Technology: The US stock market continued its strong gains, with major large-cap indices such as the S&P 500, Dow Jones and Nasdaq 100 breaking new records. Tech and consumer discretionary stocks have led these gains, as major companies such as Apple, Amazon and Meta Platform have reached unprecedented highs. Their impressive performance has played a key role in lifting the overall market.
The US labor market showed promising signs of improvement in November. Non-farm payrolls increased by 227,000, up significantly from the previous 36,000 in October and exceeding expectations. The unemployment rate rose slightly to 4.2%, while average hourly earnings also came in better than forecasts.
Consumer sentiment mixed
The University of Michigan data indicated a positive shift in consumer sentiment, which rose to a seven-month high. However, inflation fears loom, causing consumers to accelerate purchases of durable goods.
Bitcoin Makes History
In an unprecedented move, Bitcoin crossed the $100,000 mark for the first time, garnering attention in economic and financial news.
Trending Insights
The departure of Stellantis N.V. CEO Carlos Tavares has sparked market apprehensions amid the industry’s growing challenges. Meanwhile, a veteran trader advised caution amid Bitcoin and equity market volatility, highlighting the need to take risks cautiously.
Additionally, strategic investors are tracking select S&P 500 stocks that typically flourish in late December, offering attractive opportunities as part of the Santa Rally phenomenon.
Finally, Tesla saw a notable turnaround when a prominent trader exited his short position, citing Elon Musk’s evolving political dynamics as well as fundamental changes.
