Dow Jones, S&P 500, and Nasdaq futures showed little change after hours, with Broadcom and Costco reporting earnings. Broadcom's results indicated a potential breakout, while Arm Holdings flashed a buy signal. The stock market rally faced modest losses, particularly among small caps, as the Nasdaq remains near record highs despite a decline in major tech stocks like Nvidia and Adobe.
U.S. stock indexes closed lower on Thursday, pressured by a rise in tech stocks and bond yields following a hotter-than-expected producer price index report, which showed wholesale prices increased by 0.4% in November. Nvidia and Adobe led declines in the Nasdaq, with Adobe's stock plummeting nearly 14% due to a disappointing revenue outlook. The Dow Jones fell over 230 points, while jobless claims rose to 242,000, exceeding forecasts and marking the highest level since early October.
Stocks closed lower as the Dow experienced its longest losing streak since April, dropping 0.5% to 43,914. A hotter-than-expected inflation report and declines in major stocks like Nvidia and Tesla weighed on investor sentiment. ServiceTitan surged 42% in its market debut, while Adobe fell 13.7% due to weak revenue guidance. UnitedHealth Group's shares dropped 3.4% amid bipartisan efforts to break up large healthcare companies.
BlackRock has endorsed a 2% allocation of Bitcoin (BTC) in multi-asset portfolios, suggesting it offers a similar risk profile to the "Magnificent Seven" tech stocks in a traditional 60/40 portfolio. While a small BTC allocation can diversify risk, exceeding 2% may significantly increase portfolio volatility. The firm anticipates that Bitcoin's volatility could decrease with broader institutional adoption, though this may limit future price surges. Bitcoin is currently trading at $101,573, reflecting a 1.1% decline over the past day.
BlackRock recommends a 1-2% bitcoin allocation for multi-asset portfolios, emphasizing its unique risk profile compared to traditional assets. Meanwhile, Step Finance plans to launch tokenized stock trading on Solana by Q1 2025, targeting the $14 billion real-world asset market. Avalanche has raised $250 million for its upcoming upgrade, aiming to significantly reduce blockchain deployment costs.
Vancouver's city council has approved a proposal to explore making the city Bitcoin-friendly, including converting part of its financial reserves into Bitcoin and accepting it as payment. In contrast, Microsoft shareholders recently rejected a similar proposal to invest in Bitcoin, despite advocacy from Microstrategy's Michael Saylor. This divergence highlights the growing interest in Bitcoin among governments and corporations, as many consider it a hedge against inflation and a strategic asset.
Donald Trump has been named Time Magazine's Person of the Year for the second time, recognized for his significant political influence and "comeback of historic proportions." This accolade may bolster his pro-crypto stance, as he aims to position the U.S. as the "crypto capital of the planet" and integrate Bitcoin into national financial strategy. Trump's administration promises to reshape crypto regulation favorably, with the recent appointment of Paul Atkins as SEC Chair seen as a move towards a more supportive regulatory environment for the industry.
The Dow Jones Industrial Average and major indexes reacted to unexpected inflation data, with the Dow inching higher while the S&P 500 and Nasdaq fell. Adobe's stock plummeted 11% after a disappointing sales outlook, while Tesla and Nvidia also faced declines after recent highs. The producer price index rose 0.4% in November, exceeding expectations, and first-time jobless claims unexpectedly increased to 242,000.
Elon Musk is set to lead the Department of Government Efficiency (DOGE), a move expected to significantly impact the cryptocurrency market. Dogecoin (DOGE) may surge, potentially reaching $1, while Bitcoin (BTC) could rise to $115K, and Ripple (XRP) may see a positive outlook amid new SEC leadership. Current predictions suggest DOGE might drop to $0.38, BTC could rise by 15.18% to $115,871, and XRP may decline to $2.09, but overall sentiment remains bullish for these cryptocurrencies.
Dogecoin (DOGE) has seen a notable price increase following President-elect Donald Trump's approval of a new Department Of Government Efficiency, with support from Elon Musk. Currently, DOGE is up 1.2% monthly and 330.1% since December 2023, despite a recent 5.2% correction.Anticipation of a market rally post-inauguration on January 20, 2025, is fueled by Trump's pro-crypto stance, with predictions suggesting DOGE could reach $0.38 at that time, followed by a potential all-time high of $1.01 by March 2025.
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