Financial Analyst/Content Writer, RADEX MARKETS
Lawrence J. came from a strong technical and engineering background before pivoting into a more financial role later on in his career. Always interested in international finance, Lawrence is experienced in both traditional markets as well as the emerging crypto markets. He now serves as the financial writer for RADEX MARKETS.
AÇÃO
A measure of opportunistic dip-buying seems to have occurred last Friday. Traders were understandably distracted by last week’s release of harrowing declassified documents, which coincided with highly erratic moves across all financial markets. Many US tech stocks performed terribly under the guise of various AI-driven narratives last week, with many of the larger tech companies suffering heavy losses. The slide came to a sudden halt on Friday however and US indices all experienced significant rebounds. The Dow Jones gained over a thousand points to push beyond 50,000 for the first time in its history, while the S&P 500 and Nasdaq Composite both closed the day 2% higher or more. Nvidia (NVDA), Advanced Micro Devices (AMD) and Broadcom (AVGO) all shot up 7% on Friday, while Amazon saw some heavy buying pressure after a low session open. US futures edged up on Sunday night and remain positive going into Monday’s session later today.
Precious metals underwent another chaotic week, dragging gold and silver one way and then the other, leaving many traders confused as to which way the winds are blowing. The volatility in silver continues to stun traders, with the white metal seeing highs of $92 per ounce last week, before dipping down to $64 by Friday, only to end the session just under $78. Gold has been equally temperamental, experiencing $300 swings on an almost daily basis. Gold and silver both gapped up this morning, pushing gold back above $5,000 per ounce and silver back above $82.
Perhaps the crypto markets can be credited with the most egregious case of price manipulation, as Bitcoin completely fell through the floor on Thursday as traders completely succumbed to panic. Prices plummeted down to $60k, only to violently reverse course and climb back above $70k on Friday. Investors in cryptocurrencies have had a rough few months and many are hoping the flash dump last week will mark the beginning of a new chapter. Michael Saylor’s Strategy (MSTR) has certainly borne the brunt of the poor sentiment that has pervaded crypto as of late, with shares in the company dipping as low as 104 last Thursday. The reversal in crypto prices quickly brought about a similar change in fortune for the world’s largest corporate holder of Bitcoin, whose shares surged 26% the following day.
Because of the short US government closure last week, last Friday’s non-farm payrolls release has been rescheduled for Wednesday. The publication is expected to reveal 70k new jobs and an unemployment rate of 4.4% in January. The latest NFP report is the standout event of the week, but traders would do well to keep an eye on US retail sales tomorrow and CPI figures on Friday, both of which will help steer expectations on the Fed’s next move. UK growth data will be published on Thursday, providing the latest figures for December and Q4. In other news, Japanese PM Sanae Takaichi has just won a landslide victory, securing a supermajority in Japan’s lower house. The Nikkei 225 index is currently reacting very positively to the development, while the yen is strengthening against other major currencies. The repercussions of the result may continue to play out in currency markets over the course of the week as the PM’s plans become clearer.
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