Market Technical Assessment: Bitcoin vs. Ethereum
What’s in Today’s Report:
- Market Technical Assessment: Bitcoin vs. Ethereum
Futures are flat following very slightly underwhelming NVDA earnings amidst an otherwise quiet night of news.
NVDA beat earnings and revenue estimates but guidance didn’t meet very elevated expectations. NVDA is down –2% pre-market but results weren’t disappointing enough to shake broader AI enthusiasm (so the slightly underwhelming NVDA earnings shouldn’t impact the broader market).
Today focus will be on economic data and the key report is Weekly Jobless Claims (E: 230K). Claims jumped last week and if that continues this week we’ll see a small uptick in labor market anxiety ahead of next Friday’s jobs report (which could put a headwind on markets today). Other economic reports today include Revised Q2 GDP (E: 3.1%) and Pending Home Sales (E: 0.2%) while we also have one Fed Speaker, Waller at 6:00 p.m. ET. However, barring a major negative surprise, all of that is unlikely to move markets.
On the earnings front, the reports continue and important results we’re watching today include: BBY ($1.22), MRVL ($0.51) and DELL ($2.09).
