.png)
WEEKLY SUMMARY: No hangover for the S&P500. Precious metals hit ATH No Santa Rally for US stocks while bitcoin hit $90k
U.S. stocks declined during the holiday-shortened week. The Nasdaq Composite performed worst for the week, followed by the Russell 2000 and S&P 500 indexes. The Dow Jones Industrial Average and S&P MidCap 400 Index held up best but still shed 0.67% and 0.71%, respectively. Within the S&P 500 Index, the energy sector outperformed as heightened geopolitical tensions drove oil prices higher. On the US macro side, lower mortgage rates and wage growth fuel homebuyer momentum, as pending home sales Index rose 3.3% in November, marking the largest month-over-month jump since February 2023. Jobless claims were lower for third straight week, totaling 199,000, a decrease of 16,000 from the prior week’s revised level. On Tuesday, publication of Fed minutes revealed a slightly more hawkish bias than expected. Market reactions to the minutes were muted, the probability of a January rate cut remaining around 15%. U.S. Treasury performance was mixed, with shorter-term yields changing little and longer-term yields generally increasing. In local currency terms, the pan-European STOXX Europe 600 Index hit a new high during the week and ended 1.26% higher, buoyed by an improving economic backdrop. Japan’s Nikkei 225 Index fell 0.8% during the week, as JGB yield hit highest level since 1999. Precious metals were volatile, with Gold failing to cross the $4400 level. Crypto markets were strong to start the year with bitcoin hitting $90k.
Have a great start of the year.
Charles & Syz Research Lab
Disclaimer
This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document.