US Markets According to a new report by Pew Research Center, the middle class continues to shrink in the U.S., as more people move into the lower or upper classes. The report, which relies on data from the U.S. Census Bureau, shows that 50% of Americans are currently middle class compared to 61% in 1971. Pew defines "middle class" as households with an annual income of between $47,189 and $141,568. Here is the income of middle-class households in some of the largest cities in the U.S.: - New York: $56,000 to $169,000
- Los Angeles: $55,000 to $165,000
- Chicago: $52,000 to $156,000
- Dallas: $51,000 to $152,000
- Houston: $47,000 to $142,000
- Washington: $74,000 to $221,000
| Dow Jones | 33,147.25 | -0.22% | | S&P 500 | 3,839.50 | -0.25% | | Nasdaq | 10,466.48 | -0.11% | | Russell 2000 | 1,761.25 | -0.28% | *Stock Market data as of the last closing bell. Data received directly from the reference indexes through ICE Data Services. Do you not understand any of these figures? Check out our explainer.
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Tesla Deep Dive Markets were closed in the U.S. and Canada on Monday but the biggest financial news yesterday was the release of Tesla's Q4 2022 vehicle production delivery report. These are the headline figures: - Tesla produced 439,701 cars in Q4 and delivered 405,278.
- Tesla produced 1.37 million cars in 2022 and delivered 1.31 million.
The annual deliveries mark a 40% increase from 2021 and another record year for Tesla despite the company struggling to move inventory after CEO Elon Musk acquired Twitter in late October. Tesla deliveries fell below even the lowest analyst prediction in Q4 as Musk sold Tesla stock to finance the Twitter deal and implemented a barrage of controversial changes at the social media company. The electric carmaker began offering discounts in the last week of 2022 for cars delivered before year-end. Tesla's stock is down over 45% since July due to poor performance, rising competition, and massive share sales by Musk.
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European Markets After positive economic news, markets were up on the first day of trading in Europe. - The Stoxx 600 rose 1%, led by the automotive sector, which gained 3.2%.
- Data showed that manufacturing was up in Europe in Q4 2022, which bodes well for the economy.
- Markets in London and Dublin were also closed for New Year's.
| Euro STOXX 50 | 3,841.22 | 1.25% | | UK (FTSE 100) | 7,451.74 | -0.81% | | Germany (DAX) | 14,039.81 | 0.83% | | France (CAC 40) | 6,570.08 | 1.49% | *European stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.
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Asian Markets Stocks in Asia started the new year in the red after significant losses on Monday. - The Caixin purchasing managers' index showed that factory production continues to fall, which negatively impacted Chinese stocks.
- COVID-19 cases continue to increase in China, which is creating additional downward pressure.
- Singapore's GDP increased by 3.8% in 2022 after growing by 2.2% in Q4.
| S&P Asia 50 | 4,427.97 | 0.29% | | Japan (Nikkei 225) | 26,094.50 | 0.00% | | South Korea (KOSPI) | 2,196.08 | -1.33% | | China (Hang Seng) | 19,891.86 | 0.56% | | India (SENSEX) | 61,167.79 | 0.54% | *Asian stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.
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Commodities Gold prices rose in the last three months of 2022 as bullion had its best quarter since mid-2020. - The optimism in the gold market is due to expectations that the Federal Reserve will lower its interest rate hikes in 2023.
- Silver and platinum also saw gains in 2022, while palladium was down 5.6% on the year.
- Analysts believe that all metals should perform well in 2023 if there is a shallow recession but they may be negatively impacted if there is strong economic growth or a more serious recession.
| Oil (NYSEARCA:OIL) | 30.50 | 2.31% | | Gold (NYSEARCA:GLD) | 169.64 | 0.47% | | Silver (NYSEARCA:SLV) | 22.02 | 0.23% | | Corn (NYSEARCA:CORN) | 26.93 | -0.11% | | Lumber (NASDAQ:WOOD) | 72.44 | -1.15% | *Commodity prices are as of 7 am ET. Data from MarketWatch. To understand why investors track the prices of these commodities, click here.
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Currency Exchange Rates There were no significant movements in currency markets on Monday, with most major markets closed for the holidays. - The U.S. Dollar gained a little versus the British Pound due to an increase in activity in Asian markets on Monday morning, with more investors selling the pound for the dollar.
- The Japanese Yen gained after rumors that Japan's government may continue to support and strengthen the yen.
- The USD also gained slightly on the Euro, extending a six-week winning streak.
| UK(GBP) | £0.83 | 0.21% | | Europe (EURO) | €0.94 | 0.49% | | Canada (Canadian Dollar) | $1.36 | 0.09% | | Japan (Yen) | ¥129.93 | -0.90% | *Exchange rates as of 7 am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them, click here.
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Cryptocurrency After Bitcoin fell by over 60% last year, let's look at the 2023 predictions of some big players: - Tim Draper believes that Bitcoin will hit $250,000 by the middle of 2023; he previously predicted it would hit that price by the end of 2022 but pushed back his timeline after FTX's collapse. His logic is that with only 1 in 7 Bitcoin wallets being held by women despite 80% of all retail spending being controlled by women, women will soon buy into the industry, which will lead to a $1,400% surge.
- Standard Chartered believes Bitcoin will hit $5,000 as the bank remains bearish on technology and cryptocurrency assets.
- Back in 2021, Carol Alexander successfully predicted that Bitcoin would bottom at $10,000 in 2022. She now forecasts that Bitcoin will rise to $50,000 in 2023 as whales take advantage of suppressed prices and jump back into crypto markets.
| Bitcoin | $16,670.10 | 0.85% | | Ethereum | $1,213.88 | 1.16% | | Litecoin | $75.22 | 6.11% | | Bitcoin Cash | $99.04 | 2.11% | *Exchange rates as of 7 am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them, click here.
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 |  | Liam Gill is a founder, lawyer and investor.
He previously founded Fumarii Technologies, which became a top 20 ranked cloud computing service (Yahoo Finance! 2019) valued at over $30M. He holds an LLB Laws (UK), MSc Management and Master of Laws and currently practices law in Vancouver, Canada.
|   | | Editor | Eduardo Garcia is a writer and editor based in New York. He is the author of "Things You Can Do," an illustrated book about climate action. Bylines in The New York Times, The Guardian, Slate, Scientific American, and others. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade. | |
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