Hey there, readers!
Today, let's dive into the latest updates from the stock market. 📈
In the last trading session before Christmas, U.S. stocks mostly managed a decent turnout. While the S&P 500 and Nasdaq closed the day up, the Dow Jones Industrial Average was dragged down by Nike, which saw its share price slide nearly 12%. The sportswear giant recently cut its outlook for the remainder of its fiscal year, but it has plans to cope with the softening demand through cost-cutting measures and product improvements.
Despite Nike's tumble, most Dow stocks closed the day in positive territory. The S&P 500 ended its eighth consecutive week of gains with a 0.2% increase, and the Nasdaq Composite rose 0.2% to close 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 used by videogame makers to drive player engagement and in-game spending, causing stocks of Chinese game giants Tencent and Netease to lose significant value. However, on the U.S. side, Take-Two and Roblox made gains, while Electronic Arts slipped only 0.2% due to their limited revenue generation in China.
That's not all we have for you today. Here are a few more updates:
- 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 economic outlook from Goldman Sachs Research.
- The price of bitcoin has been on the rise, and speculation is building around the regulatory approval of spot bitcoin ETFs. As we head into 2024, the question arises: Will bitcoin follow the market adage of buying on the rumor and selling on the news? Read more about the future of bitcoin.
- Beijing's internet clampdown continues to impact games companies, wiping off billions of dollars from their value. The extent of the damage is difficult to quantify, but it is clear that the crackdown is having a significant impact. Learn more about the ongoing situation.
- Long-term Treasury yields are currently lower than expected, but there are reasons to believe they could go even lower. Factors such as the Federal Reserve's rate decisions and cooling inflation could contribute to further drops in yields. Read more about the potential future of Treasury yields.
That's it for today's stock market update. Stay tuned for more exciting news and updates in the world of finance. 🚀
Best regards,
Daniel Silva
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