🟡 The start of historically one of the best months for high-risk assets was a bit off to a bad start. The main negativity came to the markets due to the bacchanalia on the US debt market. On Friday, the Non-Farm payrolls report added fuel to the fire, after which swap markets began to lay down a higher probability of a Fed rate hike in November.
🟢 For the cryptocurrency market, the week was relatively quiet. Since Monday, crypto market capitalization has remained flat. At the beginning of the week we saw growth, but by the end of the working week, the market lost growth. Despite this, cryptocurrencies are still holding stronger than US stocks. Increased volumes of stablecoins on exchanges have been noted – good news as stablecoins are fuel for future purchases.
🔴 The stock market closed the week down again. The S&P 500 was down just under 1%. The key level for the S&P 500 is 4200 points. If this level is broken, there is a possibility of another drop of at least 2.5%.
🟢 Nasdaq ended the week up 0.15%. Technology stocks held up better than other sectors. The “magnificent seven” FANGMAN reports will be an important indicator.
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