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.
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After 43 long days, the US government finally reopened late on Wednesday evening. Despite the resolution, markets are more uneasy than ever, with no clear path forward. The lack of economic data over the past six weeks may have a more permanent effect than previously assumed. Vital surveys were simply not carried out at all, meaning that some data points, such as the October unemployment rate, will now never see the light of day. As usual, the lack of information is affecting the Fed, making some members unwilling to do anything other than hold steady until more figures become available. Comments from a number of board members have slashed the odds of a December rate cut to 50%; this time last month they were hovering around 90%. The windfall may not come and investors are getting angsty.
Financial markets across the board were gripped by a sense of unease yesterday. It was a bad day for US stock markets: the Dow Jones and S&P 500 both fell 1.7%, while the Nasdaq Composite closed the day 2.3% in the red. The selloff was particularly bad for big tech companies, including Nvidia (NVDA), which lost 3.6% yesterday, but also Tesla (TSLA), which shed 6.6% by the closing bell. Cryptocurrencies also continued their descent, with Bitcoin dipping below $100k this morning and showing very little motivation to make a comeback. Retail demand for cryptocurrencies has remained unimpressive over the last few weeks, while institutional players have made a coordinated retreat over the same time frame. ETFs and corporate treasuries have shed some weight recently, while Michael Saylor’s Strategy (MSTR) is down over 50% since its summer highs.
The story in precious metals is somewhat different. While gold and silver failed to escape yesterday’s selloff, the two metals are already back on the front foot as of this morning. Silver showed a lot of strength earlier today, pushing back above $53 an ounce, while gold managed to edge over $4,200. With or without additional rate cuts, the case for precious metals remains strong due to the underlying fiscal weakness present in many major economies. From North America to Europe to Japan, countries around the globe are facing mounting debt problems that have investors looking for safety.
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