The information in this message does not represent any financial or investment advice. They're just random thoughts in my head.
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MACRO - A big start to the day for equities with SPX roughly up 1% while NDQ is up 2.3%. Tech stocks in general are strong today after Nvidia reported blowout earnings and saw a 30% jump at pre-open. It looks like their earnings were driven by demand for chips used in AI systems...hmmm...kinda interesting that. I've always found it hard to "invest in AI" but never really thought about making a play on derived demand and it makes you wonder which other tech stocks could benefit here, which ofc is why the whole NDQ is strong today. Interest rates on the other hand continue to surge aggressively wider with 2Y now at 4.47% and 10Y at 3.78%. The highs of the year were roughly 5% in March but the level we're at now takes us above where we entered in 2023 for the first time in a while. While we await news on the US debt ceiling debacle, Fitch put the USA's credit rating on negative watch, putting it at risk of a downgrade.
CRYPTO - I think the move in interest rates is what's causing crypto to underperform here as BTC still hovers at 26.3K and ETH just above 1800 again, but really barely only keeping in line with the move in NDQ and thus it feels like an underperformance. It does feel like alts seem to have stabilised a bit here after some carnage yesterday but it's slim pickings and not a lot to write home about. I'm lost for a sense of direction a little bit on crypto and it generally just feels like there's a decent amount of sell pressure still for the timebeing that has to clear.
NFTs - $32m of marketplace volumes yesterday so somewhat in line with the past few days we've been seeing. Price action is rather mixed; we've seen Milady give up recent gains and drop 15% to a floor price of 15%, With Pudgies falling along side it to 4.99. The Jack Butcher ecosystem continues to thrive with Opepen up 22.6% to 0.63 and Checks up to 0.58ETH. I had a look at Fidenzas which haven't traded for the last couple of days and it looks like the floor there is back down to 70ETH, although the last sale (excluding hte 370ETH one) was 65ETH. It makes me think there is still some sell pressure there and probably across the rest of gen art but it's nice to see somewhat of a pump.
GL for today!
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