New York Stock Exchange on November 21, 2024 in New York City.
Michael M. Santiago | Getty Images News | Getty Images
This report comes from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know wherever they are. Do you like watching? You can subscribe Here.
Here’s what you need to know today
US markets breathe
The S&P 500 Down 0.19% Dow Jones Industrial Average 0.55% and the Nasdaq Composite 0.18% retreated as traders Wait for today’s jobs report. Regional in Europe Stoxx 600 It has increased by 0.4% Sixth consecutive day of winning. of France CAC 40 There has been an increase of 0.37 percent The country’s government was overthrown In a vote of no confidence.
What to expect from the US jobs report
The US nonfarm payrolls report for November is due out later today. After adding a shockingly low 12,000 jobs in October — largely attributed to factors such as disruptions from hurricanes and strikes — economists polled by Dow Jones expect the U.S. economy to 214,000 jobs were added in November. The October number may be revised further.
OPEC+ extends oil supply cuts
OPEC+ alliance of oil producing nations Postpone plans to retreat Several formal and voluntary production cuts have been cut to 2026, according to representative sources, who spoke on condition of anonymity because of the sensitivity of the negotiations. Oil prices rose slightly on this news.
An unlikely endorsement for Bitcoin
Thursday, Bitcoin Broke the $100,000 barrier – more on that later though retreated from that level About $96,500. The initial euphoria may have been fueled by US President-elect Donald Trump’s plan nomination Paul Atkins as Securities and Exchange Commission Chairman, Federal Reserve Chair Jerome Powell Comments The fact that Bitcoin is a “rival to gold” has also helped sentiment.
(PRO) Is Bitcoin the New Gold?
Gold It has long held a place in investors’ portfolios as an asset that hedges against market swings and geopolitical instability. Now Bitcoin, especially with its meteoric rise in popularity and price in recent months, might Play the golden roleAccording to the technician.
The bottom line
The US, in terms of its economy and financial markets, seems to be firing on all cylinders.
Although the major US indices fell yesterday, their performance this week looks like some respite after achieving a series of record closing levels.
And according to bank analysts, US stocks may continue to hit fresh highs in the future.
“As SPX goes, we believe the index will finish 2025 in the 6500 to 6700 range,” said Scott Wren, senior global market strategist. Wells Fargowrote in a note on Wednesday. Taking the high end of Wren’s estimate, it is up 10% from Thursday’s close.
If that scenario plays out for the S&P 500, it could mark a third straight year of gains for the broad-based index. The S&P is already up 27.6% year to date, its second-highest annual gain of the 21st century. Deutsche Bank.
The strength of the US stock market is more significant when compared with its European counterpart.
“MAGA policy expectations, combined with Goldilocks data, have revived animal enthusiasm for US stocks. In contrast, Europe remains on the back foot amid stagnant growth, tariff threats and a political crisis in France,” Barclays Wrote on Wednesday. “While it’s hard to see the end of US exceptionalism anytime soon, we think it remains the playbook in 2025.”
The US economy is also showing no signs of flagging. Atlanta Federal Reserve Predictions US economic growth in the fourth quarter reached 3.3% on an annualized basis. That’s a small increase from its 3.2% estimate earlier this week and higher Third Quarter Growth 2.8%.
Employment is the engine that powers most aspects of the economy. The November jobs report, due later today, will give investors more insight into whether the US economy and economic growth can continue to race ahead.
— CNBC’s Jesse Pound, Lisa Kailai Hahn and Sean Conlon contributed to this report.
