Anti-Clickbait News Summaries for December 26, 2024
Wall Street giants invest $1.23 trillion in stock buybacks outpacing AI development
Hi, it’s Jack and the Daily Moat team with your daily news summaries 😇
Today:
On Thursday, December 26, 2024, U.S. financial markets resume regular trading hours following the Christmas holiday closure. Here's an overview of key developments and scheduled events that may influence the markets today:
Market Futures and Pre-Market Activity
Stock Index Futures: U.S. stock index futures indicate a modest decline in early trading, suggesting a slightly lower opening for the major indices. This follows a Christmas Eve rally led by technology stocks.
Technology Sector: Major tech stocks, including Nvidia and Alphabet, have shown pre-market declines of 1.1% and 0.5%, respectively, potentially impacting the Nasdaq Composite.
Economic Data Releases
Initial Jobless Claims: The U.S. Department of Labor is scheduled to release the weekly initial jobless claims data at 8:30 AM ET. Economists forecast 220,000 new claims for the week ending December 21, compared to 225,000 in the prior week. This report provides insights into the health of the labor market.
Treasury Market
Treasury Yields: Yields on U.S. Treasury notes have risen, with the 10-year note surpassing 4.60%. Investors are closely monitoring the upcoming jobless claims data and a scheduled auction of $44 billion in 7-year Treasury notes later today.
Commodities
Gold Prices: Gold has firmed in holiday-thinned trade, with prices rising by 0.5% to $2,627.62 per ounce. Investors are focusing on the Federal Reserve's 2025 rate plans and anticipated policies from the forthcoming Trump administration.
Global Markets
International Equities: Asian markets have shown mixed results, with Japan's Nikkei 225 gaining 1.1% following eased visa conditions for Chinese tourists, while South Korea's Kospi dropped 0.4%. European markets remain closed for the holiday.
Investor Sentiment
Santa Claus Rally: The period known as the "Santa Claus rally," encompassing the final five trading days of December and the first two of January, is currently underway. Historically, this period has been associated with positive market performance, though recent market dynamics may influence this trend.
Corporate Developments
Uber's Acquisition Blocked: Taiwanese regulators have blocked Uber's $950 million acquisition of Foodpanda due to competition concerns, which may have implications for Uber's stock performance.
The Markets:
Futures Highlights
Volatility remains relatively contained, with energy prices diverging as crude edges higher while natural gas slides sharply.
🟢 Crude Oil: 70.63 (+0.53 | +0.76%)
🔴 Natural Gas: 3.3630 (-0.1410 | -4.02%)
🟢 Gold: 2644.70 (+9.20 | +0.35%)
🔴 Dow: 43514.00 (-131.00 | -0.30%)
🔴 S&P 500: 6079.50 (-18.50 | -0.30%)
🔴 Nasdaq 100: 21957.50 (-71.00 | -0.32%)
🔴 Russell 2000: 2270.40 (-8.50 | -0.37%)
Forex & Bonds
Currencies see modest shifts against the dollar, while longer-dated Treasuries inch downward in yield, signaling mild caution.
🟢 EUR/USD: 1.0400 (+0.0009 | +0.08%)
🟢 USD/JPY: 157.65 (+0.35 | +0.22%)
🔴 GBP/USD: 1.2524 (-0.0006 | -0.05%)
🔴 BTC/USD: 95291.90 (-2908.10 | -2.96%)
🔴 5-Year Treasury: 4.438 (-0.007 | -0.16%)
🔴 10-Year Treasury: 4.591 (-0.008 | -0.17%)
🔴 30-Year Treasury: 4.765 (-0.019 | -0.40%)
Major News
Tech and crypto-related names show mixed performance, with strong gains in select growth stocks and notable dips among a few smaller players.
🟢 MSTR: +7.81%
🟢 TSLA: +7.36%
🟢 AVGO: +3.15%
🟢 GS: +2.10%
🟢 GM: +1.81%
🟢 AMZN: +1.77%
🟢 META: +1.32%
🟢 AAPL: +1.15%
🟢 MSFT: +0.94%
🟢 GOOG: +0.81%
🟢 GOOGL: +0.76%
🟢 BABA: +0.45%
🟢 NVDA: +0.39%
🔴 UBER: -0.26%
🔴 MU: -0.49%
🔴 JG: -2.60%
You can find my most significant newsletter (over 500k active subscribers) at:
Listen to the Podcast and Read the Summaries:
Keep reading with a 7-day free trial
Subscribe to Anti-Clickbait News to keep reading this post and get 7 days of free access to the full post archives.