16 DEC 2024 Market Close & Major Financial Headlines: The Dow Records Its 8th. Session Closing In The Red, While The Small Cap Flourish, Closing Fractionally Higher – Déjà vu
Summary Of the Markets Today:
- The Dow closed down 111 points or 0.25%,
- Nasdaq closed up 247 points or 1.24%, (New Historic high 20,205, Closed at 20,704)
- S&P 500 closed up 23 points or 0.38%,
- Gold $2,671 down $5.20 or 0.19%,
- WTI crude oil settled at $71 down $0.68 or 0.95%,
- 10-year U.S. Treasury 4.397 down 0.002 points or 0.046%,
- USD index $106.88 down $0.13 or 0.12%,
- Bitcoin $106,014 up $2,958 or 2.79%, (24 Hours), (New Bitcoin Historic high 107,705)
*Stock data, cryptocurrency, and commodity prices at the market closing
Today’s Highlights
The Nasdaq Composite achieved a fresh record high on Monday, driven by strong performances from major tech stocks and the cryptocurrency market. Big Tech stocks hitting new record highs include Alphabet (GOOGL), Tesla (TSLA), Amazon (AMZN), Apple (AAPL), and Broadcom (AVGO). MicroStrategy’s stock surged ahead of its inclusion in the Nasdaq 100 whilst Super Micro Computer Inc. shares fell due to its upcoming removal from the Nasdaq 100. The Dow Jones Industrial Average declined for its eighth consecutive session of losses. Investors are anticipating the Federal Reserve’s final meeting of the year on Tuesday, with a 97% likelihood of a 25 basis point rate cut. The key focus is on the Fed’s potential outlook for rate cuts in 2025, considering persistent inflation and potential policy challenges. Bitcoin reached an all-time high above $107,000. Healthcare stocks (CVS, UnitedHealth, Cigna) declined after comments from President-elect Donald Trump about pharmacy benefit managers.
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:
New York Fed’s Empire State Manufacturing Survey declined thirty-one points to 0.2. Last month I rode my high horse telling you this is a survey and I do not like surveys. When I was in the industry – I had my admin assistant fill out these survey forms (telling him or her not to bother me with questions – just get it done). How many people out there think that in November manufacturing was screaming good and in December things now suck. Bottom line is that I see no real end to the manufacturing recession in the USA.
Here is a summary of headlines we are reading today:
- Copper: The Driving Force Behind the Clean Energy Revolution
- Indonesia’s Growing Nickel Production Disrupts Global Market
- Forget Short-Term Noise: Oil Prices Are All About the Long-Term Trend
- What Does The Fall Of Assad’s Syria Mean To The Key Players In The Middle East?
- Russia’s $10 Billion Shadow Armada Exposed by Ukrainian Intelligence
- Nvidia falls into correction territory, down more than 10% from its record close
- Dow falls for an eighth day ahead of Fed, but Nasdaq notches another record: Live updates
- Broadcom jumps 11%, extending record run as Goldman expresses ‘higher conviction’
- Bitcoin rises to new record above $107,000 ahead of this week’s Fed decision
- How Will Apple Compete With $168 AI Smartphones From China?
- Intrinsic Value Of Crypto: What Is It & How To Calculate It
- 2-year Treasury yield ends at almost three-week high after strong services-sector data
Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.