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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 (NASDAQ: MSFT)
- Debuted an updated Bing search engine integrated with ChatGPT
Google (NASDAQ: 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 (NASDAQ: 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 (NASDAQ: VTNR) flat Q4 inline revenues
- Chipotle (NYSE: CMG) -5% top and bottom line miss, delivery down 15%
- Fortinet (NASDAQ: FTNT) +14% Q4 better than expected, guide also better
- Prudential (NYSE: PRU) +1% miss in the qtr, buyback below street
- CVS Health (NYSE: CVS) +2% Quarter was fine but focus on the deal with Oak Street Health
- Uber (NYSE: UBER) +7% Q4 in-line, guide is better than feared
- Emerson (NYSE: 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 (CRYPTO: BTC) weekly 50MA has never crossed below 200MA (ever)
- Looks unlikely to stay that way
- Bitcoin just saw “golden cross” on daily chart
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