MicroStrategy, Riot Platforms, Bitcoin fall On Boxing Day
U.S stock futures and Treasuries fell as trading resumed following the Christmas break with investors focusing on the first jobless claims data and a government bond auction later Thursday
The S&P 500 futures dropped 0.4 percent, while the tech-heavy Nasdaq 100 futures fell 0.5 percent. Stocks linked to the crypto market, such as Riot Platforms and MicroStrategy, fell in tandem with a decline in Bitcoin. Bitcoin bears ended a $7,000 rally that had brought the price of Bitcoin ($BTC) above 99K on Wednesday. Europe’s major markets are still closed on holidays.
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The U.S. Federal Reserve made lower-than-expected interest cut projections for next year.
The Fed announced that it is reducing its main interest rate for the third time this year, completing the dramatic recovery in September when it began reducing rates from a two-decade high to boost the labor market.
Even though Wall Street loves lower interest rates, most people already anticipated that cut. The larger question is how much more the Fed will cut in the upcoming year. The stakes are high, especially after the U.S. was aided by projections of several cuts in 2025. The stock market has risen 57 times so far in 2024.
All three of the major indexes saw steep declines in the past week. However, most of the ground lost last week was regained by major stock indexes, which surged on Monday and continued to rise on Tuesday.
The Fed indicated a cautious approach to monetary policy adjustments by highlighting the necessity of ongoing progress on inflation before contemplating additional rate cuts.
Markets reduced their expectations for rate cuts, pricing in only two more this year following the Fed’s meeting. Wall Street gradually dismissed worries about the rate outlook following slightly weaker-than-expected PCE inflation data.
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