Markets
When the US slips, all else slips. US equities continued to relinquish their ever-high valuation. Today marked the 4th straight day of losses for $IXIC, 3 of which were more than a full percent. $TSLA, with a steep reversal in European January sales, sank 8%. $BTC, which has consistently been trading in the $95-105k range, dipped below the $90k line. Yields fell to the lowest level since the November election as consumer confidence metrics brew worries of recession.
Headlines
• Ukraine Agrees to Mineral Rights Deal with U.S.
Seems like it’s much less than $500b
• Morning Bid: Bond yields slide as US growth fears, tech rout snowball
The US2Y yields fell to lowest levels since November election.
• Stock market today: S&P 500 falls as slump in consumer confidence stokes worry
Consumer consumer index released by The Conference Board says the index fell to 98.3 this month.
• Judge Overturns Trump Order Blocking Refugee Admissions
In Sep 2024, Biden issued a statement US will welcome 125,000 refugees in 2025.
• House Republican Budget Plan Runs Into Trouble Ahead of Vote
The 218-215 lead in the House is narrow
• Russia’s Withering Economy Is Tricky Place to Do Deals—Even for Trump
Ruble is strengthening. Putin offered joint projects exploring the rare earth deposits.
• Trump, Not Putin, Forces Europe to Get Serious About Defense
Keir Starmer to raise military expense from 2.3% of GDP to ultimately 3.0%
• 21 Civil Servants Who Worked With Musk’s Government Reform Team Resign
“We will not use our skills as technologists to compromise core government systems, jeopardize Americans’ sensitive data, or dismantle critical public services,” wrote the resigners in a letter addressed to the White House
• Taiwan Detains Ship and Chinese Crew After Undersea Cable Severed
• Tesla stock sinks as Europe sales tank on rival offerings, Musk blowback
January sales in Europe slid from 18k last year to 10k, while overall EV sales jumped 37%. EV sales jumped the highest in Germany, UK and the Netherlands. $TSLA fell 8%
• Workday beats estimates for revenue and profit, stock jumps
The HR and finance software maker’s focus on AI boosts sales.
• Nvidia to report earnings amid infrastructure spending, DeepSeek concerns
Analysts will look for queues of waning AI hardware consumption from Big Tech.
• Bitcoin drops to a 3-month low below $90,000 in risk-off move
• US oil futures climb slightly after API reports surprise draw in crude stockpiles
