US market 06 Jan 2023. UNH,MSFT & WBA Tumbled !
U.S.stocks fell Thu (05 Jan), after strong labour-market data bolstered the case for the Federal Reserve to remain tough.
By the time market called it a day :
- Weakest performer is still Nasdaq, followed by S&P 500 and lastly DJIA.
- There seems to be no let up on "Tech" & "Health" stocks falling from grace.
- $UnitedHealth(UNH)$ . Fallen for all 3 days this week; down -2.88% ytd.
- $Microsoft(MSFT)$. Fallen for all 3 days this week; down -2.96% ytd.
- $Walgreens Boots Alliance(WBA)$ . Fallen for 2 of 3 days this week; down -6.13% ytd, its steepest yet after its Q1 2023 earning results.
On The Last Trading Day of 2023 First Week :
US pre-mkt indicators / Bitcoin & Ethereum 06 Jan prices
- Looking at US Pre-market indicators (above diagram) - Green !
- Bitcoin & Ethereum prices for last hour & 24 hours (above diagram) - Red & Red / Green !
- Asia markets (ASX - Green !, Nikkei - Green !, KOPSI - Green !, HSI - Red !)
- EU markets -(DAX - Neutral !, FTSE - Green !, CAC - Neutral !).
- After sieving through a few articles on Private payroll data, the conclusion arrived at is the ADP report has been historically a poor predictor of private payrolls in the BLS employment report; out later today (06 Jan 2023).
- Still the effect has worked its charm on the US market on Thu (05 Jan 2023).
- The Fed would be looking at the Jobs & Unemployment Dec 2022 Report by the US Bureau of Labor Statistics (BLS).
- This is the comprehensive, preferred and closely watched report.
US market is poised for further turbulence
- To wrap up, it is likely that there will be more turbulence in the months ahead
- As to whether the Fed under current chair Mr Jerome Powell will continue to power through with interest hike, its still too early to say.
- Based on Mr Alan Greenspan's view, the US economy's imminent path to recession is unavoidable if the Fed keeps to its stance.
- Mr Greenspan is qualified to talk about the US economy.
- He has served five terms as Fed Chair under four different presidents between 1987 & 2006.
- He was the last chair to successfully navigatea soft landing in 1994 under ex-President Bill Clinton.
- Do you think the US market will end on a High or Low note today ?
- Do you think the market is going to be unpredictable & unhinged in the coming months ?
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Matching song ? "Crazy" by Patsy Cline. Very beautiful and a bit melancholic .. Dunno ? YouTube !
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