Mon, December 23, 2024 at 2:45 PM UTC
FedWatch tool shows bets on steady rates next month
According to the CME FedWatch tool, investors are currently betting on the Federal Reserve holding rates steady at its next meeting. The tool shows that for the meeting in March, bets are about 50-50 on a rate cut versus a hold. The Fed’s recent signaling of a slower pace of rate cuts next year has led to market volatility, with investors closely watching for any updates on the central bank’s monetary policy stance.
Mon, December 23, 2024 at 2:00 PM UTC
US consumer confidence tumbles in December
US consumer confidence experienced its largest month-over-month decline since November 2020 in December. Americans are facing growing uncertainty about the economic outlook in the year ahead, leading to a decline in confidence. The overall Consumer Confidence index reading for December came in below expectations, indicating a more cautious outlook among consumers.
Mon, December 23, 2024 at 1:15 PM UTC
Stocks climb as tech leads gains
Stocks climbed on Monday, with the S&P 500 and Nasdaq both posting gains as tech stocks rallied. Semiconductor stocks, such as Nvidia and Broadcom, saw significant gains, while social media platform Meta and EV giant Tesla also contributed to the market’s upward movement. The Dow Jones Industrial Average erased earlier losses to edge higher by almost 0.2%. Overall, the market showed resilience following a volatile week influenced by the Fed’s hints at higher rates next year.
Mon, December 23, 2024 at 12:30 PM UTC
Nasdaq, S&P 500 rise on tech gains
The Nasdaq and S&P 500 both rose on Monday, with tech stocks leading the gains. Semiconductor stocks, including Nvidia and Broadcom, saw significant increases, while social media platform Meta and EV giant Tesla also helped lift the market higher. The Dow Jones Industrial Average struggled initially but managed to close in positive territory by nearly 0.2%.
Mon, December 23, 2024 at 11:45 AM UTC
Walmart shares drag on Dow
Shares of Walmart weighed on the Dow Jones Industrial Average on Monday, falling as much as 3% following a lawsuit from the Consumer Financial Protection Bureau. The lawsuit alleged that Walmart and Branch Messenger illegally forced delivery drivers to use costly deposit accounts to get paid. Other Dow laggards included Microsoft and Nike, contributing to the index’s struggles to gain traction.
Mon, December 23, 2024 at 11:00 AM UTC
Rumble shares surge on Tether investment
Shares of video-sharing platform Rumble surged as much as 100% on Monday after receiving a $775 million investment from crypto firm Tether. The strategic partnership aims to align with shared values of decentralization, independence, and free expression. Rumble shares opened higher and continued to climb throughout the trading session, reaching their highest level since 2022.
Mon, December 23, 2024 at 10:15 AM UTC
Efforts to create a DOGE ‘safe harbor’ for Capitol Hill Democrats
Rep. Aaron Bean, a Florida Republican and Trump/Musk ally, is leading efforts to involve Democrats in the Department of Government Efficiency (DOGE). The DOGE caucus, co-founded by Bean, aims to attract curious Democrats to the initiative as Congress wraps up its business for the year. Bean highlighted the importance of bipartisan support for DOGE and expressed optimism about engaging Democrats in the process.
Mon, December 23, 2024 at 9:30 AM UTC
Nordstrom to go private in $6.25 billion deal
Retailer Nordstrom is set to return to private ownership in a $6.25 billion all-cash deal involving the founding Nordstrom family and retail investor El Puerto de Liverpool. The deal marks a significant move for Nordstrom after facing earnings struggles and investor indifference in recent years. The decision to go private reflects a strategic shift for the company as it seeks to reposition itself in the retail market.
Overall, the market showed positive momentum on Monday, with tech stocks leading the gains and investors closely monitoring developments in interest rates and economic data. The upcoming holiday schedule will provide a breather for Wall Street as it prepares for the new year.