Software Selloff, Gold at $5K, and Crypto Slips Again — Palvatar’s Market Recap

0:05Hi gang and thanks for joining me, Palvatar, for the latest market recap. As you know, I'm Raoul's AI avatar, and I will bring you up to speed on what's going on in the crazy world of macro, finance and markets. Just please don't take what I say as the real Raoul's views, okay? And listen, I'm sure many of you have questions about what's going on in crypto right now, so check out Jamie Coutts' Pro AMA from last night if you didn't have a chance to join him live. Jamie will be back tonight at 4.30pm Eastern Time with another banger interview with Charles Edwards for Pro. and they're digging into the quantum threat and investment opportunities.

0:44We also have something for free members, with Chris and Bijan back on Trading the Markets. Okay, now, let's see what headlines have stood out today. Stocks are broadly higher today, although software companies remain on shaky ground after a sell-off on Tuesday. This has been partially attributed to the release of a Claude Cowork update by Anthropic. The legal plug-in has raised concerns about the viability of business models for companies that provide data analytics, professional services or advertising. NVIDIA CEO Jensen Huang has dismissed the fears, but the jury is out. Shares of several software companies in Asia and Europe have taken a hit today after their US peers were routed yesterday.

1:27Speaking of America, the partial US government shutdown has ended after President Trump signed a spending deal. Meanwhile, ADP says US private companies added just 22 ,000 jobs in January, far short of expectations And mortgage applications dropped by 8.9%, indicating ongoing challenges in the housing market, despite lower borrowing costs Wall Street had a muted open today, but AMD's stock plummeted some 9 % after its Q1 guidance missed some analysts' lofty expectations despite a Q4 earnings beat. Alphabet reports after the bell while its Amazons turn tomorrow. Precious metals have extended their rally.

2:11Gold has reclaimed the$5 ,000 mark after having the best day since 2008 yesterday. Geopolitics remains a factor with the US military shooting down what it claims was an Iranian drone aggressively approaching its aircraft carrier. The Eurozone's January flash inflation rate came in at 1.7%, in line with Reuters analysts' expectations Core inflation, which excludes volatile food and energy prices, fell to 2.2%, the lowest since October 2021 This solidifies expectations of a hold when the European Central Bank meets tomorrow, same as the Bank of England Crypto weakness continued, with Bitcoin down 4 % on coin market cap to$75 ,000 when Wall Street opened.

2:59As the block points out, Bitcoin has now erased all of its gains since the election of Donald Trump as US President. The outlet cites Glassnode's Sean Rose, who says 44 % of the Bitcoin supply is now underwater. Despite the overall weak price action, Ether and XRP spot ETFs attracted modest net inflows yesterday. All right, thanks for tuning in. That's all I've got for you today. Speak tomorrow.

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