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Dow Jones rises as American Airlines flights grounded during holiday rush
The stock market saw gains during the Christmas Eve trading session, with the Dow Jones rising over 175 points and the Nasdaq composite up 0.9%. Adtalem Global Education and Fortinet are nearing buy points, while American Airlines faced a temporary grounding of flights due to a technical issue. Major tech stocks like Nvidia and Amazon also showed strength, contributing to the overall positive market sentiment.
record year for financial markets driven by central bank policies and technology
2024 marked a record year for financial markets, driven by significant central bank actions, including rate cuts from the ECB and the Fed. Key performers included U.S. and European stock indices, technology stocks, and cryptocurrencies, with Bitcoin up 125% and Dogecoin soaring 250%. As the year closes, investors eye a promising yet uncertain landscape for 2025, focusing on central bank policies and technological advancements.
dow jones declines as palantir retreats and tesla rebounds
The Dow Jones Industrial Average fell 0.6% as major indexes started the week lower, with Palantir Technologies retreating 2.6% after reaching a new high. Tesla rebounded 0.3% while Nvidia rose 1.3%, and Bitcoin dipped 1.5% to below $93,700. Consumer confidence dropped to 104.7, missing forecasts, as Warren Buffett's Berkshire Hathaway added shares of Occidental Petroleum, VeriSign, and Sirius XM Holdings.
MicroStrategy joins Nasdaq-100 boosting Bitcoin exposure for investors
MicroStrategy has officially joined the Nasdaq-100 index, replacing Illumina, Super Micro Computer, and Moderna as part of the annual reconstitution. With a market cap of $88.6 billion, MicroStrategy accounts for 0.42% of the index, potentially attracting $2.1 billion in ETF buying activity. The company's stock has surged 476% this year, driven by Bitcoin's price movements, and closed at $364 after an 11.5% jump.
MicroStrategy acquires 5262 Bitcoin ahead of Nasdaq-100 inclusion
MicroStrategy acquired 5,262 Bitcoin for $561 million between December 16-22, marking its seventh consecutive week of purchases ahead of joining the Nasdaq-100 index. The company funded this acquisition by selling 1,317,841 shares, generating approximately $561 million in net proceeds. With total holdings of around 444 BTC valued at $42.7 billion, MicroStrategy now represents over 2% of Bitcoin's total supply, and its stock surged 476% year-to-date, contributing to its inclusion in the Nasdaq-100.
mixed futures and holiday trading as major market changes unfold
U.S. stock futures are mixed as traders anticipate a potential "Santa Claus Rally" amid a quiet holiday week. President Biden's signing of a stopgap funding measure has eased political uncertainty, while Honda and Nissan are moving towards a significant business integration. Additionally, high-profile changes to the Nasdaq 100 index take effect today, with MicroStrategy, Palantir Technologies, and Axon Enterprise joining the index.
predictions for 2025 as tech sector recovery gains momentum
As 2025 approaches, the Ark Innovation ETF is poised for recovery amid a tech sector rally, though some mega-cap stocks may face valuation challenges. While the Magnificent Seven have driven market gains, analysts warn that companies like Apple and Tesla may struggle due to high price-to-earnings ratios. In contrast, AI software stocks are expected to gain traction, with a shift in investor focus from hardware to practical applications of AI, benefiting companies like SoundHound and Palantir.
Singapore stock market declines as global economic concerns weigh on investors
The Straits Times Index (STI) fell 2.43% this week, closing at 3,719.93 amid global economic concerns. CapitaLand Investment announced a S$162 million sale of its stapled securities and plans to acquire Wingate Group's investment management business for A$200 million. Jardine Matheson Holdings saw a significant decline of over 7%, while the U.S. markets continued their downward trend despite a late-week rally.
MicroStrategy adds former Binance US CEO Brian Brooks to its board
MicroStrategy has appointed former Binance.US CEO Brian Brooks, along with Jane Dietze and Gregg Winiarski, to its board of directors, expanding the board to nine members. This announcement follows MicroStrategy's inclusion in the Nasdaq-100 Index, effective December 23. Brooks, who previously served as acting Comptroller of the Currency, is noted for his significant connections in the banking and crypto sectors.
Palantir Technologies' stock, which surged over 78% in the past two months, fell 3.62% in pre-market trading after UBS analyst Karl Kierstead assigned a neutral rating, citing concerns over its high valuation at 49 times revenue and 124 times free cash flow for 2025 estimates. Despite positive fundamentals, the average price target from analysts is $34.13, indicating a potential downside. The company recently extended its partnership with the U.S. Army, valued at $400.7 million, aimed at enhancing data and AI capabilities.
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