Market Outlook: A Cautious Return After the Holiday
As trading resumed on Thursday, US stock futures took a dip, with investors turning their attention to the limited economic data points on the horizon. The S&P 500 futures edged down 0.3%, while those tied to the Nasdaq followed suit, declining 0.3%. The Dow Jones Industrial Average futures led the decline, slipping 0.4%.
Bitcoin’s Volatile Ride Continues
Meanwhile, bitcoin’s value plummeted, breaking below the $96,000 mark as the cryptocurrency’s erratic trading persisted. This downward trend was mirrored by crypto-linked stocks, such as MicroStrategy, which tracked the declines.
The “Santa Claus Rally” Faces a Hurdle
Despite a strong start on Tuesday, with all three major indexes rising around 1%, the market struggled to maintain momentum. The S&P 500 and Nasdaq Composite are now within striking distance of their records, having recovered from a Federal Reserve-induced slump last week.
Economic Data Takes Center Stage
With the holiday break behind us, the spotlight shifts to the weekly jobless claims release, which takes on added significance as the only major economic data point this week. This routine report will be closely watched, providing insight into the labor market’s health.
Catch Up on the Latest News
In case you missed it, here are some key stories making headlines:
- Trump’s ambitious promises face a reality check
- Bitcoin’s decline continues, despite MicroStrategy’s plans to sell more shares
- Alibaba nears a $4 billion deal with Korea’s E-Mart
- Citi identifies 6 factors that could make or break crypto in 2025
- The stock market defies expectations once again
- Disney’s future hinges on finding a successor to Iger
- Crypto’s 2024 gains may not be sustainable
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