Quiet, low-volume day
TUESDAY MARKET UPDATE
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Good Morning Everyone!
18 trading days left in 2022
Volumes low ahead of next week’s FOMC meeting
2-10 curve inverted to levels not seen since the 1980s
Suggests an economic slowdown with most pointing to potential recession in second half of 2023
Covid cases have fallen each of the past 8 days since peaking in late November
Massive in oil prices and energy stocks
Energy best performer of 2023
Oil prices roughly flat YTD
Which one is right?
PEP 0.00 PepsiCo
Laying off hundreds of workers
AZO 0.00 AutoZone
Crypto lender Nexo saying goodbye to US markets
Will stop offering products/services in US in coming months
Earn Interest Product halted immediately in 8 states
Company hit “dead end” in regulator talks:
“the U.S. refuses to provide a path forward for enabling blockchain businesses and we cannot give our customers confidence that regulators are focused on their best interests” - Nexo
Digital asset investment product flows
Minor outflows of $7 million last week
However, most outflows came from short investment products
Bitcoin inflows $11 million, short-Bitcoin outflows also $11 million
Ethereum 3rd straight week of minor outflows
MEME OF THE DAY
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