Stock futures are fractionally lower Thursday morning after the major indexes hit fresh record highs yesterday, while bitcoin was holding steady after surging above $100,000 for the first time.
Futures tied to the Dow Jones Industrial Average were down 0.1%, while those linked to the S&P 500 and Nasdaq were each down less than 0.1% about half hour before the opening bell. Each of the major indexes hit all-time highs on Wednesday, led by big gains for technology stocks, extending a post-election rally fueled by hopes the incoming Trump administration will pursue pro-growth policies that boost corporate earnings and stock market gains.
Large-cap technology stocks—including Nvidia (NVDA), Apple (AAPL), Microsoft (MSFT), Alphabet (GOOGL), Amazon (AMZN), Meta Platforms (META) and Tesla (TSLA)—were mixed but little changed in premarket trading Wednesday.
Among the biggest movers before the bell, Synopsys (SNPS) shares were down 8% after the chip-design software maker issued a disappointing sales outlook.
Crypto-adjacent stocks were on the rise Thursday morning, in line with the bitcoin price move. Shares of MicroStrategy (MSTR), one of the world’s largest holders of the digital currency, were up 9%. Shares of trading platforms Robinhood (HOOD) and Coinbase (COIN) were up 7% and 5%, respectively.
Bitcoin was recently trading at $102,900 after jumping to near $104,000 late Wednesday following news that President-elect Donald Trump named Paul Atkins to lead the Securities and Exchange Commission. Atkins would succeed Gary Gensler, a critic of the crypto industry who last month said he would step down in January.
Bitcoin has gained about 45% since the election amid investor expectations that the Trump White House and a crypto-friendly Congress will support measures that benefit the asset class.
The yield on 10-year Treasurys, which is correlated with market expectations about where interest rates are headed, fell to 4.18% Thursday morning from 4.22% yesterday afternoon.
Investors are awaiting the scheduled release Friday morning of the November jobs report, as they look for information that could influence the Federal Reserve’s decision-making on rates. Fed Chair Jerome Powell said Wednesday that the central bank can afford to be cautious on rate cuts given the continued strength of the economy. The Fed’s last policy-setting meeting of the year is scheduled for Dec. 18.
Gold futures were down slightly this morning at around $2,665 an ounce, while crude oil futures inched higher.
Bitcoin Levels to Watch as Cryptocurrency Tops $100K
23 minutes ago
With bitcoin’s move about $100,000, it broke above a newly formed pennant, a chart pattern that signals a continuation of the cryptocurrency’s current move higher.
A measure moved, which calculates the impulsive move higher that preceded the pennant and adds that amount to the pattern’s top trendline, projects a bullish target of $129,930.
Investors should monitor key support levels on bitcoin’s chart around $90,500, $80,500 and $70,000.
Bitcoin was recently trading at around $103,000 and has gained more than 45% since the presidential election amid hopes the incoming Trump administration will adopt policies that benefit the crypto industry.
Read the full technical analysis piece here.
Major Stock Index Futures Move Fractionally Lower
51 minutes ago
Futures tied to major U.S. stock indexes were down less than 0.1% this morning, as trading gets set to kick off after stocks rose to fresh record highs on Wednesday.
Dow Jones Industrial Average Futures
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S&P 500 Futures
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Nasdaq 100 Futures
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