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Stock markets started the day in the red after the latest corporate earnings reports from some of the world’s biggest companies, including Microsoft. The tech giant’s recent conference call was deemed disappointing, and earnings from companies such as Boeing, Texas Instruments and 3M were also weak. Gold and silver prices fell between 0.43% and 0.72% on Wednesday, and the cryptocurrency economy fell 2.79% against the US dollar in the past 24 hours.

US recession worries escalate as corporate earnings disappoint

After a few bullish weeks, stocks, precious metals and cryptocurrencies were down on January 25, 2023. As investors waited for the next At the US Federal Reserve meeting, the state of the US economy showed a lot of weakness. Revenue reports from Microsoft, Union Pacific, Texas Instrumentsand others said on Wednesday the economy was not improving and added to lingering worries about a possible U.S. recession.

The four benchmark stock indices in the United States – DJIA, SPX, IXIC and RUT – fell between 1% and 2.05% during early morning trading sessions on Wednesday.

From Wednesday morning until afternoon, the four benchmark stock indices in the United States – the Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), the Nasdaq Composite (IXIC) and the Russell 2000 (RUT) – were all down between 1% and 2.05%. In addition to lackluster earnings reports from some of the nation’s largest companies, industrial production in the United States fell roughly 0.7% in December 2022.

Industrial production also fell in November 2022, falling 0.6% year-on-year. Another shock was the fact that retail sales during the holiday season were also weak in November and December 2022. The data indicates that retail sales fell 1.1% last month and, while the holidays were in full effect, it was the biggest drop of the year.

Precious metals and crypto-assets continue to decline amid economic uncertainty

Precious metals such as gold, silver and platinum also suffered losses against the US dollar over the past 24 hours. The Spot prices in New York on January 25, 2023, indicates that gold is trading at $1,931.70 per troy ounce, down 0.43%. An ounce of silver is down 0.72% and trading at $23.59 per unit Wednesday at 11 a.m. EST. Kenneth Broux, strategist at Societe Generale, says escalating tensions in Ukraine, weak corporate earnings and fears of recession are plaguing investors.

While gold was down 0.43% in the early morning hours on January 25, 2023, at 11:45 a.m. (ET), it managed to make some gains to mitigate the decline. Silver also managed to erase its losses, and at the same time silver was up 0.13% against the greenback on Wednesday.

“The market is definitely worried about slowing earnings growth, particularly in technology, so there’s been a sense that the market wants to keep selling technology and the dollar,” Broux said. noticed Wednesday. “But a huge tail risk now is what happens in Ukraine, if there is an escalation of the conflict and Europe is dragged into the conflict,” the strategist added.

BTC/USD on January 25, 2023 at 11:34 a.m. (ET) Wednesday morning.

The cryptocurrency economy sits just above the $1 trillion mark at $1,019,712,653,474, according to metrics recorded on Wednesday. Crypto markets are down 2.79% overall, and Bitcoin (BTC) lost 1.49% on Wednesday. The second cryptocurrency, Ethereum (ETH)has lost even more, with 4.66% erased from its value since Tuesday.

Not so long ago, global cryptocurrency trade volumes exceeded the region of $100 billion per day, but today the global trade volume is around $55.98 billion. across the cryptocurrency economy. Despite Wednesday’s pullback, precious metals, stocks and cryptocurrency assets are still doing much better than they were last month. As of 11:30 a.m. (ET) on Wednesday, gold has risen against the US dollar but is still down 0.2% and silver has also risen and is currently up 0.13%.

Keywords in this story

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What do you think the future holds for markets and the economy? Share your opinion in the comments.

Jamie Redman

Jamie Redman is the news manager for News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 6,000 articles for News about disruptive protocols emerging today.

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