ETF Tracker StatSheet
You can view the latest version here.
GOLD GLITTERS AND BITCOIN BOOMS AS THE DOLLAR DIVES
[Chart courtesy of MarketWatch.com]- Moving the markets
In the whimsical world of Wall Street, the major indexes took a rollercoaster ride, initially hitting the gas with bullish enthusiasm only to slam on the brakes and retreat, leaving Nvidia’s jaw-dropping rally needing a pit stop. The market wrapped up the week with a less-than-rosy hue, painting the town red.
The February jobs report was like a cryptic crossword, giving mixed signals that left economists scratching their heads. The job count boomed to a surprising 275,000, overshooting the Dow Jones economists’ guess of 198,000. But before you pop the champagne, January’s blockbuster number got a reality check, slashed by 35% to a more modest 229k. And with the election year shenanigans, who’s to say February’s figures won’t get a makeover come April?
Meanwhile, the unemployment rate nudged up to 3.9%, and wage growth didn’t pack the punch feared, tossing a few crumbs of hope that inflation might just be tamed enough to charm the Fed. But don’t get too cozy; the macro data trend is looking more like a retreat than a victory march.
Bond yields took a leisurely slide all week, with the 10-year yield cozying up close to 4%. The tech titans, known as the Mag7, didn’t have their best week either, ending on a down note. And those stocks that were shorted like last season’s fashion? They plummeted back to their lows after a fleeting moment in the sun.
The dollar, on the other hand, felt like a punching bag, wrapping up its worst performance in three months. But every cloud has a silver—or should I say, gold—lining. The shiny metal gleamed brighter than a disco ball, hitting a new high just shy of $2.2k, celebrating its longest winning streak since the summer of ’20.
Cryptos, not to be outdone, partied hard this week, with Bitcoin breaking the $70k ceiling for a champagne-popping new record. Crude oil, however, couldn’t keep up with the festivities and took a dive by week’s end.
And as for Nvidia, it’s been stacking up market cap like a billionaire at a high-stakes poker game, adding a cool $1 trillion this year alone.
It begs the question: Is Nvidia the new Cisco, or is history just enjoying a good rerun?
Read More