January 17: Market Summary

Bitcoin climbs above $21k

Good evening.

Markets wobble, Bitcoin climbs above $21,000, and the U.S. stock market is up 4.3% to start 2023.

Let's dive in.

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Markets

Here are today's market moves:

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What Happened?

• U.S. stocks wobbled on Tuesday as investors digested earnings reports from big banks.

• Global markets are off to a strong start in 2023. The S&P 500 is up 4.36% so far this year.

• What's driving the rally? Inflation is cooling, bolstering hopes that the Fed will slow its rate hikes. Also, markets were due for a bounce after a painful finish to 2022.

• The crypto market is up 25% in 2023. The price of Bitcoin climbed above $21,000 for the first time since the collapse of FTX.

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Catch Up

1. Microsoft is in talks to invest $10 billion in OpenAI, the company behind ChatGPT.

2. Two thirds of economists polled by the World Economic Forum expect a worldwide recession in 2023.

3. The founders of failed crypto hedge fund 3AC are launching a new crypto exchange called GTX.

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What Else?

Milk Road @MilkRoadDaily

Here is Donald Trump explaining Bitcoin, according to ChatGPT

Val Katayev @ValKatayev

A former CIA math genius built a quantitative trading fund that earned more than $100 BILLION for investors. At 66% return/yr, his track record destroys that of Warren Buffet, George Soros, Carl Icahn, and every investor who ever lived. The Smartest Billionaire in Finance:

Chris Bakke @ChrisJBakke

They should just start preemptively arresting anyone on the Forbes 30 Under 30.

James Clear @JamesClear

The edge is in the inputs. The person who consumes from better sources, gets better thoughts. The person who asks better questions, gets better answers. The person who builds better habits, gets better results. It's not the outcomes. It's the inputs.