4:16pm: Eyes on jobs report
Stocks pulled back ahead of Friday’s keenly watched jobs report, with the Dow Jones leading the losses. The index shed 0.6% at 44,765 points while the Nasdaq was down 0.2% at 19,700 points and the S&P 500 slipped 0.2% at 6,075 points.
Bitcoin finished the day 1.1% higher at about $99,482 after touching a new record high of $103,587 earlier in Thursday's session.
2:53pm: Making moves
Uber Technologies Inc (NYSE:UBER, ETR:UT8) and Lyft Inc (NASDAQ:LYFT) shares moved lower on the news Google’s Waymo is expanding its robotaxi offering to Florida. Uber was down 9.6% while Lyft shed 9.4%.
SoundHound AI surged almost 32% after it revealed it has rolled out its AI ordering and customer service technologies to all 130 Torchy’s Tacos restaurant locations across the US.
American Airlines Group Inc (NASDAQ:AAL, ETR:A1G) stock added almost 20% after the airline lifted its fourth profit guidance, now expecting adjusted earnings per share in the range of $0.55 to $0.75 compared to Street estimates of $0.39.
After surging to highs above $103,000 earlier in the session, Bitcoin pared its gains to trade at about $99,200, marking a 2.2% gain.
Meanwhile, the Nasdaq and S&P 500 were flat after shedding earlier gains while the Dow Jones was down 0.4%.
1:11pm: Bitcoin breaking records
Bitcoin pulled back from earlier highs above $103,000 to trade hands at about $101,400 in the early afternoon, a 6% gain.
"There seems to be no stopping Bitcoin and US stock indices on Trump fuelled rally,” IG senior technical analyst Axel Rudolph commented. “Positive sentiment also helped the S&P 500 and DAX 40 to yet more record highs, despite US jobless claims rising above expectations.”
The S&P 500 added 0.1% at 6,091 points and the Nasdaq was up 0.2% at 19,769 points, while the Dow Jones had slipped 0.3% at 44,901 points.
One significant mover was Tesla Inc (NASDAQ:TSLA), which added 4% at about $372 after Bank of America analysts boosted their price target on the stock to $400 following a visit to the automaker’s Texas Gigafactory.
Analysts wrote that their visit to the facility, which included a factory tour and ride and drive, gives them increased confidence that Tesla is well positioned to grow in 2025 and beyond with its core EV business, launch of its robotaxi offering, and investments in its humanoid robot Optimus.
11:44am: Bitcoin surge supported by political environment
The buzz is all about Bitcoin today.
Bitcoin's recent surge to around $104,000, breaking the $100,000 mark, has drawn global attention. This price increase coincides with U.S. political developments, notably President-elect Donald Trump's nomination of Paul Atkins to lead the SEC.
Atkins, known for his pro-crypto views, is expected to create a more favorable regulatory environment for digital assets, boosting market optimism.
"Breaking the $100,000 level solidifies Bitcoin not only as a relevant financial asset but also as an instrument valued by both institutional and retail investors," Quasar Elizundia, expert research strategist at Pepperstone commented.
"This momentum has been significantly bolstered by the increased accessibility provided by cryptocurrency ETFs. Currently, market sentiment is likely to remain positive, with capital inflows potentially reinforcing the expectation of a continued bullish trend for Bitcoin's price.
"Personally, I maintain an optimistic outlook on Bitcoin and estimate the next key level to be around $122,000 per token, supported by institutional backing and expectations of more favorable regulations.”
10.46am: Slipping back from highs
The S&P 500 and Dow Jones have slipped back slightly, down 0.1% and 0.3% respectively.
Boosted by gains for Tesla, Moderna and AstraZeneca, the Nasdaq Composite is still closer to flat.
The Russell 2000 index, meanwhile, has dropped 0.75%.
10.22am: Jobless claims remain low
US layoffs remain low, the latest weekly initial jobless claims report from the Department of Labor shows.
Jobless claims increased to 224K, above the consensus forecast of 215K, from an upwardly revised 215K the week before.
Continuing claims fell to 1,871K, from a downwardly revised 1,896K, below the consensus estimate of 1,904K.
The advance seasonally adjusted insured unemployment rate was 1.2% for the week ending November 23, down 0.1 percentage point from the previous week's unrevised rate.
Most states reporting higher claims, citing layoffs in the manufacturing and construction sectors as the main driver.
Claims remain low by long-run standards, but still high enough to perpetuate the rising trend in the unemployment rate, given very modest hiring.
9.53am: Flat start for S&P and Nasdaq
Wall Street is so laidback at the open that all three major indices are just below flat.
The S&P 500 has dropped just over one point at 6,085.24, while the Nasdaq Composite and Dow Jones are both even flatter, if you can imagine that.
The Russell 2000 index is down 0.2%.
Movers on the S&P include Brown-Forman, up 12% as the Jack Daniels and Herradura maker reported a 9% increase in earnings and reaffirmed its guidance.
Tech stocks on the rise include Tesla Inc (NASDAQ:TSLA), up 4%, while semiconductor name Synopsys Inc is down 10% as it gave a fiscal 2025 outlook below analyst expectations.
9.15am: Mixed update from Dollar General
Dollar General Corp (NYSE:DG) shares are up 1% pre-market despite the discounter trimming its earnings guidance for the current year and saying it plans to reduce the number of new stores it opens next year, with a focus on remodelling and refurbishing.
The US dollar-store chain reported 1.3% growth in same-store sales for the third quarter, which was better than Wall Street expectations of 0.8%.
But full-year EPC guidance was trimmed to $5.50 to $5.90, to reflect almost $33 million of costs from hurricane damage, down from a range of $5.50 to $6.20 previously.
8.53am: JetBlue cuts flights
Carrier JetBlue Airways is terminating several domestic and transatlantic flights as it shifts focus to build a stronger East Coast leisure network.
The airline will cease flights from New York’s John F. Kennedy Airport to London Gatwick and reduce its New York to Paris service from two daily flights to one during summer 2025.
JetBlue’s decision was reportedly in response to financial competition from larger airlines.
8.31am: Opec extends oil production cuts
WTI crude prices are little moved at $68.6 a barrel as Saudi Arabia, Russia and other Opec+ members agreed to extend their lower levels of production.
Looking to support oil prices, the group of oil-producing nations said output would be held at 39.7 million barrels per day, compared with a previously agreed level of 40.5mn b/d.
In a statement, the Opec Secretariat said eight members of the group ꟷ Saudi Arabia, Russia, Iraq, Kuwait, the UAE, Kazakhstan, Algeria and Oman ꟷ were due to begin gradually unwinding these voluntary cuts over 2025, but have now agreed today to delay this until at least Aprill and return the full amount over 18 months rather than a year.
The delay is designed "to support market stability", the Opec Secretariat said, adding that the unwinding of the cuts "can be paused or reversed subject to market conditions".
Today's changes will effectively reduce the amount of additional oil being introduced to the market every month, compared to the previous plan, Argus Media reported.
7.25am: Flat start for stocks after records across the board
Wall Street stocks are set for a flat start on Thursday, taking a breather after another record-setting session led by Big Tech.
Futures for the main three indices were all less than 0.1% in the red, with around two hours still to go before trading begins.
The big finance news pre-market was that bitcoin topped $100K overnight, following an announcement from Donald Trump that he had nominated Paul Atkins as chair of the Securities and Exchange Commission.
Atkins was previously appointed by George W. Bush as SEC Commissioner from 2002 to 2008, with Trump’s saying the replacement for Gary Gensler "recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before".
The rise in the cryptocurrency led to pre-market gains for several connected stocks, with MicroStrategy Inc up 7.4% on the back of its massive bitcoin investments, with Coinbase Global Inc and Robinhood Markets Inc not far behind.
Stock markets are consolidating after yesterday saw the Nasdaq jump 1.3% to set a new all-time closing high of just over 19,735, while the Dow Jones rose 0.7% to top 45,000 for the first time and the S&P 500 gained 0.6% to mark its own record peak slightly above 6,080.
Federal Reserve chair Jerome Powell spoke yesterday in the middle of the stock market session and said "the economy is strong and it's stronger than we thought it was going to be in September,” when the Fed began reducing borrowing costs from a two-decade high.
Even though Powell said the central bank could be a bit more cautious when it came to cutting rates, the CME’s FedWatch Tool ticked up slightly the probability of a 25 basis point rate cut later this month, rising to 74% from 70%.
Thursday is one day away from the key non-farm payrolls, which slumped way below expectations last month, as forecasters underestimated the effects of hurricanes and the Boeing strike.
"Investor sentiment remains positive, and everyone expects a rally into Christmas," says market analyst David Morrison at Trade Nation. "There’s been a sharp increase in leveraged positions and option plays favouring a continuation of the rally, and it rather feels as if everyone has rushed to the same side of the boat. History tells us that in these situations, it’s wise to wear a lifejacket."
US macroeconomic data to watch today includes balance of trade figures, and the weekly initial jobless claims report.