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The Dow Jones Industrial Average rebounded by 1.1% following stronger-than-expected GDP growth of 3.1% and a drop in jobless claims to 220,000. However, Micron Technology's stock plummeted over 16% due to a disappointing outlook, while Nvidia attempted a recovery after a five-session decline. Other notable market movements included Darden Restaurants surging 14% and Lennar falling 4%.
US stocks rebounded on Thursday after a sell-off triggered by a hawkish Federal Reserve outlook on interest rates. The Dow Jones Industrial Average rose over 1%, breaking a 10-session losing streak, while the S&P 500 and Nasdaq also gained more than 1%. Economic data showed third-quarter GDP growth at an annualized rate of 3.1% and a decrease in weekly unemployment claims to 220,000.
South Korea has delayed the implementation of a crypto tax until 2027, reaffirming its pro-crypto stance amid political uncertainty following President Yoon Suk-yeol's impeachment. The government aims to develop a comprehensive regulatory framework while monitoring global trends, particularly U.S. policies under President-elect Donald Trump. Despite the turmoil, trading activity remains strong on major exchanges as investors seek cryptocurrencies as a hedge against the weakening Korean Won.
Wall Street experienced a significant decline on December 19, 2024, with the Dow Jones Industrial Average dropping 1,123.03 points, or 2.6%, marking its longest losing streak since 1974. The Nasdaq Composite and S&P 500 also fell sharply by 3.6% and 3%, respectively, as the Federal Reserve's cautious outlook for rate cuts in 2025 spooked investors. All sectors closed in the red, with consumer discretionary, real estate, and technology stocks hit hardest.
BlackRock's recent video has reignited discussions about Bitcoin's fixed supply, questioning whether its 21 million cap could be altered. While some argue that changing the cap could undermine Bitcoin's credibility, others suggest it might benefit liquidity. Achieving such a change would require a hard fork and significant consensus within the decentralized network, a challenging prospect given the historical resistance to altering Bitcoin's core principles.
Bitcoin's price saw a modest recovery, circling $102,000 after a dip to $98,695, influenced by the Federal Reserve's cautious stance on interest rate cuts. While some traders remain optimistic about a potential recovery, others warn of a larger pullback in January, emphasizing the importance of holding above the $100,000 mark. The market remains volatile, with significant liquidations contributing to the choppy price action.
Dogecoin and Shiba Inu prices have dropped over 5% in the last 24 hours, influenced by Fed Chair Jerome Powell's bearish speech despite a 25 basis point rate cut. Powell's hawkish stance and comments on Bitcoin's status contributed to investor skepticism, leading to further declines in these meme coins, which are correlated with Bitcoin's performance. Analyst Kevin Capital noted a negative short-term outlook for Dogecoin but remains optimistic about a potential recovery as market reactions stabilize.
The stock market faced significant losses following the Federal Reserve's rate outlook, with the Dow Jones plunging 2.6% and the S&P 500 down 2.95%. Major tech stocks like Nvidia and Tesla also fell, while Micron's weak guidance led to a sharp decline in its shares. Despite a slight bounce in futures, the market remains volatile, with rising Treasury yields and economic uncertainty ahead.
US stock futures indicated a rebound from a sell-off driven by a hawkish Federal Reserve outlook on interest rates. S&P 500 futures rose 0.5%, Nasdaq futures increased by 0.6%, and Dow futures also gained around 0.5%. The Dow is facing its longest losing streak in 50 years, with a potential 11th consecutive down day looming.
Bitcoin's price dipped sharply after the Federal Reserve's recent rate cut, falling to $98,839 before stabilizing at $101,586. Despite this volatility, Bitwise CIO Matt Hougan remains optimistic, citing strong fundamentals, institutional adoption, and favorable technical indicators as signs of a continued multi-year bull market. He believes that the current dip is a temporary fluctuation, not a reversal of the upward trend.
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