US Market Outlook: Bitcoin Drops Below $70K, Major Indices Fall; NIO Surges Pre-Market.

US Stock Market Overview

As of Thursday morning, all three major US stock index futures are down. Currently, Dow futures are down 0.33%, Nasdaq futures are down 0.81%, and S&P 500 futures are down 0.58%. The initial jobless claims report was released, showing a higher-than-expected number of claims. For the week ending January 31, initial claims were 231,000, compared to the expected 212,000 and the previous value of 209,000.

Tech Stocks Performance

Most major tech stocks are down in pre-market trading. Notably, Broadcom (AVGO) is up over 2%, while Google (GOOG) and Alphabet (GOOGL) are down over 4%, and Micron Technology (MU) is down nearly 2%.

Chinese Stocks Movement

Among popular Chinese stocks, NIO is up over 6%, Baidu is up over 3%, and Bilibili is up nearly 3%.

Gold and Cryptocurrency Trends

Spot gold and silver prices have dropped, with gold (XAU/USD) down nearly 3% below $4900 and silver (XAG/USD) down over 13% below $80. Bitcoin has fallen below $70,000, dropping over 6% and reaching a new low since Trump took office. Predictions indicate that Bitcoin may have further downside potential, having dropped over 40% since its peak of $126,000 last October.

Cryptocurrency Stocks

Cryptocurrency-related stocks are also down, with MicroStrategy (MSTR) and IREN Ltd (IREN) down over 6%, and Marathon Holdings (MARA) and Cipher Mining (CIFR) down over 5%.

Google’s Financial Performance

Google reported its fourth-quarter earnings, showing an 18% year-over-year revenue increase, with total revenue nearing $114 billion, exceeding analyst expectations. The company plans to double its investment in data centers and capital projects, raising its capital expenditure forecast for this year to between $175 billion and $185 billion.

Apple’s Stock Resilience

In contrast to the market's AI anxiety, Apple's stock has risen 2.6%, positioning it as a safe haven amid fears of AI disruption. Following a significant rise, Apple's market cap reached $4.063 trillion, surpassing Google's.

Other Notable Developments

• SpaceX: Elon Musk's SpaceX has applied to build a satellite system to support AI infrastructure.
• Qualcomm: The company reported a revenue increase but provided a disappointing outlook, leading to a pre-market drop of over 9%.
• Amazon: Facing scrutiny from German regulators, Amazon's stock is down nearly 2% ahead of its earnings report.

Conclusion

The market is experiencing volatility with mixed performances across sectors. Investors are closely watching earnings reports and economic indicators as they navigate through these uncertain times.