January 23: Market Summary

The 2023 market rally

Good evening.

Markets climb, the Federal Reserve hints at lower rate hikes, and Jamie Dimon calls Bitcoin a "pet rock."

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 Monday as investors brace for a busy week of earnings reports.

• Tech giants Microsoft and Tesla report their results this week, giving investors insight into the health of the U.S. economy.

• The stock market has rebounded in 2023 as the Federal Reserve begins to slow down its interest rate hikes:

• The crypto market climbed on Monday, extending its recent rally. Bitcoin, the world’s largest cryptocurrency, is up 35% in 2023.

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Catch Up

1. Ken Griffin's Citadel made $16B in profit last year, the biggest dollar gain by a hedge fund in history.

2. 2022 saw the worst combined total return for stocks and bonds dating back to 1872.

3. JPMorgan CEO Jamie Dimon said Bitcoin is a "hyped-up fraud" and likened crypto tokens to "pet rocks."

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What Else?

Matt Allen @investmattallen

Warren Buffett discusses an investing lesson that changed his life:

Andrew Gazdecki @agazdecki

This is what building a startup feels like.

Clay Travis @ClayTravis

Back in 2000 our national debt was just over $5 trillion after over 200 years as a nation. Since then we have added over $25 trillion in debt and we now owe over $31 trillion. How is this remotely sustainable? (Graphic via @WSJ).

Roshan Patel @roshanpateI

I was rejected by Apple. I was rejected by Amazon. I was rejected by Facebook. I was 28 years old and broke. I decided to start my own startup. Now I’m 30 years old and broke.