"Maybe There Were Five!"

Today marks a monumental milestone for the tri-island state of Grenada, Carriacou, and Petite Martinique as we come together to celebrate our 50th Anniversary of Independence. It fills my heart with immense pride to stand alongside friends, families, and fellow Grenadians, reveling in the unity and spirit of our nation. As we look around, the island is ablaze with the vibrant red, green, and yellow of our flag, symbolizing the strength, resilience, and hope that have guided us through half a century.

Let us raise our glasses in a toast to our Golden Jubilee, a testament to our collective journey, our shared dreams, and our unwavering commitment to forge a bright future together. Here's to One People, One Journey, One Future – may our nation continue to flourish and thrive in the years to come.

Alright, let’s dig in!

Last week the market ended on a high note, with both the S&P 500 and the Dow Jones Industrial Average hitting new record highs, signaling a robust start to February. For the year, the S&P 500 has seen an increase of 2.86%, the Nasdaq Composite is up by 2.33%, and the Dow Jones Industrial Average has gained 2.2%. A significant part of the market's momentum came from the technology sector, with companies like Meta and Amazon driving gains thanks to their positive earnings reports.

Despite this upward trend, the Federal Reserve decided to keep interest rates steady for the fourth consecutive meeting, citing the need for "greater confidence" that inflation would stabilize at 2% while remaining cautious of inflation risks amidst economic uncertainties.

The job market reported unexpectedly strong growth, with 350,000 new jobs added in January, doubling economists' forecasts and maintaining the unemployment rate at a low 3.7% for two years. However, this vibrant job market suggests that the Fed might delay any interest rate cuts.

Oil prices dipped by about 2% on Friday, with Brent crude and West Texas Intermediate crude witnessing weekly losses, influenced by the robust job data which lowered the likelihood of near-term rate cuts, potentially affecting crude demand.

Here are other key highlights from last week:

• BitcoinOS Unveils ‘Superlayer’ Protocol to Enhance Bitcoin

• Ronin Network sees 193% monthly growth in activity

• Parallel opened Beta prior NFT launch

• Polygon Labs proposed framework to classify DeFi

Here are key U.S. events to watch this week:

This week, Fed Chair Powell kicked off a series of Federal Reserve speeches with an appearance on "60 Minutes." In his interview, Powell indicated that the Fed is not planning to cut rates in March but anticipates a likely rate reduction in either May or June, presenting a slightly more dovish stance than his comments at the last Federal Open Market Committee (FOMC) press conference.

As the week progresses, speeches from other FOMC members, including Bostic, Mester, Kugler, Barkin, and Bowman, are highly anticipated.

The most anticipated earnings releases this week are shown below.

This Week’s High-Impact Global Economic Data Highlights:

• Reserve Bank of Australia (RBA) Rate Decision

• German Industrial Production

• China CPI

• Canada Jobless Data

Trading Tip: February is the Nasdaq's worst performing month per last 20 years data.

Week 1/28/24 - 2/03/24 Recap

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Disclaimer: This newsletter is strictly educational. The information this report provides does not constitute investment, financial, trading, or any other advice. You should not treat any of the report’s content as such. Please be careful and do your research.