18. July 2024

• US stocks declined earlier today on disappointing labor market data and anticipation of Friday’s jobs report.
• The S&P 500 and Nasdaq are showing signs of slight recovery on the day, but investors remain uncertain about the future of the economy.
• Cryptocurrency markets have been relatively steady with Bitcoin trading just above the significant level of $28,000.

US Stocks Take a Downward Turn

U.S. stocks took a downward turn earlier today, with investors focusing on disappointing labor market data and anticipating Friday’s jobs report as a potential indicator of the Federal Reserve’s tightening policy pushing the economy toward a recession. European stocks are little changed before the Easter holiday as traders await US jobs data to assess its impact on the Fed’s monetary policy.

S&P 500 and Nasdaq Show Signs of Recovery

The S&P 500 and Nasdaq may break their three-week winning streaks at the end of the holiday-shortened week; however, they are showing signs of slight recovery on the day, with the former gaining 0.25% and the latter gaining 0.55%. Today’s economic data release pointed to the U.S. labor market grappling with repercussions from recent rate hikes by The Federal Reserve intended to temper inflation in order to curb economic growth and avoid a recession in upcoming months.

Investor Expectations Divided

Tom Hanlin, national investment strategist at US Bank Wealth Management in Minneapolis highlighted concerns arising from this recent string of weak economic data surrounding further rate hikes by The Fed, or even potential rate cuts by year-end due to an economic slowdown that could lead to a recession in coming months – investor expectations remain divided about what will happen next for interest rates after May’s meeting based off CME’s FedWatch tool which shows only a 52% chance for continued target rate between 4.75%-5%.

Crypto Markets Relatively Steady

 The cryptocurrency market has remained relatively steady with crypto total market capitalization trading currently at $1.19 trillion while Bitcoin is trading just above significant level of $28000 at 28179 with loss 0f 0.18% so far today volume steadily decreasing below moving average past two weeks indicating it may make next significant move soon given current conditions volatility persists among cryptos best cryptocurrencies buy now remain unclear until more concrete information revealed following job report weekend analyzed by investors Monday resume trading normal levels continue rise not anticipated anytime soon potentially recover trend closer summertime approach total capitalization expected increase well balance risk reward portfolio diversification remains paramount factor investing into cryptos given uncertain climate surrounding them currently .


 In conclusion, given current conditions it remains unclear what would be some best cryptos buy now until more concrete information is revealed following job report this weekend analyzed by investors once Monday resumes regular trading levels do not continue to rise any time soon potentially recovering current trend when closer to summertime approaches total capitalization is expected increase as well balanced risk reward portfolio diversification remains paramount factor investing into certain cryptos given very uncertain climate surrounding them currently .