Crypto, Equity, Metal Markets Plunge as Tech Earnings Disappoint and US Economic Weakness Deepens – Market Updates Bitcoin News

Stock markets started the day in the red after the latest corporate earnings reports from some of the world’s biggest companies, including Microsoft. The recent conference of the technology giant was considered disappointing, and earnings of companies like Boeing, Texas Instruments and 3M were also lackluster. 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.

US Recession Concerns Mount as Corporate Earnings Disappoint

After several bullish weeks, stocks, precious metals and cryptocurrencies fell on January 25, 2023. As investors waited for the next meeting of the US Federal Reserve, the state of the US economy showed great weakness. Income reports of Microsoft, Union Pacific, Texas Instrumentsand others on Wednesday indicated that the economy had not improved and added to lingering concerns about a possible US recession.

On Wednesday morning through the afternoon, the four benchmark US stock indexes – the Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), the Nasdaq Composite (IXIC) and the Russell 2000 (RUT) – were all down between 1% and 2.05% In addition to lackluster earnings reports from some of the country’s largest firms, industrial production in the United States declined. 0.7% in December 2022.

Industrial production also fell in November 2022, falling 0.6% year-on-year. Another shocker was the fact that retail sales during the holiday season were also low in November and December 2022. Data indicates that retail sales slipped. 1.1% last month and, while the holidays were in full effect, it was the biggest drop of the year.

Precious Metals and Crypto Assets Continue to Decline Amid Economic Uncertainty

Precious metals such as gold, silver and platinum have all seen losses against the US dollar in the last 24 hours as well. The New York spot price January 25, 2023, indicates gold is trading at $1,931.70 per troy ounce, down 0.43%. An ounce of silver is down 0.72% and is trading at $23.59 per unit at 11 a.m. ET on Wednesday. Kenneth Broux, a strategist at Société Générale, says rising tensions in Ukraine, low corporate earnings and recession fears are plaguing investors.

“The market is definitely worried about slowing earnings growth, especially in technology, so it felt like the market wanted to continue to sell technology and the dollar,” Broux. noticed on wednesday “But a huge tail risk now is what is happening in Ukraine, if there is an escalation in the conflict and Europe is drawn into the conflict”, added the strategist.

The cryptocurrency economy is hovering just above the $1 trillion mark at $1,019,712,653,474, according to Wednesday’s recorded metrics. Crypto markets are down 2.79% overall, and bitcoin (BTC) lost 1.49% on Wednesday. The second leading cryptocurrency, Ethereum (ETH)lost even more, with 4.66% wiped off its value since Tuesday.

Global cryptocurrency trading volumes were above the region of $100 billion per day not too long ago, but today, global trading volume is around $55.98 billion across the entire cryptocurrency economy. Despite the pullback on Wednesday, precious metals, stocks and cryptocurrencies are still doing much better than they were last month. At 11:30 am (ET) on Wednesday, gold rose against the US dollar but is still down 0.2% and silver also rose and is currently up 0.13%.

What do you think the future holds for markets and the economy? Share your thoughts in the comments.

Jamie Redman

Jamie Redman is the News Leader at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News about the disruptive protocols coming out today.