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US Stock Market Opens Mostly Flat After Record Highs

  • 05 Dec 2024 11:24 AM
  • US stock market, S&P 500, Nasdaq

Stock Market Opening and Index Performance: The U.S. stock market opened with little change on Thursday, following a strong performance the day before where all major indices hit record highs. The S&P 500 index, a broader market indicator, started flat at 6,089.03 points. The Dow Jones Industrial Average gained a slight 24.4 points, reaching 45,038.44 points. Meanwhile, the Nasdaq Composite, which is more tech-focused, rose by 0.1% to 19,756.4 points. Despite the muted opening, this signaled market resilience, as the previous day’s gains had set new record highs across these major indices. The performance indicated that investor sentiment remained relatively stable and positive, even after reaching significant milestones.

Sector Performance and Cryptocurrency Stocks: On Thursday, the S&P 500’s 11 sectoral indices displayed mixed results, with six sectors moving higher and five seeing declines. The energy and consumer discretionary sectors were the biggest gainers, reflecting optimism in these areas of the economy. On the other hand, the healthcare and industrials sectors were underperforming. Cryptocurrency-related stocks, particularly MicroStrategy Inc and Coinbase Global Inc, saw notable gains, fueled by the rally in Bitcoin’s price. MicroStrategy surged by 8%, trading at $431.91, and Coinbase rose 4.15%, reaching $344.68. This was attributed to Bitcoin’s dramatic price surge, which continued on Thursday, climbing over 4% to cross the $102,000 mark. The cryptocurrency market's surge played a crucial role in boosting investor sentiment in related stocks.

Global Market Movements and the US Dollar: As U.S. markets were gearing up for the trading day, global markets showed mixed trends. Asian stock indices had varied performances, with Japan’s Nikkei 225 index gaining 0.3%, China’s Shanghai Composite rising 0.12%, but Hong Kong’s Hang Seng Index dropped by 0.92%, and South Korea’s KOSPI lost 0.9%. India’s NSE Nifty 50 was one of the few markets that showed strong performance, increasing by 0.98% for the fifth consecutive session of gains. Meanwhile, the U.S. dollar weakened slightly, with the Bloomberg Dollar Spot Index falling by 0.54%, and the Euro strengthened by 0.64%, trading at 1.0577 against the dollar. Despite this dip in the dollar, the yield on the 10-year U.S. Treasury bond rose by four basis points, reaching 4.22%, indicating some market confidence in government debt despite the softness in the dollar.

 
 
 
 
 
 
 
 
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