Crypto, Equity, Metal Markets Plunge as Tech Earnings Disappoint and US Economic Weakness Deepens

Stock markets opened in the red following the latest earnings reports from some of the world’s largest companies, including Microsoft. Also, companies such as Boeing, Texas Instruments, and 3M reported lackluster results. Gold and silver prices fell between 0.43% and 0.72% on Wednesday, and the cryptocurrency economy fell 2.79% against the US dollar in the past 24 hours.

Sluggish corporate earnings raise fears of a U.S. recession

On January 25, 2023, after weeks of bullishness, stocks, precious metals, and cryptocurrencies fell. As investors awaited the next Federal Reserve meeting, the state of the U.S. economy was showing signs of extreme weakness, with earnings reports fromMicrosoft, Union Pacific Corp, Texas Instruments (TI)23 } and others suggested that the economy was not recovering, adding to lingering concerns about the possibility of a U.S. recession.

The four U.S. benchmark stock indexes-the Dow Jones Industrial Average (DJIA), S&P500 (SPX), and IXIC (RUT)-all fell in the 1% to 2.05% range on Wednesday morning and afternoon and fell between 1% and 2.05%. The SPX (SPX), which was the first of the three major markets in the country to recover from the earthquake and tsunami, fell by between 1% and 2.05%, while the IXIC (RUT) fell by between 1% and 2.05%. initiatives.”. fell by 0.7% in December 2022

Industrial production also fell in November 2022, down 0.6% y/y. Another shocker was that holiday season retail sales were also low in November and December 2022. According to the data, retail sales fell1.1% last month, the biggest drop of the year even though the holidays are in full swing.

Precious metals and crypto assets continued to fall

amid economic uncertainty.

Precious metals such as gold, silver, and platinum all lost ground against the U.S. dollar even in the last 24 hours.41}

According to the New York spot priceon January 25, 2023, gold was trading at $1931.70 per troy ounce, down 0.43%; an ounce of silver is down 0.72%, trading at $23.59 per piece at 11 a.m. ET Wednesday. Kenneth Blue, a strategist at Societe Generale, said investors are being hurt by tensions in Ukraine, weak corporate earnings, and recession fears.

“The market is concerned about slowing earnings growth, especially for tech companies, and the market seems to want to keep selling tech and the dollar,” Brookssaid Wednesday. The strategist added, “But the big tail risk right now is what happens in Ukraine if the conflict escalates and Europe gets involved in the conflict.”

The cryptocurrency economy hovered just above the $1 trillion mark at $1,019,712,653,474, according to Wednesday’s recorded indicators. The crypto market as a whole is down 2.79%, withBitcoin (BTC)down 1.49% on Wednesday; the second major cryptocurrency,Ethereum (ETH), has lost even more, erasing 4.66% from its value since Tuesday It is.

Global cryptocurrency trading volume, which not long ago exceeded the $100 billion per day territory, now stands at around $55.98 billion for the entire cryptocurrency economy. Despite Wednesday’s pullback, precious metals, equities, and cryptocurrency assets are much stronger than last month. By 11:30 AM ET on Wednesday, gold was up against the US dollar but still down 0.2%, and silver was up as well, now up 0.13%.

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