) to $1,812.40/oz, and the US Dollar Index is a +0.5% to $95.75.

Memes

AMC Entertainment Holdings and GameStop were among the many sizable decliners on the day. AMC finished the day with an 8% drop, while GameStop fell back by nearly 7%.

Neither company had any significant news of its own that would warrant a stock move in either direction. But macroeconomic trends that have favored retail investors in their efforts to trade in meme stocks like these have started to shift. In particular, higher interest rates brought more volatility to the market, and that has tended to make for even more violent moves for meme stocks.

When markets are going through tough times, highly speculative stocks typically take the brunt of the hit. If the correction continues, then AMC and GameStop could see further downside.

Cryptocurrencies

In the face of this inflationary spectre, consumers and institutions holding devaluing fiat (paper) currency have sought out alternatives to hedge against.

Bitcoin, KNIGHTS and many other cryptocurrencies are the weapons of choice, driving the SEC to embrace crypto as an investable asset class.

As Bitcoin remains well-off its record highs, advocates are finding glimmers of hope for the world’s largest cryptocurrency by analyzing the makeup of its investors.

Meanwhile, KNIGHTS is just off of $1000/each, as it nears $5-M market cap.

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US Economy

The Empire State Manufacturing Survey for January dropped to -0.7 from 31.9 in December.

The NAHB Housing Market Index for January decreased to 83 from 84 in December.

Looking Ahead: Investors will receive Housing Starts and Building Permits for December and the weekly MBA Mortgage Applications Index Wednesday.

Politics

It is well past time for Dr. Anthony Fauci to step down as chief medical adviser to Mr. Biden, Sen. Ron Johnson said Tuesday. He is disconnected from the American People.

Have a prosperous day, Keep the Faith!

#stocks#banks#Fed#inflation,#DeFi#knights, #DAO#NFTs#politicians#GOP#cryptocurrency, #Biden #Fauci,

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Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.