Market Overview
Investors awaited Friday's critical nonfarm payroll report while Bitcoin surged past the $100,000 milestone for the first time. Major U.S. stock indices closed lower on Thursday, with the Dow Jones Industrial Average dropping nearly 250 points and the Philadelphia Semiconductor Index leading the declines.
Key Market Movements:
- Dow Jones: Fell 248.33 points (0.55%) to 44,765.71
- Nasdaq: Dropped 34.86 points (0.18%) to 19,700.26
- S&P 500: Declined 11.38 points (0.19%) to 6,075.11
- Philadelphia Semiconductor Index: Plunged 95.42 points (1.86%) to 5,026.37
Economic Context
Federal Reserve Chair Jerome Powell maintained optimism about U.S. economic strength during Wednesday's remarks, though he emphasized caution regarding potential rate cuts. Market expectations for a December rate cut remain at 74% probability (CME FedWatch data), slightly lower than Wednesday's 77%.
Labor Market Indicators:
- Initial jobless claims rose to 224,000 (vs. 215,000 expected)
- Continuing claims held steady at 1.86 million
Cryptocurrency Rally
Bitcoin reached $103,000** after breaching $100,000 Wednesday night. The rally followed news that President-elect Trump nominated crypto advocate Paul Atkins** (CEO of Patomak Global Partners) as SEC Chairman.
Sector Reactions:
- Crypto-linked stocks: Mixed performance
- Meme stocks: GameStop (+5.84%) and AMC (+6.12%) surged after Keith Gill's cryptic social media post
Geopolitical Developments
- Cybersecurity: White House reports Chinese-linked "Salt Typhoon" hackers targeted telecom networks across 30+ countries
- European Politics: French Prime Minister Édouard Philippe resigned after parliamentary no-confidence vote; President Macron to appoint successor
Corporate Highlights
Tech Sector:
- NVIDIA (-0.048%): In talks with TSMC for Arizona-based Blackwell chip production
- Tesla (+3.2%): Bank of America raised price target to $400 citing Optimus robot/AI potential
Transportation:
- Uber (-9%) and Lyft (-10%): Fell after Wayno announced Miami expansion
Economic Data Snapshot
| Metric | Actual | Expected |
|---|---|---|
| Challenger Job Cuts | 57.7K | 55.5K |
| Trade Balance (Oct) | -$738B | -$757B |
FAQ Section
Q: Why did Bitcoin surge past $100,000?
A: The breakthrough followed SEC leadership speculation and institutional buying interest.
Q: How are semiconductor stocks performing?
A: The sector underperformed (-1.86%) amid profit-taking in chipmakers like AMD (-1.83%) and Micron (-2.26%).
Q: What's impacting French markets?
A: Political uncertainty after the government collapse, though markets remained stable.
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Analyst Perspectives
- Wells Fargo: "Favorable macro conditions could extend the equity rally"
- Macquarie: Warns December rate cuts may be premature if inflation persists
- Richelieu Group: "French budget missteps could trigger market penalties"
All data current as of market close. Subject to change.
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