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Stocks bounced back on Friday after strong labor market data, with the Dow Jones Industrial Average up 0.3%, the S&P 500 up 0.5%, and the Nasdaq Composite up 0.6%, but doubts have set in about whether policymakers are prepared to pivot and traders have scaled back bets on a March rate cut.
Wall Street's longest winning streak in almost 20 years is close to ending as stock investors' celebrations over slowing inflation and potential interest rate cuts have been replaced with caution over lingering market risks, resulting in a likely weekly loss of about 1.7 percent for the S&P 500, the market's longest winning streak since January 2004.
Stocks opened slightly higher on Friday after a strong jobs report surprised Wall Street, potentially pressuring the Federal Reserve to hold off on interest rate cuts and delaying hopes of the tightening campaign coming to an end.
In December, employers added 216,000 jobs, surpassing expectations and resulting in the 36th consecutive month of job gains, bringing the total number of jobs added in 2023 to roughly 2.7 million, signaling a strong labor market and raising expectations of a soft landing for the economy.
Stock futures traded lower after the U.S. added 216,000 jobs in December, suggesting that the Federal Reserve may delay interest rate cuts.
US stock futures fell, ending a nine-week winning streak, as investors reacted to strong labor market data that could impact expectations for interest-rate cuts.
Demand for Tesla cars in Europe, specifically in Germany and the UK, has significantly dropped in the fourth quarter of 2023, resulting in a year-on-year decline and a humbling experience for Elon Musk's growth stock, though the temporary lull is expected to be mitigated by the release of the refreshed Model 3 and the expansion of production in Tesla's Shanghai plant.
Demand for Tesla cars in Europe is softening, with sales in Germany plunging by 77% in December 2023, leading to a 9% annual drop for the year, while sales in the UK also saw a decline; however, the company's strong performance in China helped push global sales to a record of 1.8 million vehicles last year.
December was a challenging month for the U.S. used equipment markets, with declines in asking and auction values and an increase in inventory levels, indicating oversupply and softer demand for construction equipment, farm machinery, trucks, and semitrailers, according to market reports from Sandhills Global.
The demand for new electric cars in the UK has stagnated, causing concerns over the country's green pledges, as electric vehicles failed to improve their market share for the first time since 2018, leading to calls for tax cuts to boost their uptake among buyers.
Despite initial predictions of a recession and expectations of a poor year for stocks and bonds, the stock market in 2023 saw significant gains, with the S&P 500 index soaring 24%, the Dow Jones Industrial Average gaining 14%, and the Nasdaq Composite rising 43%.
The price of gold is under pressure as investors focus on US labor market data, with expectations that the Unemployment Rate will remain within the Federal Reserve's projection and robust economic prospects may reduce the likelihood of a rate cut in March.
Microsoft is closing in on Apple's market value due to its leadership in artificial intelligence advancements.
Buffett-backed stocks, Amazon and StoneCo, are predicted to deliver fantastic performances in 2024, with Amazon's growth potential fueled by its dominant position in e-commerce and StoneCo's attractive valuation multiples and strong business momentum.
The Labor Department released its final jobs report of 2023, showing a strong finish to the job market despite increasing interest rates.
Emerging markets assets are facing weekly declines due to a stronger U.S. dollar and Treasury yields, dampening investor optimism and weakening risk appetite.
UK December Halifax house prices rose by 1.1%, while German retail sales dropped more than expected in November, causing the pan-European Stoxx 600 to decrease by 0.49%.
The southern land market in Vietnam experienced a significant downturn in 2023, with a sharp decline in both the number of transactions and prices, leading to a lack of buyers and a stagnant market.
Asian shares mostly declined on Friday, driven by a mixed finish on Wall Street and concerns over the Bank of Japan's policy stance following the earthquake; however, Tokyo stocks received a boost from a stronger dollar.
European equity futures declined and Asian stocks were mixed as investors await US jobs data to determine the timing and pace of the Federal Reserve's interest rate cuts.
The international financial picture in 2024 is likely to be dominated by geopolitical issues, political uncertainties, and sluggish global economic growth, with the US stock market expected to experience mild fluctuations in the final year of the presidency and the UK facing fears of a recession and potential interest rate cuts.
Gold prices in Asia remained stable after a recent decline due to the strengthening of the US dollar, with focus shifting to US labor market data for indications of interest rate cuts in 2024.
Most Asian stocks remained steady after a weak start to the year but concerns over China and anticipation of key US payrolls data kept investors cautious.
Renting an apartment in Boston is becoming more expensive, especially for properties with three or more bedrooms, with prices increasing by nearly 17% year over year, according to a report from Apartment Advisor. However, there are still some deals to be found in certain neighborhoods, such as Jamaica Plain, Dorchester, and West Roxbury. Overall, Boston remains the third most expensive city for renters in the US, with a median rent of $3,000.
The Japanese stock market had an exceptional year in 2023, with the Nikkei 225 gaining 28% and reaching its highest level since 1989, while the TOPIX rose 24%, and strong performance is expected to continue in 2024 due to favorable market conditions and regulatory reforms.
Novo Nordisk has announced research collaboration deals with Omega Therapeutics and Cellarity, under a framework agreement with Flagship Pioneering, to collaborate on pre-clinical drug development and potentially conduct clinical trials on candidate medications, with each partner eligible for up to $532 million in payments and royalty payments if a co-developed drug receives marketing approval.
Moderna's stock has climbed 34.72% in the past month, outperforming the Medical sector and the S&P 500, and market participants are eagerly awaiting the company's upcoming financial results, which are projected to show a 137.12% decrease in earnings per share and a 53.76% decrease in revenue compared to the same quarter last year.
Energy Transfer LP (ET) ended the latest trading session at $13.87, experiencing a -1.07% adjustment from the previous day, with the company's forthcoming earnings report predicted to show a decline in EPS but an increase in revenue compared to the same quarter last year.
Palantir Technologies Inc. (PLTR) closed at $16.25, up 0.99%, and investors are eagerly anticipating the company's upcoming earnings disclosure, with projected increases in EPS and revenue compared to the previous year.
Advanced Micro Devices (AMD) closed at $136.01, outperforming the S&P 500, as investors await the company's upcoming earnings release and consider recent estimate revisions.
Global M&A activity in 2023 declined significantly, with total transaction volume falling 32% year over year to $2.02 trillion, and the Americas region leading with a total investment of $1.1 trillion; meanwhile, private equity and venture capital exit activity increased by 6% year over year.
Electronic voting in shareholder meetings increases the market value of a firm's cash holdings by enhancing shareholders' perception of corporate governance and facilitating their participation.
Shares of Apple Inc. slipped 1.27% as the stock market had a mixed trading session, with the Dow Jones Industrial Average rising slightly and the NASDAQ Composite Index falling, marking Apple's fourth consecutive day of losses.
Tesla stock slumped 0.22% as the company experienced its fifth consecutive day of losses, closing $61.36 short of its 52-week high.
Cboe Global Markets, the leading derivatives and securities exchange network, has reported its trading volume statistics for December 2023 and the full year, including record-breaking options trading and several volume records for its proprietary product suite. The company also provided projected rate per contract/net revenue capture for the fourth quarter of 2023.
In this episode of ETF Spotlight, Chief Investment Officer at Global X, Jon Maier, discusses the market outlook for 2024 and highlights thematic investment ideas, including low volatility tilted core portfolios and the potential benefits of AI technology, cloud computing, and cybersecurity ETFs.
Stocks slipped for a third consecutive day, with the Nasdaq Composite down 0.6% and the S&P 500 down 0.3%, putting the indexes on track to end a 9-week winning streak; concerns arise over the January Barometer theory that the S&P 500's performance in January predicts its performance for the rest of the year.
Investors will face a test of their year-end optimism as fourth-quarter earnings season begins, with analysts expecting cautious commentary from companies due to high prices and economic uncertainties.
Atlanta has been ranked as the sixth hottest housing market in the US for 2024, with a focus on affordability driving market heat, according to Zillow.
US stocks continued to slump as investors grappled with a weak start to the year and uncertainty over interest rate cuts, with the Dow Jones Industrial Average closing just above the flatline and the S&P 500 falling about 0.3%; meanwhile, Apple stock stumbled for a fourth straight day due to concerns about weakening iPhone demand.
States and cities should rely on the free market rather than government interventions to address housing affordability, as demonstrated by the failure of Seattle's Mandatory Housing Affordability (MHA) fund and the success of prior upzoning reforms.
Monthly mortgage payments have fallen to their lowest level in nearly a year, but are still up more than 5% from a year earlier, according to a Redfin report.
LendingTree predicts that 30-year fixed mortgage rates could drop to 6% in 2024, but affordability challenges will persist and the housing market will remain sluggish.
Bitcoin rebounded above $44,000 as optimism about the approval of a spot Bitcoin ETF outweighed concerns raised by a report predicting rejection, with analysts still confident that the first Bitcoin ETF is likely to be approved in the next week.
Investors are anticipating a rate cut from the Federal Reserve, but the timing of the cut could impact the markets, as historical data shows that Treasury yields tend to fall in the three months leading up to the first rate cut, while stocks tend to rally after the cut.
Google-parent Alphabet's stock has remained strong despite the tech sector's sell-off, with a 58% gain in 2023, thanks to efforts in integrating AI and automation in its digital ads business and the launch of its advanced AI product, Gemini.
The Canadian Dollar is relatively flat as markets await the release of US Nonfarm Payrolls data, overshadowing Canada's unemployment and wage figures.
Walgreens has cut its dividend payment by almost half in an effort to strengthen its balance sheet, while also facing challenges such as a shortage of pharmacists and increasing shrink in its stores.
SK Hynix, a South Korean chip giant, has seen a significant increase in market capitalization, while battery-related companies are experiencing a slowdown in growth.