Technology stocks under pressure, BTC holds steady at 96K, market focuses on CPI

The US stock market fluctuates, with the Nasdaq index, representing technology stocks, declining for five consecutive trading days. The market is focused on today's (1/15) CPI data release. BTC's trend was relatively stable yesterday, holding steady above 96K before the deadline. XRP is firmly seated in the third place of Market Cap.

PPI lower than expected, market focuses on CPI

The US Department of Labor on Tuesday released the Producer Price Index (PPI) for December, showing a monthly increase of 0.2% and an annual increase of 3.3%, both below market expectations. The data indicates an unexpected cooling in the PPI for December, aided by declining food costs and steady service prices. However, several components of the Federal Reserve's preferred inflation gauge, the Personal Consumption Expenditures (PCE) price index, showed mixed performance in December.

The market is focused on today's (1/15) upcoming CPI data release, and traders are unwilling to make any major bets ahead of the data, as they await key inflation data for clues on the Federal Reserve interest rate trends.

Tech stocks continue to be under pressure, Meta will lay off 5% of its workforce.

The Nasdaq index, representing technology stocks, has fallen for five consecutive trading days. The high valuation of technology stocks has made many investors worried, and the soaring bond yields have also put pressure on the stock market.

According to Bloomberg, Meta Platforms Inc., the parent company of Facebook, plans to lay off approximately 5% of its employees through performance-based layoffs and aims to hire new employees to fill their positions this year. As of September, Meta employed about 72,000 employees, so a 5% layoff could affect around 3,600 job opportunities.

In a letter to employees, Zuckerberg said he expects the company to have a 'challenging year' ahead, with a focus on the future of artificial intelligence, smart glasses, and social media.

Meta is not the only company to lay off employees at the beginning of the new year. Microsoft will also lay off employees who perform poorly.

BTC 96K, XRP firmly holds the third place in Market Cap

BTC's trend was relatively stable yesterday, once rallying to $97,371, and holding steady above 96K at the time of writing.

Ether has been relatively weak recently, closing at $3,230.

Ripple XRP has shown strong momentum, with a weekly surge of up to 16%, surpassing USDT to sit firmly in the third place of the cryptocurrency market capitalization throne.

Data source: CoinGecko

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