BTC, ETH Steady; Wall Street Gauges Advance After Strong Economic Data: Markets Wrap

The S&P 500 and Nasdaq Composite both made small gains on Wednesday following a slew of U.S. economic data.


Blockworks exclusive art by Axel Rangel


key takeaways

  • US jobless claims fell to their lowest level in over 50 years with filings declining by roughly 71,000
  • Disappointing retail earnings cause continued losses for companies such as Nordstrom and Gap

Bitcoin and ethereum remain steady with slight losses.

Strong economic data includes high-than-expected jobless claims and consumer spending.

Weak retail earnings caused a continued plunge in share prices for big-name companies such as Nordstrom Inc. and Gap Inc.

Latest in Macro:

  • S&P 500: 4,698, +0.17%
  • NASDAQ: 15,830, +0.35%
  • Gold: $1,787, +.22%
  • WTI Crude Oil: $78.30, -0.25%
  • 10-Year Treasury: 1.638%, -0.027%

Latest in Crypto:

  • BTC: $56,770, -1.92%
  • ETH: $4,212, -3.98%
  • ETH/BTC: 0.0742, -1.6%

Positive economic data

The S&P 500 and Nasdaq Composite both made small gains on Wednesday following a slew of U.S. economic data.

Jobless claims fell to their lowest level since 1969 with filings declining by roughly 71,000, according to the Labor Department. The weekly published data was released a day early due to Thanksgiving.

Additionally, U.S. consumer spending rebounded 1.3% last month, despite inflation levels. According to the Commerce Department, consumer prices increased roughly 5% on the year.

“The combination of rising rates and a strong economy bodes well for cyclicals, companies that are tied to the global economy and at the same time reduces the valuation of technology,” said Eric Diton, managing director of the Wealth Alliance in New York said to Reuters.

ETH, BTC Steady

However, some headwinds for BTC could include Mt.Gox claims, spot ETF rejections, the Craig Wright case, a strengthening USD and rising treasury yields.

“We also have the macro situation, with further evidence that BTC behaves more like a risk asset than an inflation hedge coming in the form of a sharp spike when the news broke that Biden had decided to renominate Jerome Powell — gold, in contrast, dropped.” Noelle Acheson, head of market insights at Genesis, told Blockworks on Tuesday.

“This links BTC to the outlook for real interest rates which, should they remain low or even negative for the short-term, would support further growth in risk assets,” Acheson added. “The risk is that real interest rates could rise to a level that starts to choke off growth and liquidity while hitting asset valuations in the broader market while providing a more attractive alternative.”

Retail Earnings

Following a difficult earnings season, retail companies like Nordstrom and Gap both plunged over 28% and 22%, respectively.

If you made it this far, thanks for reading! I am looking forward to catching up on Monday.

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