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Cryptocurrency prices plummeted on Tuesday, with Bitcoin dropping 4% to an intraday low of $97,700, while Ethereum, XRP, and Solana fell over 5%. This decline was driven by rising U.S. bond yields and a risk-off sentiment in financial markets, particularly affecting tech stocks like NVIDIA and Tesla.The Labor Department's report of surging job vacancies added pressure, raising concerns about a hawkish Federal Reserve stance. Analysts warn that increasing bond yields could lead to a significant sell-off in cryptocurrencies as investors shift to safer assets.
The S&P 500 is on track for its first gain since Christmas, rising 1.1% in afternoon trading, driven by Nvidia's 4.5% increase. Despite a recent pullback, concerns about inflation and high stock prices persist, while U.S. Steel fell 5.6% after a blocked acquisition. Global markets reacted variably, with South Korea's Kospi gaining 1.8% amid political instability.
Wall Street rebounded on Friday, with the S&P 500 rising 1.3% for its first gain since Christmas, driven by strong performances from Big Tech stocks like Nvidia and Tesla. The Dow Jones gained 339 points, while the Nasdaq jumped 1.8%. However, U.S. Steel fell 6.5% after a blocked acquisition, and alcohol companies dropped following health warnings about cancer risks associated with consumption.
The S&P 500 is on track for its first gain since Christmas, rising 1.1% in afternoon trading, while the Dow Jones increased by 258 points. Nvidia led the rally with a 4.5% rise, despite concerns over high tech stock prices, while Tesla rebounded 5% after a previous drop. However, U.S. Steel fell 5.6% following a blocked acquisition, and alcohol stocks declined after health warnings linked consumption to cancer risks.
Asian shares mostly declined as Tokyo remained closed for New Year’s holidays, with investors cautious amid political uncertainties in South Korea and potential policy changes under President Trump. Australia’s S&P/ASX 200 rose 0.4%, while South Korea’s Kospi fell nearly 0.1%, and Hong Kong’s Hang Seng dropped 1.3%. U.S. markets closed lower on the last trading day of the year, with the S&P 500 down 0.4%, despite a strong overall performance in 2024 driven by Big Tech and a growing economy.
The Santa Claus Rally commenced on Christmas Eve, with major indices closing higher, led by a 7.4% surge in Tesla. MicroStrategy's stock rose 7.8% as it seeks shareholder approval to increase its Class A common stock to fund significant bitcoin purchases, aiming for $42 billion by 2026. Analyst Gautam Chhugani anticipates further market recognition for MicroStrategy, especially with its recent Nasdaq-100 inclusion and potential S&P 500 entry by 2025.
U.S. stock markets rallied on Tuesday, with the S&P 500 up 0.8% and the Dow Jones Industrial Average gaining 273 points ahead of an early closure at 12 p.m. CT for Christmas Eve. Notable gains included Tesla rising 5.1% and Broadcom increasing by 2.9%. Markets will remain closed on Wednesday, with several economic reports expected later in the week.
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.
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.
Intel's stock is currently undervalued, trading at just 1.6 times sales and 0.9 times book value, despite significant investments in chip-making infrastructure. The company is pivoting towards a foundry business model, which could lead to substantial long-term growth as demand for AI hardware rises. While it may not regain its former dominance, Intel is positioned for potential market-beating returns in the coming years.
Super Micro Computer, Inc.
Companies
| Symbol | SMCI |
| Name | Super Micro Computer, Inc. |
| Currency | USD |
| Sector | Information Technology |
| IndustryGroup | Technology Hardware & Equipment |
| Industry | Technology Hardware, Storage & Peripherals |
| Market | NASDAQ Global Select |
| Country | United States |
| State | CA |
| City | San Jose |
| Zipcode | 95131 |
| Website | http://www.supermicro.com |
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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