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U.S. stock futures are set to decline as investors await crucial inflation data that may influence interest rate decisions for 2025. The Dow Jones Industrial Average futures dropped 204 points, or 0.5%, following a modest rise that ended a 10-day losing streak. Meanwhile, S&P 500 and Nasdaq 100 futures fell by 0.7% and 1.1%, respectively.
The US SEC has approved the first combined Bitcoin and Ethereum ETFs from Hashdex and Franklin Templeton, featuring an 80/20 split. This milestone comes amid significant outflows from existing Bitcoin and Ethereum ETFs, totaling $671 million and $60 million, respectively, as the market faces a downturn. The new ETFs are set to launch in January 2024, with expectations of strong demand for diversified crypto investment products.
Bitcoin ETFs experienced a record outflow of $671.9 million on December 19, coinciding with a drop in Bitcoin's price to around $96,409. Grayscale's GBTC and ARK Invest's ARKB were the largest contributors to the outflows, reflecting a broader market decline that saw over $1 billion liquidated in 24 hours. Despite this, Bitcoin maintains a 57.4% dominance in the crypto market, with analysts suggesting the downturn may be temporary as discussions around "buying the dip" surge to an eight-month high.
The Dow Jones Industrial Average surged about 755 points, or 1.8%, amid optimism over a potential government funding deal, with House Speaker Mike Johnson indicating a vote on a measure that would prevent a shutdown. The S&P 500 and Nasdaq also saw gains of 1.7% each, following a PCE inflation report that showed slower price increases than expected. Despite Friday's rally, all sectors remained on track to finish lower for the week.
The NFT market is rebounding, with over $800 million in transactions last month, driven by blue-chip collections and the launch of the PENGU memecoin. Despite a resurgence, prices remain significantly below previous highs, and regulatory scrutiny continues, highlighted by recent Wells Notices against OpenSea and CyberKongz. The anticipated return of Donald Trump to the presidency is expected to enhance market sentiment and regulatory conditions for blockchain technologies, fostering further growth and adoption in the NFT space.
UBS has reduced its price target for Nike from $80 to $73 while maintaining a "Neutral" rating. Analyst Jay Sole notes that earnings estimates may still be too optimistic due to underestimations of the time and costs required to normalize inventory levels and a slower-than-expected product pipeline.
NIKE Inc. focuses on designing, manufacturing, and marketing sports footwear, clothing, and equipment, with net sales primarily from footwear (68.6%), clothing (27%), and sports equipment (4.1%). As of May 2024, the company operates 1,045 stores globally and generates sales mainly from North America (41.6%) and Europe/Middle East/Africa (26.5%).
Nike, Inc. focuses on designing, manufacturing, and marketing sports footwear, apparel, and equipment, with net sales primarily from footwear (68.6%) and apparel (27%). As of May 2024, the company operates 1,045 stores globally and generates significant revenue from North America (41.6%) and Europe/Middle East/Africa (26.5%).
Nike, Inc. focuses on designing, manufacturing, and marketing sports footwear, apparel, and equipment, with footwear accounting for 68.6% of sales. The company operates 1,045 stores globally and generates revenue primarily from North America (41.6%) and Europe-Middle East-Africa (26.5%). Other regions include China (14.7%) and Asia-Pacific and Latin America (13.1%).
UBS has reduced its price target for Nike from $80 to $73 while maintaining a "Neutral" rating. Analyst Jay Sole highlights ongoing risks, noting that the time and costs to normalize inventories are underestimated and that the introduction of new products is unlikely to accelerate as anticipated.

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