New York Stock Exchange, November 21, 2024.
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This report comes from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open keeps investors updated on everything they need to know, no matter where they are. Like what you see? You can subscribe here.
What you need to know today
U.S. markets take a breather
this S&P 500 Index Down 0.19% Dow Jones Industrial Average Down 0.55% Nasdaq Index Traders fell 0.18% Awaiting today’s jobs report. European regional Stoke 600 up 0.4% Winning for sixth day in a row. French CAC 40 rose 0.37%, although The country’s government was overthrown in a vote of no confidence.
What to expect from the U.S. jobs report
The U.S. non-farm payrolls report for November will be released later today. With 12,000 new jobs added in October, a surprisingly low number (largely due to factors such as hurricanes and strikes), economists surveyed by Dow Jones expect the U.S. economy to 214,000 new jobs added in November. The October number could also be revised higher.
OPEC+ extends oil supply cuts
The OPEC+ alliance of oil producers will Delay rollback plan There will be several formal and voluntary production cuts through 2026, according to representative sources, who could only speak anonymously due to the sensitivity of the negotiations. Affected by this news, oil prices rose slightly.
An unlikely endorsement of Bitcoin
Thursday, Bitcoin Passed the $100,000 mark—although it has since been breached retreat from that level to about $96,500. While the initial euphoria may have been sparked by US President-elect Donald Trump’s plans Nominate Paul Atkins serves as Chairman of the Securities and Exchange Commission, and Federal Reserve Chairman Jerome Powell Comment Bitcoin’s status as a “gold rival” also boosted market sentiment.
(PRO) Bitcoin is the new gold?
gold It has long held a place in investors’ portfolios as a hedge against market volatility and geopolitical instability. Now, with Bitcoin’s popularity and price rising rapidly, especially in recent months, it may Taking over gold’s roleAccording to strategists.
bottom line
The U.S. economy and financial markets appear to be firing on all cylinders.
Although the major U.S. stock indexes fell yesterday, looking at this week’s performance, it looks like it is pausing slightly after setting a series of record closing levels.
Bank analysts say U.S. stocks are likely to continue hitting new highs in the future.
“In terms of SPX movement, we believe the index will end 2025 in a range of 6,500 to 6,700,” said Scott Wren, senior global market strategist. Wells Fargowrote in a note on Wednesday. At the higher end of Wren’s estimate, that implies room for a 10% upside from Thursday’s closing price.
If that happens for the S&P 500, it would mark the broad-based index’s third straight year of gains. The S&P is up 27.6% year to date, its second-highest annual gain of the 21st century, according to the data Deutsche Bank.
Compared with European stock markets, the strength of U.S. stock markets is more noticeable.
“MAGA policy expectations, coupled with Goldilocks data, revived animal spirits in U.S. stocks. In contrast, Europe remains disadvantaged by stagnant growth, tariff threats and a political crisis in France,” barclays bank Written on Wednesday. “It’s difficult to see an end to American exceptionalism in the short term, and we think this remains the playbook for 2025.”
Likewise, the U.S. economy shows no signs of weakening. Federal Reserve Bank of Atlanta predict The U.S. economy grew at an annualized rate of 3.3% in the fourth quarter. That was up slightly from the 3.2% forecast earlier this week and higher than expected. Growth in the third quarter was 2.8%.
Employment is the engine of most aspects of the economy. The November jobs report due later today will give investors a deeper understanding of whether U.S. economic and financial growth can continue to move forward.
—CNBC’s Jesse Pound, Lisa Kailai Han and Sean Conlon contributed to this report.
