Bitcoin plummets over 9% at one point on pessimistic ETF report from Matrixport which said: We expect the SEC to Reject all proposals in January. The firm's analysis suggests that despite meeting several Sec requirements, all Bitcoin Spot ETF application will likely fall short of a critical requirement, leading to their rejection. Matrixport analyst think the requirement may be fullfill in Q2 of this year. Bitcoin related stocks are down.
Richmond Federal Reserve President Thomas Barkin sees the economy likely soft landing ahead but notes rate hikes still a possibility. Treasury ETF TLT is down 1% while 10 year Treasury yield climbs to 4%.
DA Davidson initiated Nvidia (NVDA) coverage with Neutral and target $410. NVDA is down 1.4% . Davidson also made negative comments on Apple (AAPL), AAPL is down 0.92%. Truist Securities maintained Tesla (TSLA) coverage with Hold and target $228 . TSLA is down over 4%.
Interest rate cut expectation has cooled, negative comments by analysts on major tech stocks and beginning of the year profit taking continue to pressure the US stock market. The Nasdaq Composite has dropped below its 20 day moving average at 14735, its next level of support is 14400. The S&P 500 is near critical support at 50day moving average at 4700, if dropping below, its next support is 4600. The Dow's support is 20 day moving average at 37082. More market downside is likely.
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