On December 31, 2024, traders were working at the New York Stock Exchange.
New York Stock Exchange
Cryptocurrency trading jumps. Roaring kittens boost meme stocks. The broader market is tearing apart without an obvious catalyst.
The animal spirits are on the run as soon as the 2025 deal begins.
In early New Year’s trading on Thursday, the S&P 500 notched its best two-year gain since 1998, with many speculators surging in the stock market.
Stocks tied to the price of Bitcoin surged as the cryptocurrency climbed back above $96,000. micro strategy It was up 4% premarket, following a gain of more than 360% in 2024. Coin library, Robin Hood, Mara Holdings and Anti-riot platform Shares are also higher after a big 2024.
Elsewhere, retail traders active on social media are busy playing guessing games with online personalities growling kitten Another cryptic message from a short video of late musician Rick James was posted on X. Some believe meme stock leader Keith Gill is referring to unified softwarewhose shares soared 10% in pre-market trading, while others believe he’s back to touting his original favorites game stationits shares also saw buying orders before the market opened.
Meanwhile, 2024’s big winner semiconductor stocks are once again helping to lead the market after the artificial intelligence trade lost some steam late last year. Broadcom rose 2% on Thursday, while NVIDIA up 1.6%.
What’s more, golf stocks Top Golf Callaway Brand Jefferies upgraded the stock to buy from hold, sending the stock up 8.5%. The investment bank said the golf equipment maker’s stock looks oversold and raised its price target to 65% of the stock’s closing price this year.
Broad stock futures are starting to rise as 2025 begins as market speculation heats up. S&P 500 Index Futures 0.8% was added, and Nasdaq 100 Futures up 1%.
Thursday’s dramatic moves were similar to the initial rebound after Donald Trump’s November election victory, with investors betting that his pro-business policies would drive strong business and economic growth. By the end of 2024, those gains slowed amid growing concerns that the president-elect’s protectionist policies could stoke inflation or disrupt the economy and as the Fed signaled fewer rate cuts in 2025.
“Many investors believe the incoming administration’s push for deregulation will unleash ‘animal spirits,'” Lisa Shalett, chief investment officer at Morgan Stanley Wealth Management, said in a recent note to clients. “But what if it only accelerates the concentration of monopoly power in the hands of a few, weakens the effectiveness of broad economic measures, and leaves more people behind?”
