Crypto Daily – US stocks have been recovering fast since the Japanese carry trade melt-down a little over a week ago. While not out of the woods yet, a positive CPI figure is expected by the market to be released later today. If the news is positive, stocks could continue their rally. (BTC) may well follow suit.
Recovery follows the bloodbath
A little over a week ago, when US stocks opened into a bloodbath early on the Monday, following the Japanese yen carry trade unwind, things looked as though the much heralded recession was about to get into full bear mode.
The S&P 500 fell around 8%, and the tech-heavy Nasdaq plummeted over 10%. The top stocks, known as “The Magnificent 7” went down hard. Nvidia (NASDAQ🙂 fell 24%, while the other large caps fell 10% or more.
Nevertheless, by the end of play on Monday, the recovery had already begun, and has generally continued until now. A good day on Wednesday, assuming that the CPI data is positive, could even…
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