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Bitcoin has experienced a 5% price drop, falling below the $100,000 mark and finding temporary support around $96,000. Analysts suggest it may decline further to approximately $93,800 due to correlations with major U.S. stock index sell-offs and recent outflows from Spot Bitcoin ETFs. As the market remains bearish, Bitcoin's price could continue to track these declines before potentially rebounding.
The Dow Jones ended a nine-session decline, gaining 0.04% amid oversold conditions, with only 15% of Russell 3000 stocks above their 20-session moving average. Market attention is on the upcoming US PCE price index and employment reports, with a potential rebound expected. Entry points are suggested at 42,000, targeting 44,000, with a stop at 41,500, indicating a favorable risk/reward ratio of 4.
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The Federal Reserve has cut interest rates by a quarter percentage point, bringing the range to 4.25 to 4.50 percent, amid rising inflation concerns and increasing uncertainty about the US economy. While 227,000 new non-farm jobs were created, the unemployment rate ticked up to 4.2 percent. Investors are now focused on upcoming GDP data and consumer confidence indicators.
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The Dow Jones experienced its largest one-day drop in over two years following the Federal Open Market Committee's decision, marking its worst losing streak since 1974 with ten consecutive days of losses, though it managed to stay above 42,000. The S&P 500 also hit a one-month low but is holding around mid-November levels, with potential for recovery if it avoids further declines. Meanwhile, the Nikkei 225 rebounded sharply, surpassing 39,000 and eyeing the key 40,000 resistance level.
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The Santa Claus trading window, starting December 24 and ending January 3, historically leads to a stock market rally, with the S&P 500 averaging a 1.3% gain and positive 79% of the time. Factors supporting a bullish outlook include December's strong performance, expected Fed interest rate cuts, and signs of oversold stocks.
Stay updated with the latest stock market news and analysis, including insights on market trends, stock performance, and investment strategies. Track key indices like the Nasdaq, S&P 500, and Dow Jones, and receive guidance on the best stocks to buy or sell. Bookmark this resource for ongoing updates and detailed market evaluations.
Treasury yields rose slightly as investors analyzed recent jobs data, with the 10-year yield increasing to 4.17% and the 2-year yield to 4.11%. Nonfarm payrolls grew by 227,000 in November, surpassing expectations, while the unemployment rate ticked up to 4.2%. Upcoming inflation data and the producer price index are anticipated this week, influencing the Federal Reserve's interest rate decisions.
Wall Street saw gains with the S&P 500 and Nasdaq 100 reaching record highs, fueled by a mixed jobs report that raised expectations for a Federal Reserve interest rate cut in December. The non-farm payrolls increased to 227,000, but the unemployment rate rose to 4.2%. As the November consumer price index report approaches, inflation is anticipated to rise to 2.7% year-on-year, while core inflation is expected to hold steady at 3.3%. The Nasdaq 100 is poised for further gains if it remains above key support levels, while the S&P 500 aims for upward movement towards 6300.
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All three major US stock indices reached record highs, with the Dow Jones surpassing 45,000, buoyed by positive remarks from Fed Chair Powell on economic resilience and inflation progress. Meanwhile, the ASX 200 also hit a new peak, though momentum waned after Australia's Q3 GDP growth slowed to 0.8%, the weakest since the 1990s recession. Key economic indicators are set for release next week, including the RBA's interest rate decision and US CPI data.
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The Dow Jones index has slightly declined after reaching 45,000, with potential for a new record high later this month despite typical early December weakness. Meanwhile, the S&P 500 has achieved new highs, while the Nikkei 225 has rebounded past 39,000, aiming for the 40,000 level after consolidating since late September.
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