Hey there, readers!
Today, we have some exciting updates in the world of stocks. Let's dive right in!
In the last trading session before Christmas, U.S. stocks managed a decent turnout. While the Dow Jones Industrial Average was slightly dragged down by Nike, which saw its share price slide nearly 12%, the S&P 500 and Nasdaq closed the day up.
Nike's outlook cut for the remainder of its fiscal year that ends in May caused a stir. However, the company has plans to cope with softening demand by implementing an ambitious cost-cutting program and improving its products.
On the bright side, most Dow stocks closed the day in positive territory, and the S&P 500 ended its eighth consecutive week of gains. The Nasdaq Composite also rose, closing the week with a 1.2% gain.
Another interesting development is the surprising rebound of U.S. videogame stocks. After Chinese regulators announced proposed restrictions on incentives for videogame makers, stocks of Chinese game giants Tencent and Netease took a hit. However, on the U.S. side, Take-Two and Roblox made gains, while Electronic Arts slipped only 0.2% due to limited revenue generation in China.
Now, let's take a look at what else is happening:
- 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. Learn more.
- Bitcoin rose on rumors in 2023, but how can we predict what comes next? Find out in this fascinating article by Telis Demos. Read more.
- Long-term Treasury yields have been a hot topic lately. Will they go higher or lower? Justin Lahart explores the possibilities. Read more.
- Beijing's internet clampdown continues, impacting the value of games companies. The extent of the damage is hard to quantify. Read more.
- Yelp's stock has seen its best run in a decade as the company makes changes to its ad business. Read more.
That's all for today's stock updates. Stay tuned for more exciting news!
Wishing you a fantastic day ahead!
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