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Tech Stocks, Crypto Drop On Hawkish Fed

U.S. stock futures traded sideways, as the markets reacting to the Fed signaling early rate hikes. The Dow Jones Industrial Average was up, while the tech-focused Nasdaq dropped.

Most members of the Fed Open Market Committee see the Fed raising rates in early 2022. With the release of the FOMC minutes, markets have upped their rate hike expectations.

That’s why markets are dumping risk assets, including tech stocks and crypto. They’re trading out growth opportunities for companies that perform well when interest rates are higher.

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Meanwhile, despite record Omicron cases, most investors expect the economy to continue its recovery.

Level Chg. Chg. %
DOW Futures 36,391.00 61 0.17%
S&P 500 Futures 4,694.25 -5 -0.11%
Nasdaq Futures 15,702.75 -88.5 -0.56%

U.S. Dollar and Treasuries

The yield on the 10-year Treasury rose four basis points after the release of the Fed minutes. The dollar remained stable against a basket of major currencies.

Price Chg. Chg. %
U.S. Dollar Index (DXY): 96.14 -0.03 -0.03%

 

Yield Change Previous close
U.S. 1 Year Treasury Bill 0.412% 0.02 0.393%
U.S. 5 Year Treasury Note 1.474% 0.043 1.431%
U.S. 10 Year Treasury Note 1.748% 0.042 1.706%
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Stocks To Watch

Tesla is losing steam, dropping back below $1,100, after falling 5.35% on Wednesday. The EV company fell with other tech stocks, as investors are dumping risk assets. Apple, as well as Jack Dorsey’s Block also dropped in the reshuffling.

On the other hand, oil stocks, including Exxon Mobil, surged with a spike in oil prices. Travel stocks jumped on recovery bets. Carnival Corp dumped almost 1%.

Shares of Western Union dropped after BofA Securities downgrade. The investment bank downgraded the company to “underperform”.

Symbol Company Name Price Chg. % Volume
AAPL Apple Inc. $173.25 -0.95% 453.09K
TSLA Tesla Inc. $1,070.99 -1.57% 329.42K
CCL Carnival Corp. $21.36 0.90% 173.14K
SQ Block Inc. $142.20 -0.90% 50.95K
XOM Exxon Mobil Corp. $67.61 1.29% 46.36K
WU Western Union Co. $17.70 -4.07% 41.28K

 

Commodities To Watch

Oil surged on recovery bets, as well as the unrest in Kazakhstan, which could impact supply. Gold dipped below $1,800 on rate hike expectations. 

Resource Price Chg. %
WTI Crude Oil $78.83 1.26%
Brent Crude Oil $81.71 1.13%
Natural Gas $3.85 -0.95%
Gold $1,798.80 -1.44%
Silver $22.27 -3.88%
Copper $4.35 -1.35%

 

Crypto

Crypto prices collapsed after the release of the Fed’s minutes, with Bitcoin dropping below $43,000. The global crypto market cap is $2.02T, an 8.78% decrease over the last day. Bitcoin’s dominance is currently 39.97%, an increase of 0.66% over the same period.

Currency Symbol Price Chg. % Market Cap.
Bitcoin BTC $42,847.13 -7.32% 810.73b
Etherium ETH $3,342.91 -11.87% 396.70b
Binance coin BNB $461.93 -9.63% 69.45b
Solana SOL $147.24 -12.51% 45.56b
Cardano ADA $ 1.203 -9.31% 37.43b

 

 

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