SVET Reports

Friday's Markets Update (Jan 27, 2023)

The NASDAQ added 1.3 on Friday, closing the week above its key resistance level of 11,600 (opening at 11,470, closing at 11,621). Meanwhile, BTC edged up 0.9 percent (opening at 22,900, closing at 23,108). The University of Michigan Index, an indicator of consumer sentiment, showed 64.9 in January (compared to 67.2 a year ago). On the other hand, the Bureau of Economic Analysis reported that December's personal incomes increased by 49.5 billion (+0.2 percent), while spending dropped -0.2 percent. Still, the core PCE price index (excluding food and energy) increased 0.3 percent.

Markets zigzagged this week in anticipation of the FOMC's rate announcement. Bulls were energized by hints of an improving macroeconomic environment while bears pointed out the persistently low unemployment and inflationary pricing in the service sector.

As a result, BTC closed almost at January 23rd levels (Mon: 22,706, Fr: 23,108, +1.8 percent). At the same time, NASDAQ did notably better (Mon: 11,171, Fr: 11,621, +4.0), with positive price actions largely dictated by the overperformance of singular stocks like Tesla and Amazon during Thursday's and Friday's sessions.