Risk Assets Surge, Block to Begin DCA'ing Bitcoin

May 3, 2024
Market Update As outlined in this week’s Core Strategy note, our “Buy in May” thesis was kept intact following the Fed’s announcement of tapering QT and a dovish FOMC meeting, helping yields begin to roll over. This morning’s non-farm payrolls data has helped fuel further yield deterioration with a large downside surprise of 175k payrolls vs. 238k expected, and the unemployment rate ticking up to 3.9% (3.8% exp.). The US10Y (-1.68%) briefly fell below 4.5% and risk assets are surging with the $SPY and $QQQ gaining 1.23%, and 1.99%, also getting help from Apple’s 7% gain following a Q1 earnings beat. Crypto assets are sharing in Friday’s optimism, with #BTC (+4.75%) trading just below $62k and #ETH (+3.15%) rising to $3,080. Toncoin (#TON), Telegram’s blockchain network, is one of the top performers today, gaining 8.88% to $5.6. Pantera Capital disclosed an investment into TON yesterday, iterating their belief in the network’s potential due to accessibility to Telegram’s 900 million monthly active users.Block, Jack Dorsey’s development company behind Square and CashApp, announced Q1 earnings yesterday, beating on both the top and bottom lines. Block had an EPS of $0.85 versus the $0.13 estimates and total revenue of $5.97 billion compared to the $5.82 billio

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