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Wall Street saw mixed results as Bitcoin surged past $107,000, fueled by optimism over potential pro-digital currency policies from President-elect Trump. The Federal Reserve is expected to announce a third consecutive interest rate cut, aiming to support a slowing job market while managing inflation, which remains a concern. Broadcom's stock rose 6.8% after a strong earnings report, while Nvidia fell 2.5%, reflecting its significant impact on the S&P 500.
Asian shares fell as China reported disappointing economic data for November, while bitcoin surged to new highs, exceeding $106,000. Japan's Nikkei 225 and Hong Kong's Hang Seng both declined, reflecting broader market unease ahead of the U.S. Federal Reserve's upcoming meeting, where further interest rate cuts are anticipated. Oil prices also dropped, with U.S. crude at $70.82 per barrel.
Asian shares fell on Monday following disappointing economic data from China, with retail sales slowing and factory output growth flat. Meanwhile, bitcoin surged to new highs, surpassing $106,000, driven by optimism over a lighter regulatory approach under U.S. President-elect Donald Trump. In the stock market, Japan's Nikkei 225 dipped 0.1%, while Hong Kong's Hang Seng lost 0.8%. The S&P 500 ended nearly flat, marking its first weekly loss after three consecutive gains, despite a significant rise in Broadcom's shares following strong earnings.
The last full week of the year is set to be eventful, with the Fed's anticipated 25 basis point rate cut on Wednesday likely to influence market sentiment, though it is already priced in. The US markets showed mixed signals on Friday, with the Dow slightly down and the Nasdaq up. Key economic data, including the producer and import price index for November, will be released this week, alongside international PMI figures.
U.S. stocks ended mixed, with the Nasdaq Composite gaining 0.12% while the S&P 500 remained flat and the Dow lost 0.2%. Broadcom's shares surged 24%, pushing it into the trillion-dollar market cap club. As market predictions falter, strategists remain cautious amid inflation concerns and geopolitical tensions.
U.S. stock index futures showed little movement ahead of a Federal Reserve meeting this week, as investors await guidance on interest rates amid persistent inflation. The Fed is expected to cut rates by 100 bps in 2024, but analysts predict a slower pace of future cuts due to resilient labor market conditions.Despite recent cautious trading, Wall Street remains close to record highs, driven by technology stocks and positive earnings from chipmakers. However, concerns over high interest rates in the coming years have tempered gains following Trump's election victory.
Dow Jones, S&P 500, and Nasdaq futures will open Sunday evening, with the final Federal Reserve meeting of 2024 scheduled for Dec. 17-18, where a quarter-point rate cut is expected. The stock market had a mixed week, with the Nasdaq slightly up, driven by gains in Alphabet, Tesla, and Broadcom, while Nvidia lagged amid rising Treasury yields. Palantir, MicroStrategy, and Axon Enterprise will join the Nasdaq 100 index, replacing Moderna, Super Micro Computer, and Illumina.
TSMC, Broadcom, and AMD are positioned as strong long-term investments in the semiconductor market, with TSMC expected to grow revenue by nearly 30% in 2024, driven by AI demand. Broadcom's AI chip sales surged, while AMD anticipates significant growth as the PC market stabilizes. Analysts project robust earnings growth for all three companies, highlighting their resilience amid market fluctuations.
Wall Street strategists predict continued gains for the S&P 500 in 2025, driven by solid economic growth, consumer resilience, and potential rate cuts from the Fed. However, concerns loom over Trump's tariff policies possibly igniting trade wars and inflation, while the tech sector's reliance on AI investments raises questions about returns on capital. The outlook remains cautiously optimistic, hinging on the interplay of these key factors.
Stocks opened higher but closed mixed as rising Treasury yields dampened early enthusiasm. The Dow fell 0.2% for its seventh consecutive loss, while the Nasdaq gained 0.1%, buoyed by Broadcom's 24.4% surge after strong earnings and a dividend hike. RH and Costco also reported solid earnings, with RH stock up 17% and Costco rising 0.1%.
Broadcom Inc.
Companies
| Symbol | AVGO |
| Name | Broadcom Inc. |
| Currency | USD |
| Sector | Information Technology |
| IndustryGroup | Semiconductors & Semiconductor Equipment |
| Industry | Semiconductors & Semiconductor Equipment |
| Market | NASDAQ Global Select |
| Country | United States |
| State | CA |
| City | San Jose |
| Zipcode | 95131-2313 |
| Website | http://www.broadcom.com |
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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