Image Souce: Krish Capital Pty Ltd

Index Update

Last week, the S&P 500 and Nasdaq rose 0.96% and 3.34%, respectively, marking three straight weeks of gains, while the Dow Jones fell 0.6%. Despite stronger-than-expected job growth in November, expectations for a 25 basis point rate cut from the Fed remain. Major tech stocks, including Tesla, Meta, Amazon, Microsoft, and Apple, saw strong gains.

Market Movers

On Friday, the top gainers were  Petco Health and Wellness Company, Inc. (+20.61%), followed by Sagimet Biosciences Inc. (+14.81%). On the contrary, CAMP4 Therapeutics Corporation (-18.45%) and   zSpace, Inc. (-16.00%) declined the most the same day.

Commodities Update

WTI crude oil futures rose to $67.9 per barrel due to heightened geopolitical tensions following the fall of Syria’s government. Meanwhile, Saudi Aramco cut January 2025 prices amid weak demand from China, and OPEC+ delayed output increases. Additionally, a rise in U.S. oil rigs signaled higher production, pressuring prices.

Macro Update

The US 10-year Treasury yield stayed below 4.15% on Monday, near a seven-week low, as investors awaited inflation data. Despite stronger-than-expected job growth in November and improved consumer confidence, markets still expect a 25 basis point rate cut from the Fed this month. Investors are also focused on central bank meetings in Canada and Australia.

Futures Update

US stock futures were steady on Monday as investors awaited key inflation data later in the week, which could impact the Federal Reserve's next interest rate decision.

On December 9th, Bitcoin traded at 98,556 USD, down 2.06% from the previous session. Over the past four weeks, Bitcoin dropped 22.81%, but it gained 125.00% over the last 12 months.

Early on Friday, all major U.S. stock indexes showed positive movement, but by the end of the trading day, their performances varied. The Nasdaq and S&P 500 both finished in positive territory, achieving new record closing highs, while the narrower Dow slipped into negative territory. The tech-driven Nasdaq closed up 159.05 points, or 0.8 percent, at 19,859.77. Similarly, the S&P 500 increased by 15.18 points, or 0.25 percent, finishing at 6,090.28. In contrast, the Dow saw a decline of 123.19 points, or 0.3 percent, ending at 44,642.52. From a technical standpoint, the S&P 500 is moving within a rising channel, indicating the potential for further gains. The 14-period Relative Strength Index (RSI) remains in positive territory. It's important to keep an eye on resistance levels at 6,132 and support levels at 5,950.

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