Hey there, readers!
Today, we have some exciting updates from the stock market. Let's dive right in!
In the last trading session before Christmas, U.S. stocks mostly managed a decent turnout. While the Dow Jones Industrial Average was dragged down by Nike, which saw its share price slide nearly 12% after cutting its outlook for the remainder of the fiscal year, the S&P 500 and Nasdaq closed the day up. The S&P 500 ended its eighth consecutive week of gains, while the Nasdaq Composite closed the week with a 1.2% gain.
Interestingly, U.S. videogame stocks performed well despite a sharp selloff in their Asian counterparts. Chinese regulators announced proposed restrictions on incentives that videogame makers typically employ to drive more player engagement and in-game spending. Stocks of Chinese game giants Tencent and Netease lost significant value, but on the U.S. side, Take-Two and Roblox made gains while Electronic Arts slipped only 0.2%.
Now, let's take a look at some other news:
- Goldman Sachs Research forecasts US GDP to grow by 2.1% in 2024, outperforming expectations. Signs point to a low recession risk for the US, as inflation cools and employment remains buoyant. Get the full forecast from Goldman Sachs Research in our 2024 US Economic Outlook.
- Bitcoin rose on rumors in 2023, and many are wondering what comes next. Will the market sell on the news in 2024? Find out more in our article by Telis Demos.
- Long-term Treasury yields have been a topic of discussion lately. There are reasons to believe they should be higher, but if inflation keeps cooling, yields could be even lower next year. Read more about this in our piece by Justin Lahart.
That's all for today, folks! Stay tuned for more exciting updates from the stock market. Happy investing!
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