President Joe Biden is set to deliver his annual State of the Union Address at 9 p.m. ET on Tuesday, January 20th in front of a newly fragmented Congress and to Americans confused by positive economic signs, a dismal earnings season and ongoing recession predictions.
The markets are on the edge of their seats awaiting the State of the Union speech tonight. Will the President talk about the economy and how it’s doing? Or will he focus on other issues, like the debt ceiling or foreign relations? Wall Street will also be watching closely to see how the markets react to the speech. The S&P 500 is currently up more than 7% for 2023 and the Nasdaq Composite has risen for five weeks straight — its best streak since November 2021. Both the Dow and S&P 500 jumped after Biden’s previous State of the Union speeches, but a bearish message from Biden could send markets on a downward path.
Markets and the SOTU:
Since former President Donald Trump took office, the stock market has seen gains three out of four times following his addresses to Congress. However, it’s a fairly mixed bag when looking at the overall trend. The S&P 500 fell by a median of 0.5% the day after President Barack Obama’s SOTU addresses, but gained a median 0.7% after former President George W. Bush’s speeches, according to Bespoke Investment Group.
The economy is booming and the unemployment rate is at an all-time low! In January, the US economy added 517,000 jobs, according to the Bureau of Labor Statistics. This is great news for the economy and for the American people.
Only a small proportion of our users will be impacted by this and we are working hard to restart the service as soon as possible,” the company tweeted Monday. “All other methods of buying and selling crypto remain unaffected.
We know that only a small proportion of our users will be impacted by this outage, and we are doing everything we can to get the service back up and running as soon as possible. All other methods of buying and selling crypto remain unaffected.
Binance, the world’s largest cryptocurrency exchange, has been temporarily suspended from operating in the United States. The suspension comes at a difficult time for crypto companies, and especially for centralized exchanges like Binance, which in November briefly considered a bailout of its rival FTX. That platform, which was in the midst of a liquidity crisis, ultimately filed for bankruptcy and is now at the center of a massive federal fraud investigation.
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