February 2: Market Summary

Nasdaq surges 3%

Good afternoon. Markets rally after Fed decision, the Nasdaq surges 3%, and Charlie Munger says the U.S. should ban crypto.

Let's dive in.

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Markets

Here are today's market moves:

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What Happened?

• U.S. stocks climbed on Thursday, with the S&P 500 hitting a five-month high after yesterday's Fed decision.

• The tech-heavy Nasdaq is up 17% in 2023, its best start to a year since 1975:

• The tech rally could fizzle on Friday. Tech giants Apple, Amazon, and Alphabet each fell more than 3% in extended trading Thursday following their Q4 earnings results.

• The crypto market was mixed on Thursday. Bitcoin briefly touched $24,000, its highest level since August, before moving lower.

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Catch Up

1. The Fed raised interest rates by 0.25% yesterday, the smallest increase since last March.

2. Charlie Munger, the vice chairman of Berkshire Hathaway, says the U.S. should ban cryptocurrencies.

3. The average rate on a 30-year fixed-rate mortgage fell to 6.09% this week, the lowest in five months.

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What Else?

Romeen Sheth @RomeenSheth

I talked to a super smart 20 year old this week. All the potential in the world, but had a major major flaw in his thinking. This flaw is becoming the most common mistake I am seeing young people make early in their career. Let's break it down:

StockMKTNewz - Evan @StockMKTNewz

People that locked in a 30-year fixed mortgage at 2.7% in 2021

Joe Pompliano @JoePompliano

Cost Of A 30-Second Super Bowl Ad: 1967: $42,500 1970: $78,000 1975: $107,000 1980: $222,000 1985: $525,000 1990: $700,000 1995: $1.2 million 2000: $2 million 2005: $2.4 million 2010: $3 million 2015: $4.25 million 2021: $5.5 million 2022: $6.5 million 2023: $7 million Crazy 🤯

Wall Street Memes @wallstmemes

Technical analysis mfs be like