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Index Update

On Wednesday, the S&P 500 and Nasdaq rose 0.82% and 1.77%, respectively, while the Dow fell 0.22%. This followed US inflation data for November, which met expectations and increased the likelihood of a 25 basis point Federal Reserve rate cut next week. Investors are now focused on producer inflation data and earnings reports from Broadcom, RH, and Costco. Adobe, however, fell over 9% after issuing weak revenue guidance for the current quarter.

Market Movers

On Wednesday, the top gainers were Candel Therapeutics, Inc. (+172.23%), followed by Patterson Companies, Inc (+34.10%). On the contrary, Q32 Bio Inc (-66.86%) and AnaptysBio, Inc (-38.07%) declined the most the same day.

Commodities Update

Gold traded near $2,720 per ounce, supported by recent gains and investors reacting to the latest US inflation data. November's report showed expected headline inflation and steady core inflation, increasing expectations for a Federal Reserve rate cut. Despite concerns about inflation and economic uncertainty, gold was bolstered by easing measures from central banks, including the BoC, ECB, SNB, and resumed gold purchases by the PBoC.

Macro Update

US factory gate prices are expected to rise 0.2% month-over-month in November 2024, matching October's increase. Annual producer price inflation is forecasted to accelerate to 2.6% from 2.4%. The core PPI, excluding food and energy, is projected to rise 0.2% monthly, with the annual core rate expected to increase to 3.2% from 3.1%.

Futures Update

US stock futures pulled back slightly on Thursday following a record-setting rally, with the Nasdaq Composite closing above 20,000 for the first time.

Bitcoin traded at 100,668 USD on Thursday, December 12th, down 0.69% from the previous session. Over the past four weeks, it lost 11.21%, but has risen 134.17% over the last 12 months.

The stock market rebounded significantly on Wednesday, with most indices closing higher. The tech-heavy Nasdaq Composite led the charge, breaking above 20,000 for the first time and reaching a new record high. The Nasdaq jumped 347.65 points, or 1.8%, to close at 20,034.89. Meanwhile, the S&P 500 index advanced 49.28 points, or 0.82%, to finish at 6,084.18. From a technical standpoint, the S&P 500 is currently trading within an upward trend channel, suggesting potential for further gains. Additionally, the 14-period Relative Strength Index (RSI) remains in positive territory. Key levels to watch include resistance at 6,125 and support at 5,990.

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