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This report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open helps investors learn everything they need to know, no matter where they are. Like what you see? You can subscribe here.
What you need to know today
US markets take a breather
The S&P 500 fell by 0.19%, Dow Jones Industrial Average lost 0.55% and Nasdaq Composite as traders retreated 0.18%. look forward to today’s work report. Asia Pacific markets traded mixed on Friday. of India Smart 50 slipped about 0.1% on the country’s interest rate decision, while Hong Kong interest rate Hang Seng Index increased by about 1.3%.
India’s central bank keeps rates on hold
The Reserve Bank of India left on Friday interest rates unchanged at 6.5%as economists in a Reuters poll had expected. Central Bank Balancing India’s High Inflation and Slowing Economy: Year-on-Year Prices increased by 6.21% in October.while the country’s fiscal third quarter gross domestic product increased by a surprisingly low 5.4% from a year ago.
What to expect from the US job report
US non-farm payrolls for November will be released later today. Economists polled by Dow Jones expect the U.S. economy to improve after a shockingly low 12,000 job count in October, largely due to disruptions from hurricanes and strikes. added 214,000 jobs in November. The October figure could also be revised higher.
Crypto continues to ride the waves
Thursday, bitcoin broke the $100,000 barrier, although that has since happened retreated from this level to about $98,100. With US President-elect Donald Trump notification on Thursday it venture investor David Sachs will be the White House’s “AI and Crypto Czar,” investor sentiment toward bitcoin could get another boost.
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Investment bank Macquarie is targeting more Asian stocks for the year ahead. These companies span industries from automotive to defense and have a potential increase of at least 50%according to bank data.
The bottom line
The US economy and financial markets seem to be firing on all cylinders.
While the major US indices fell yesterday, when viewed in the context of this week’s performance, it looks like a bit of a pause after hitting several record closing levels.
According to banking analysts, US stocks could continue to hit new highs in the future.
“For the SPX, we believe the index will end 2025 in the 6,500-6,700 range,” said Scott Verren, senior global market strategist. Wells Fargowrote in a Wednesday note. At the high end of Wren’s estimate, that represents a 10% gain from Thursday’s close.
If that scenario holds true for the S&P 500, it would mark the third straight year the broad-based index has risen. The S&P is up 27.6% year-to-date, the second-biggest annual gain of the 21st century, according to the data. Deutsche Bank.
The strength of the US stock market is more surprising compared to its European counterpart.
“MAGA policy expectations combined with Goldilocks data have revived bullish spirits in US stocks. In contrast, Europe remains on the back foot amid stagnant growth, tariff threats and a political crisis in France,” Barclays wrote on Wednesday. “It is difficult to see an end to the US exception anytime soon, and we think this will still be the scenario in 2025.”
The US economy shows no signs of slowing either. Federal Reserve System of Atlanta forecasts The growth of the US economy in the fourth quarter reached 3.3% in annual terms. That’s a slight increase from the 3.2% estimate earlier this week and higher than 2.8% increase in the third quarter.
Employment is the engine that drives most aspects of the economy. The November employment report due out today will give investors more insight into whether US economic and financial growth can continue ahead.
— CNBC’s Jesse Pound, Lisa Kailai Han and Sean Conlon contributed to this report.
