Summary Of the Markets Today:
- The Dow closed up 390 points or 0.91%,
- Nasdaq closed up 266 points or 1.35%,
- S&P 500 closed up 66 points or 1.10%,
- Gold $2,633 up $5.00 or 0.19%,
- WTI crude oil settled at $70 up $0.83 or 1.20%,
- 10-year U.S. Treasury 4.593 down 0.006 points or 0.131%,
- USD index $108.23 up $0.19 or 0.18%,
- Bitcoin $98,566 up $3,814 or 4.03%
*Stock data, cryptocurrency, and commodity prices at the market closing
Today’s Highlights – Market Summary
US stocks experienced a notable rally in the final trading session before the Christmas holiday, marking the beginning of the “Santa Claus” rally. This surge was largely driven by strong performances in technology stocks, particularly Nvidia, which has seen significant gains throughout 2024. The market’s positive momentum comes after a challenging week influenced by Federal Reserve actions, which had previously caused a decline in stock prices. Investors are now reassessing interest rate expectations for the upcoming year, with most anticipating that the Fed will hold rates steady at its January and March meetings, followed by uncertainty regarding future actions. The past three trading sessions have propelled major indexes closer to their record highs, reflecting a recovery from last week’s downturn. Analysts suggest that inflation concerns will persist into 2025, complicating the Fed’s monetary policy decisions as it navigates economic pressures. Overall, Wall Street enters the holiday break with renewed optimism, buoyed by a strong performance from tech stocks and historical patterns that suggest further gains during this festive trading period.
Click here to read our current Economic Forecast – December 2024 Economic Forecast: Insignificant Improvement And Still Indicating a Weak Economy
Today’s Economic Releases Compiled by Steven Hansen, Publisher:
Federal Reserve Bank of Richmond manufacturing survey remained in contractionary territory in December 2024. The composite manufacturing index ticked up slightly to −10 in December from −14 in November. Of its three component indexes, shipments and employment were relatively flat, while new orders improved to −11 from −19 in November. Manufacturing remains in a recession in the US.
Here is a summary of headlines we are reading today:
- Will AI End the Utility Monopoly?
- The Future of Home Heating: Challenges and Opportunities
- Big Oil Looks to The Eastern Mediterranean as Replacement for Russian Gas
- Hydrogen Fuel Cells: A Promising Green Alternative to Battery Electric Vehicles
- Green Hydrogen Costs Set to Stay Too High For Too Long
- Biggest banks sue the Federal Reserve over annual stress tests
- FDA says the Zepbound shortage is over. Here’s what that means for compounding pharmacies, patients who used off-brand versions
- American Airlines temporarily grounded U.S. flights because of technical glitch
- Starbucks barista strike expands to more than 300 stores in 45 states
- As older Americans downsize, over 20 million homes could become available—but they’re not where young people want to move
- Here’s why business leaders are spending big on Trump’s inaugural committee
- What it would cost to live like the ‘Home Alone’ family today, according to financial advisors
- Russia Bans Crypto Mining For 6 Years In 10 Regions
- Rand Paul’s Annual Festivus List Highlights Over One Trillion Dollars In Government Waste
Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.
The Market in Perspective
| Here are the headlines moving the markets. | |
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Will AI End the Utility Monopoly?AI data centers, due to their insatiable demand for electricity and more importantly, due to the vast financial resources of their owners, threaten to upend the operations, regulation and financial basis of the electric utility networks. That is not hyperbole. A new administration that distrusts regulation and is heavily influenced by a Silicon Valley that advocates breaking things, may speed the process. Let’s step back. Five years ago we wrote a paper which said that electricity sales growth would resume, that the electricity industry… Read more at: https://oilprice.com/Energy/Energy-General/Will-AI-End-the-Utility-Monopoly.html |
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The Future of Home Heating: Challenges and OpportunitiesAmericans heat their homes in several ways, if that is natural gas, oil, propane, electricity, wood, and even geothermal energy, among others. Joshua Stevens, the cartographic editor of Maps.com, published a note highlighting the geographical regions across the Lower 48 that heavily rely on furnaces, boilers, fireplaces, or electric heat pumps. He explained that the choice of heating source primarily depends on the region. “Immediately, you can notice distinct regions that are dominated by each fuel source,” Stevens said. He noted,… Read more at: https://oilprice.com/Energy/Energy-General/The-Future-of-Home-Heating-Challenges-and-Opportunities.html |
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A Bullish Catalyst for Oil as 2024 Draws to a CloseWhile liquidity in oil markets is traditionally very low over the Christmas period, China has provided a bullish catalyst for Brent and WTI this year by announcing its monster $410 billion treasury bond sale.- US natural gas producers are anticipating a reversal of fortunes next year after 2024 saw gas-focused drillers struggle with oversupply and multi-year price lows, dipping as low as $1.60 per mmBtu during the year.- Over the next 12 months, US natural gas production in the Lower 48 states is expected to add around 4 BCf/day and surpass 107… Read more at: https://oilprice.com/Energy/Energy-General/A-Bullish-Catalyst-for-Oil-as-2024-Draws-to-a-Close.html |
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Big Oil Looks to The Eastern Mediterranean as Replacement for Russian GasEver since Russia invaded Ukraine on 24 February 2022, the U.S. and its key North Atlantic Treaty Organisation (NATO) allies have looked to new sources of gas supply to allow the security group to phase out all such supplies flowing into Europe from Russia. The key reasons for this are still intact, but with Donald Trump beginning his second term as U.S. President on 20 January, this part of the multi-pronged strategy to further diminish Russian influence in Europe is set to pick up pace. It is also a key part of the new Trump Presidential Administration’s… Read more at: https://oilprice.com/Energy/Natural-Gas/Big-Oil-Looks-to-The-Eastern-Mediterranean-as-Replacement-for-Russian-Gas.html |
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Canada’s Economy Is Picking Up Steam Lifted By Oil & Gas ExtractionThe Canadian economy grew 0.3 per cent in October, helped by strength in oil and gas extraction, mining and quarrying, Statistics Canada has revealed in its monthly GDP release. Oil and gas extraction, mining and quarrying rose 2.4 per cent in October with all three subsectors rising. “Canada’s economy is picking up steam as we wrap up the year, and we’re expecting growth in the fourth quarter close to two per cent,” wrote Andrew DiCapua, a senior economist at the Canadian Chamber of Commerce, in a note to clients. “If this momentum holds, it could… Read more at: https://oilprice.com/Energy/Energy-General/Canadas-Economy-Is-Picking-Up-Steam-Lifted-By-Oil-Gas-Extraction.html |
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Hydrogen Fuel Cells: A Promising Green Alternative to Battery Electric VehiclesWhile the battery electric vehicle (BEV) market has been growing rapidly over the last decade, several automakers are also investing in research and development into an alternative green technology – hydrogen fuel cell electric vehicles (FCEVs). Many believe that hydrogen could be the key to decarbonising heavy industry, providing clean heating, and running greener vehicles. Countries worldwide have invested heavily in renewable energy sources to generate electricity; however, this does not provide the fuel needed to power certain operations. By… Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/Hydrogen-Fuel-Cells-A-Promising-Green-Alternative-to-Battery-Electric-Vehicles.html |
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Why Governments Make Poor SpeculatorsThere can be few fields of human endeavor in which history counts for so little as in the world of finance. Past experience, to the extent that it is part of memory at all, is dismissed as the primitive refuge of those who do not have the insight to appreciate the incredible wonders of the present. Only after the speculative collapse does the truth emerge. —John Kenneth Galbraith, A Short History of Financial Euphoria, 1990 All the recent talk about government Bitcoin reserves has gotten me… Read more at: https://oilprice.com/Finance/the-Markets/Why-Governments-Make-Poor-Speculators.html |
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Workers Seek Shelter As Hanford Nuclear Complex Issues Leak AlertWorkers at the Hanford nuclear site were ordered to take cover on Friday after a large holding tank with ammonia vapor was discovered to be leaking near the vitrification plant in the 200 East Area. Workers in that area were told to shelter in place with doors, windows and ventilation closed while other workers were told to avoid the 200 East Area. The Hanford Site is a decommissioned nuclear production complex operated by the United States federal government on the Columbia River in Benton County in the U.S. state of Washington The 200 East Area… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Workers-Seek-Shelter-As-Hanford-Nuclear-Complex-Issues-Leak-Alert.html |
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Nickel’s Price Plunge: Indonesian Dominance Shakes Global MarketsVia Metal Miner When the story of global nickel prices is written for 2024, Indonesia and China will undoubtedly be the main characters. This is not only due to the former country’s high production output but also alleged violations of environmental rules and poor labor practices, which Indonesia has consistently denied. Indonesia is numero uno in global nickel production, accounting for 51% of the world’s total mine production. The country also sits on 42% of total global reserves. Because of this, it’s been a major… Read more at: https://oilprice.com/Metals/Commodities/Nickels-Price-Plunge-Indonesian-Dominance-Shakes-Global-Markets.html |
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Saudi Arabia Becomes Top Buyer Of Russian Fuel OilSaudi Arabia was the leading buyer of Russian seaborne fuel oil and vacuum gasoil (VGO) exports in November, LSEG data has revealed. According to Reuters calculations based on LSEG data, Russian fuel oil and VGO exports grew 6% month-on-month in November to about 4.26 million metric tons. Asian countries have become top buyers of Russia’s fuel oil and VGO ever since the European Union imposed a full embargo on Russian oil products in February 2023. India is no longer the biggest buyer of Russian crude. According to the Centre for Research… Read more at: https://oilprice.com/Energy/Energy-General/Saudi-Arabia-Becomes-Top-Buyer-Of-Russian-Fuel-Oil.html |
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Turkey’s Rise in Syria Stokes Regional Rivalry with IranThe fall of Bashar al-Assad’s government at the hands of rebels, including Ankara-backed factions, has effectively made Turkey the dominant foreign actor in Syria at the expense of Iran and its ally Russia. Turkey and Iran have competed for years for influence in the South Caucasus, and this rivalry appears to have now extended to the Levant. “The Islamic republic has had significant misgivings about Turkish influence in Syria, be it economic, political, or military, long before the fall of Assad. But with the loss of Iran’s sole state ally in… Read more at: https://oilprice.com/Geopolitics/International/Turkeys-Rise-in-Syria-Stokes-Regional-Rivalry-with-Iran.html |
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Green Hydrogen Costs Set to Stay Too High For Too LongGreen hydrogen will struggle to compete at price level with gray hydrogen made from natural gas at least until 2050—much longer than previously anticipated, according to new estimates by research firm BloombergNEF. BNEF’s new report on hydrogen prices finds that green hydrogen, the one produced via electrolysis using renewable energy, will fail to reach price parity with gray hydrogen by the middle of the century, as costs have more than tripled from last year’s forecast. Rising costs for electrolyzers mean that in 2050,… Read more at: https://oilprice.com/Alternative-Energy/Fuel-Cells/Green-Hydrogen-Costs-Set-to-Stay-Too-High-For-Too-Long.html |
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Indian Oil Probes Allegations of Albemarle Bribes to State Firm’s OfficialsIndian Oil Corporation (IOC), a state-owned oil giant, has launched an internal investigation over alleged bribes paid by Albemarle to IOC officials to secure contracts more than a decade ago, Indian media report. Responding to news articles from last week, IOC said in a statement filed with the local stock exchange that “the Company is neither a party to nor these is any allegation against the Company in relation to the proceedings referred in the said news articles”. The statement goes on to say that “However, the Company has… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Indian-Oil-Probes-Allegations-of-Albemarle-Bribes-to-State-Firms-Officials.html |
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Russia Loses Indian Oil Market Share to Middle East’s ExportersIndia imported lower volumes of Russian crude oil in November while it boosted purchases of Middle Eastern crude, as Russia exported lower volumes overall while some Indian refiners were undergoing maintenance. In the months prior to November, India continued to boost crude imports from Russia. Over the past two years, India has become a key buyer of Russia’s oil, while the attractiveness of cheaper crude supply has made Russia the single biggest supplier of oil to India. But last month, India imported 1.52 million barrels per day (bpd) of… Read more at: https://oilprice.com/Energy/Crude-Oil/Russia-Loses-Indian-Oil-Market-Share-to-Middle-Easts-Exporters.html |
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High Electricity Taxes Are Crippling European IndustryEuropean countries need to work out ways to lower taxes on electricity to revive the competiveness of Europe’s energy-intensive industries, Leonhard Birnbaum, president of electricity lobby Eurelectric, told Reuters in an interview published on Monday. Power prices in the EU are up to three times higher than in the United States, for example, which further erodes the competitiveness of energy-intensive industries including aluminum, steel making, chemicals, and cement production. Europe is losing and will continue to lose competitiveness… Read more at: https://oilprice.com/Latest-Energy-News/World-News/High-Electricity-Taxes-Are-Crippling-European-Industry.html |
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Dow climbs more than 200 points in shortened trading on Christmas Eve: Live updatesThe major averages posted modest gains on Monday to begin the holiday-shortened trading week. Read more at: https://www.cnbc.com/2024/12/23/stock-market-today-live-updates.html |
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Biggest banks sue the Federal Reserve over annual stress testsA group of banks and business groups are suing the Federal Reserve over the annual bank stress tests, saying the current process falls short. Read more at: https://www.cnbc.com/2024/12/24/biggest-banks-planning-to-sue-the-federal-reserve-over-annual-stress-tests.html |
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FDA says the Zepbound shortage is over. Here’s what that means for compounding pharmacies, patients who used off-brand versionsThe decision will largely prevent compounding pharmacies from making and selling compounded versions of the drug in the next two to three months. Read more at: https://www.cnbc.com/2024/12/24/fda-zepbound-shortage-impact-compounding-pharmacies-patients.html |
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American Airlines temporarily grounded U.S. flights because of technical glitchAmerican Airlines briefly grounds flights nationwide citing a technical glitch. Read more at: https://www.cnbc.com/2024/12/24/american-airlines-grounds-flights-nationwide.html |
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Roth Capital’s top stock picks for 2025 include a mining stock that has risen 250% this yearRoth Capital’s top stock picks for 2025 include modern furniture manufacturer Lovesac and ride-sharing pioneer Uber. Read more at: https://www.cnbc.com/2024/12/24/roth-capitals-top-stock-picks-for-2025-include-a-mining-stock-that-has-risen-250percent-this-year.html |
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FDA raises recall alert to highest level on Costco eggs over risk of severe illness or death due to salmonellaRegulators warned that eating these eggs could bring “serious adverse health consequences or death.” Read more at: https://www.cnbc.com/2024/12/24/fda-raises-recall-alert-to-highest-level-on-costco-eggs-over-risk-of-severe-illness-or-death-due-to-salmonella.html |
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Nissan could face cost-cutting ‘carnage’ in Honda merger, Carlos Ghosn says“There is practically no complementarity here,” the former Nissan CEO told CNBC. Read more at: https://www.cnbc.com/2024/12/24/carlos-ghosn-nissan-could-face-cost-cutting-carnage-in-honda-merger.html |
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Starbucks barista strike expands to more than 300 stores in 45 statesThe strike will affect only about 3% of all locations. A barista workers union is aiming to raise worker pay and highlight alleged unfair labor practices. Read more at: https://www.cnbc.com/2024/12/24/starbucks-barista-strike-expands-to-more-than-300-stores-in-45-states.html |
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As older Americans downsize, over 20 million homes could become available—but they’re not where young people want to move“Empty nesters” downsizing isn’t likely to be the solution to the housing shortages facing major U.S. cities, recent Zillow research finds. Read more at: https://www.cnbc.com/2024/12/24/zillow-empty-nesters-downsizing-wont-solve-housing-crisis.html |
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Here’s why business leaders are spending big on Trump’s inaugural committeeDonations to President-elect Donald Trump’s inaugural committee offer a “unique opportunity” to curry favor with the White House, experts told CNBC. Read more at: https://www.cnbc.com/2024/12/24/trump-inauguration-committee-ceo-donations.html |
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What it would cost to live like the ‘Home Alone’ family today, according to financial advisorsThe Christmas movie “Home Alone” often prompts questions about the McCallister family’s finances. What advisors say it takes to maintain their level of wealth. Read more at: https://www.cnbc.com/2024/12/24/what-it-would-cost-to-live-like-the-home-alone-family-today.html |
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Oz ‘the Wall Street Mentalist’ leaves ‘Squawk Box’ hosts speechlessThe Wall Street Mentalist Oz Pearlman joins ‘Squawk Box’ to show off a few of his latest tricks. Read more at: https://www.cnbc.com/video/2024/12/24/oz-the-wall-street-mentalist-leaves-squawk-box-hosts-speechless.html |
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Stocks making the biggest moves midday: American Airlines, Broadcom, big banks and moreThese are the stocks posting the largest moves in midday trading. Read more at: https://www.cnbc.com/2024/12/24/stocks-making-the-biggest-moves-midday-aal-avgo-jpm.html |
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“Merry Strikemas”: Labor Action Hits 300 Starbuck Shops NationwideThousands of baristas at unionized Starbucks locations are continuing a five-day strike, which has expanded to over 300 stores as of Christmas Eve, according to the employees’ union.
Starbucks Workers United said over 5,000 baristas in cities including New York, Philadelphia, Boston, Chicago, Denver, Los Angeles, and Portland are hitting the streets today to protest the company backtracking on a promised labor contract deal.
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Russia Bans Crypto Mining For 6 Years In 10 RegionsAuthored by Helen Partz via CoinTelegraph.com, The Russian government approved a list of regions and territories where cryptocurrency mining will be banned starting next year. Crypto mining will be banned entirely in 10 Russian regions for six years, starting Jan. 1, 2025, the local news agency TASS reported on Dec. 24. The ban will remain effective until March 15, 2031. Russian lawmakers also approved seasonal restrictions in key cryptocurrency mining regions to prevent energy blackouts. The restrictions align with Russia’s cryptocurrency mining laws signed by the president in August and October 2024.
Blanket bans versus seasonal restrictionsCrypto mining will be banned in 10 Russian … Read more at: https://www.zerohedge.com/crypto/russia-bans-crypto-mining-6-years-10-regions |
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America’s Biggest Banks To Sue Fed Over Annual Stress Tests: ReportThe nation’s largest banks are planning to sue the Federal Reserve over their required annual stress tests, CNBC reports, noting that the lawsuit is expected this week and could come as soon as Tuesday morning.
The report comes one day after the Fed announced that it’s mulling major changes to stress tests and will be seeking public comment on “significant changes to improve the transparency of its bank stress tests and to reduce the volatility of resulting capital buffer requirements.” According to the Fed, it’s changing the tests because of “the evolving l … Read more at: https://www.zerohedge.com/political/americas-biggest-banks-sue-fed-over-annual-stress-tests-report |
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Rand Paul’s Annual Festivus List Highlights Over One Trillion Dollars In Government WasteAuthored by ‘Grateful Calvin’ via Twitchy.com, One of the wonderful features of Christmas is how different cultures have different ways of celebrating the holiday. If you are Irish, for example, you might go to Midnight Mass or take a plunge for a Christmas Swim. Italians traditionally celebrate Christmas Eve with the insanely delicious Feast of the Seven Fishes (La Vigilia in Italian). Germans are generally recognized as the culture that first brought us advent calendars and the Tannenbaum or Christmas tree (thank you, Martin Luther), but they also brought Krampus Nacht for the naughty children.
If you are an American small government conservative, however, one Christmas tradition you always look forward to is the annual Festivus airing of gri … Read more at: https://www.zerohedge.com/political/rand-pauls-annual-festivus-list-highlights-over-one-trillion-dollars-government-waste |
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American Airlines resumes flights after technical issueFlights were suspended for around an hour due to an issue that impacted the systems needed to release its planes. Read more at: https://www.bbc.com/news/articles/cd0eyd9pgvyo |
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Car industry consulted over 2030 petrol and diesel banThe government says it will “restore clarity” for vehicle manufacturers and the charging industry. Read more at: https://www.bbc.com/news/articles/c5y7x3jgw7no |
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Morrisons Christmas delays extend to second dayThe supermarket says its systems are back to normal after pre-Christmas chaos on Monday. Read more at: https://www.bbc.com/news/articles/cn8g24qn87no |
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Workspace solutions provider IndiQube files DRHP for Rs 850 crore IPOIndiQube Spaces has filed for an IPO to raise Rs 850 crore. This includes a fresh equity sale of Rs 750 crore and an offer for sale of Rs 100 crore. The proceeds will fund new centers, repay debt, and other corporate needs. IndiQube manages 103 centers across 13 cities. ICICI Securities and JM Financial are the lead managers. Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/workspace-solutions-provider-indiqube-files-drhp-for-rs-850-crore-ipo/articleshow/116637767.cms |
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Tech View: Nifty chart shows bearish RSI crossover. What should traders do on Thursday?Sensex and Nifty ended with minor declines on Tuesday, pressured by IT and bank stocks. The Sensex fell 0.09% to 78,472.87, while Nifty dropped 0.11% to 23,727.65. Nifty breached the critical 200-DMA support, indicating further downside potential. Analysts highlight the negative crossover on the momentum indicator and a weak advance-decline ratio, signaling bearish sentiment. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-chart-shows-bearish-rsi-crossover-what-should-traders-do-on-thursday/articleshow/116631707.cms |
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Unimech IPO subscribed 9 times on Day 2. Check GMP, review, other detailsThe IPO of Unimech Aerospace saw a robust response, with a subscription of 9.08 times by the second day. The issue includes fresh equity and OFS taking the total to Rs 500 crore. The funds will support capital expenditures and working capital. The IPO price is Rs 745-785 per share. Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/unimech-aerospace-ipo-subscribed-5-times-on-day-2-so-far-check-key-dates-price-band-gmp-and-review/articleshow/116620053.cms |
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Stock market’s December performance in balance as ‘Santa Claus rally’ beginsStocks have seen a stellar 2024, but the S&P 500 is in danger of a rare December loss. It’s all riding on the so-called Santa Claus rally. Read more at: https://www.marketwatch.com/story/stock-markets-december-performance-in-balance-as-santa-claus-rally-begins-e3d277eb?mod=mw_rss_topstories |
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‘She has two financially stable children’: Does it make sense for my wealthy mother, a recent widow, to take out a $100,000 life-insurance policy?“It was generous of our mom to offer.” Read more at: https://www.marketwatch.com/story/she-has-two-financially-stable-children-does-it-make-sense-for-my-wealthy-mother-a-recent-widow-to-take-out-a-100-000-life-insurance-policy-858444e8?mod=mw_rss_topstories |
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Lumps of coal for Wall Street money managers — againOnce again, you were better off buying the assets on Wall Street that were the most hated by the big-money crowd than the assets that were most loved. Read more at: https://www.marketwatch.com/story/lumps-of-coal-for-wall-street-money-managers-again-b4a45383?mod=mw_rss_topstories |
Storm clouds gather above the Federal Reserve (Photo by Chip Somodevilla)Getty ImagesThe tests determine how much capital banks must set aside to meet their obligations, as well as dictate the scope of stock buybacks and dividend payouts.
