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Bitcoin is facing significant bearish pressure, struggling to break above the critical resistance level of $99,575. The price has dropped below the 100-day Simple Moving Average, indicating weakening momentum and potential for further declines. Key support levels to watch are $93,257 and $85,211, which could determine the cryptocurrency's short-term trend.
Fed Chair Jerome Powell's hawkish outlook for 2025 spooked investors, leading to significant drops in cryptocurrencies, with Bitcoin falling 8% to $92,000 and XRP plunging 13%. Although both have since rebounded, concerns about thinning liquidity over the holidays and a potential US government shutdown loom large. The aggressive tone from the Fed caught traders off guard, as they had anticipated a 0.25% rate cut, while Powell dismissed the idea of a US Bitcoin strategic reserve.
The Swiss stock exchange closed lower, with the SMI down 0.26% at 11,384.92 points, marking a 3% loss over the week and reducing year-to-date gains to just 2%. Investor uncertainty stems from the Federal Reserve's cautious approach to interest rate cuts and concerns over a potential U.S. government shutdown. Notable declines were seen in UBS, Partners Group, and various insurance companies, while Idorsia plummeted 50.35% due to delays in drug negotiations.
Darden Restaurants, Inc. operates a diverse portfolio of 2,181 restaurants, including 2,031 company-owned and 146 franchised locations. The brands under its umbrella include Olive Garden, LongHorn Steakhouse, and Ruth's Chris, among others, showcasing a wide range of dining options. UBS has issued a buy rating for the company, indicating positive market sentiment.
FedEx Corporation, the global leader in express transportation, has received a Buy recommendation from UBS. The company's sales are primarily derived from courier and express services (46.6%), small parcel delivery (39.1%), large parcel delivery (10.3%), and other services (4%), with 72.4% of sales generated in the United States.
FedEx Corporation, a global leader in express delivery, has received a buy rating from UBS. The company's net sales are primarily derived from mail and express delivery services (46.6%), small package delivery (39.1%), large package delivery (10.3%), and other services (4%). Notably, the United States contributes to 72.4% of its net sales.
Cintas Corporation, a leader in the American market for work uniforms, has received a Buy rating from UBS. The company's net sales are primarily driven by uniform rentals, accounting for 77.8%, while additional services such as restroom cleaning and first aid/security contribute 22.2%.
Nike, Inc. focuses on developing, manufacturing, and marketing athletic footwear, apparel, and equipment, with footwear accounting for 68.6% of net sales. The company operates 1,045 stores globally and generates 41.6% of its sales from North America, followed by Europe/Middle East/Africa at 26.5%.
The collapse of Credit Suisse, attributed to years of mismanagement, prompted a Swiss parliamentary inquiry that criticized both the bank's leadership and the supervisory authority, Finma. The findings may lead to stricter regulations for systemically important banks, potentially requiring UBS to reserve an additional $15 billion to $25 billion in capital.
The stock market is signaling a challenging 2025, with a 14-day streak of declining S&P 500 stocks outpacing gains, the worst since 1978. A disappointing Santa Claus rally could exacerbate market breadth issues, while extreme investor optimism raises concerns about future returns. If recent trends continue, 2025 may prove difficult for investors.
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