Image Source: Krish Capital Pty Ltd

Index Update

On Tuesday, the Dow fell 0.61%, marking its longest losing streak since 1978, while the S&P 500 and Nasdaq dropped 0.39% and 0.32%. Most S&P sectors declined, with industrials, energy, and financials leading; Nvidia and Broadcom faced sharp losses, but Tesla gained 3.6%.

Market Movers

On Tuesday, the top gainers were Nukkleus Inc. (+61.87%), followed by eHealth, Inc (+39.19%). On the contrary, LeMaitre Vascular, Inc (-23.79%) and EVgo Inc (-22.63%) declined the most the same day.

Commodities Update

WTI crude oil futures rose above $70 per barrel after US crude inventories fell more than expected, with API data showing a 4.7 million barrel decline. While a potential Federal Reserve rate cut could boost demand, concerns persist over weak Chinese consumer spending and rising non-OPEC+ production projections.

Macro Update

The Federal Reserve is expected to announce a 25bps rate cut at its December 2024 meeting, bringing rates to 4.25%-4.5%, while unveiling updated projections that may reflect higher inflation, stronger economic growth, and lower unemployment amid resilient labor markets and robust consumer spending.

Futures Update

US stock futures fluctuated on Wednesday as investors awaited the Federal Reserve's policy decision, with expectations of a 25 basis point rate cut and potential signals of fewer rate cuts in 2025 amid ongoing inflation concerns.

Bitcoin traded at $104,574 on December 18, down 1.65% from the previous session; it declined 13.18% over the past four weeks but surged 146.08% over the last year.

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After facing pressure early in the trading session, stocks experienced ongoing declines throughout the day on Tuesday. The tech-heavy Nasdaq retreated from its record closing high reached the previous day. Although the major averages improved slightly from their lowest points as the session came to a close, they still finished in negative territory. The Dow fell by 267.58 points, or 0.6 percent, ending at 43,449.90, while the Nasdaq decreased by 64.83 points, or 0.3 percent, to close at 20,109.06. The S&P 500 saw a decline of 23.47 points, or 0.39 percent, finishing at 6,050.60. From a technical perspective, the S&P 500 remains within an upward trend channel, indicating the potential for further gains. Additionally, the 14-period Relative Strength Index (RSI) is positioned within a favorable range. Key levels to monitor include resistance at 6,120 and support at 5,990.

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