Crypto Leading Markets HigherMarkets are having an interesting day after what could be considered a “bad” day in terms of economic data. Equities, Precious Metals, Energy, and Crypto markets all broadly traded higher today with crypto leading the way higher. Traders saw Bitcoin, Ether, Solana, and XRP all trade up over 4% on the session while Ether was up near 7.5% on the day. ADP Nonfarm Employment Change came in significantly worse than expected today at -33k while expecting 99k, which is the first negative print seen since February of 2022.
The equity markets traded higher on the session and continue to show resilience to the upside, and were led by the Russell trading up near 1.4% on the session. The Russell has been lagging the S&P and Nasdaq over the last few months, as those markets have been trading near or at new all time high prices this week. After the session today, the Russell hit a new higher high and is trading at a level not seen since February, which could indicate momentum to the upside moving forward. Wrapping up the week tomorrow we will see a big data day looking at inflation and jobs that will bring us into the long weekend.
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