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Stocks traded sideways — halting their pre-Christmas rally — and cryptocurrencies fell on Thursday, making for one of the last trading days of the year relatively quiet.
The S&P 500 was down 0.06% and the Nasdaq Composite was up 0.02% as of 2 p.m. ET. Bitcoin and Ether were down 3% and 3.8% respectively over the past 24 hours at that time.
The post-holiday moves came as investors unpacked one of the week's only economic data reports: initial jobless claims.
There were 210,000 first-time filings for the week ending December 21, representing a slight decline from the previous week and coming in below the average forecast of 224,000. However, continuing claims were 1.9 million, slightly higher than the expected 1.88 million.
The mixed report on the prospects of a Fed rate cut next month did not budge. Fed funds futures markets on Thursday called for a 91% chance for central bankers to hold interest rates on January 29, per Data From CME Group.
“One factor weighing on stocks is the behavior of the fixed income market,” said Quasar Elizondia, a strategist at Pepperstone Research. “The continued rise in bond yields, driven by a reassessment of less restrictive monetary policy expectations, raises some concern.”
Elizondia added that stocks will face additional headwinds, given that it appears to investors that interest rates set for 2025 will not fall as much as previously expected.
On the cryptocurrency front, the real engine of the market will likely turn around in 2025 Organizational news. new command The SEC and CFTC meetings, along with a Republican-majority Congress and campaign promises from President-elect Donald Trump, could pave the way for a new election. Go In the first half of the new year.
However, it would be foolish to discount the role that macroeconomic conditions and monetary policy play in cryptocurrency prices, so we suggest keeping an eye on almost everything (or at least your inbox) in the coming year.
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