CNBC Daily Open: Bitcoin breaches $30,000 as the economy slows – CNBC

A sign for a Bitcoin automated teller machine (ATM) at a gas station in Washington, DC, US, on Thursday, Jan. 19, 2023.

Al Drago | Bloomberg | Getty Images

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribehere.

Markets were mostly unchanged Monday, though bitcoin breached $30,000. Investors are waiting for bank earnings and price reports.

Markets in the U.S. reopened Monday but seemed to retain a post-holiday sluggishness as investors digested multiple signs of a slowing but still strong economy.

First, even though consumers felt credit was harder to come by in March, the banking turmoil is subsiding. Charles Schwab said average daily outflows were down from February, and the bank had added $53 billion of core net new client assets in March. That trend is consistent with the broader banking industry, according to Federal Reserve data. For the period ending March 29, deposits increased by $42.3 billion on a non-seasonally adjusted basis.

Likewise, although the tech sector was hit by bad news, the storm clouds had a silver lining. Computer shipments for the first quarter plummeted but IDC thinks cratering demand lets companies finish "rejigging their plans" and improve their supply chains. Indeed, Dell popped 2.98% and HP rose 1.54% on the news though Apple fell 1.6%, probably because it saw the steepest fall in shipments.

The same dynamic of "bad news is good news" played out in the memory chip sector. Samsung's plan to cut chip production helped push rivals Micron Technology and Western Digital higher by 8.04% and 8.22%, respectively. There were too many chips flooding the market, analysts believe, and tighter supply is a good thing.

Outside those industries, however, the major stock indexes were mostly unchanged. The S&P 500 ticked up 0.1%, the Dow Jones Industrial Average added 0.3% and the Nasdaq Composite declined by 0.03%.

Investors await a slew of economic indicators this week. On the earnings front, JPMorgan Chase, Wells Fargo and Citigroup report quarterly results. Traders will certainly pore through those reports, but they'll also want to see what the U.S. consumer price index and producer price index say about the economy. If they reinforce last week's jobs report and indicate that the economy isn't overheating, the Federal Reserve may actually manage to steer markets to a fabled "soft landing." Investors are keeping their fingers crossed.

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CNBC Daily Open: Bitcoin breaches $30,000 as the economy slows - CNBC

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