The stock markets in the U.Sexhibited a mixed performance this past ThursdayAfter enduring its longest streak of consecutive declines in fifty years, the Dow Jones Industrial Average experienced a slight reboundHowever, both the Nasdaq and the S&P 500 indices continued their downward trajectory for the third consecutive dayBy the end of trading, the numbers reflected subtle movements: the Dow rose by 15.37 points, a marginal increase of 0.04%, closing at 42,342.24 pointsIn contrast, the Nasdaq dropped by 19.92 points, or 0.10%, settling at 19,372.77 points, while the S&P 500 saw a decrease of 5.08 points, translating to a 0.09% decline, finishing at 5,867.08 points.

Among notable stocks, Micron Technology found itself in a slump, plummeting by 16%. Tesla, the electric vehicle powerhouse, witnessed a decrease of 0.9%, but Nvidia managed to claw back some gains with an increase of over 1%. The Nasdaq China Golden Dragon Index experienced a slight decline, with Baidu losing 3% of its value, whereas electric vehicle manufacturer Li Auto saw an encouraging rise of over 2%. New IPO news courtesy of Raytheon Energy saw its stock skyrocket by 8.75% on its first day of trading.

Across the Atlantic, the European markets faced significant declines

The German DAX 30 index fell by 281.63 points, marking a 1.39% drop for a total of 19,979.27 pointsThe UK's FTSE 100 index plunged by 95.96 points, or 1.17%, closing at 8,103.15 pointsFrance’s CAC 40 index shrank by 90.25 points, a 1.22% decrease, crossing the finish line at 7,294.37 pointsSimilarly, the Euro Stoxx 50 saw a setback of 78.23 points, down 1.58% to 4,879.05 pointsIn Spain, the IBEX 35 index plunged by 175.90 points, concluding at 11,442.00 points, while Italy's FTSE MIB index experienced a noteworthy decline of 620.99 points, ending at 33,780.00 points.

In the Asia-Pacific region, the Nikkei 225 index shed 0.69%, while Indonesia’s Jakarta Composite Index decreased by 1.84%, and South Korea’s KOSPI dipped by 1.95%, highlighting a trend of market sluggishness across the board.

Cryptocurrencies painted a similarly grim picture; Bitcoin fell below the $96,000 mark, showing a daily decline of approximately 4.27%. Ethereum mirrored this negativity, dropping nearly 6% and closing at $3,408.34, reflecting the turbulent and unpredictable nature of the crypto market.

The gold market also felt the strain, as spot gold prices fell below $2,600 per ounce for the first time since November 18, showing a daily drop of over 2%. COMEX gold futures hit a low of $2,596.70 per ounce during the session

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This softness comes amidst reports of stronger-than-expected GDP growth in the United States for the third quarter, alongside a decline in unemployment claims that exceeded anticipationsBart Melek, a commodities strategist at TD Securities, elucidated that robust GDP data and declining jobless claims reinforce the notion that the Federal Reserve has little reason to adopt aggressive measures, which traditionally affects gold unfavorably.

Regarding oil, light crude oil futures for January 2025 slipped by 67 cents, settling at $69.91 per barrel, a decrease of 0.95%. Meanwhile, February 2025 Brent crude oil futures fell by 51 cents to $72.88 per barrel, down 0.69%. These fluctuations in oil prices are closely monitored as they influence various sectors of the global economy.

In the foreign exchange sector, the U.Sdollar was bolstered, evidenced by an increase of 0.36% in the dollar index, which stood at 108.409—its highest level since November 2022. By the end of the New York trading session, one euro exchanged for $1.0362, down from $1.0376 the previous day; the British pound converted at a rate of $1.2505, down from $1.2593. The yen saw an uptick against the dollar, with one dollar fetching 157.43 yen, compared to 154.66 yen from the day prior

Conversely, the Swiss franc and Canadian dollar both saw slight declines against the dollar.

On the macroeconomic front, the U.Sjob market showed a surprising drop in initial jobless claims, surpassing expectations and indicating a cooling labor sectorAccording to the Labor Department, the number of new jobless claims decreased by 22,000 to 220,000, exceeding the anticipated 230,000 based on a Reuters pollThis decrease reflects a labor market gradually easing, albeit remaining significantly more relaxed than pre-COVID-19 conditions.

Furthermore, GDP growth for Q3 was revised upwards to 3.1%, attributed to increased consumer spending and trade; this revision points towards a healthier economic state than previously estimatedThe prior expectation of a 2.8% increase now seems conservative in light of recent economic activityThis rise in consumer expenditures and exports is a firm indicator that, despite fears of an impending economic slowdown, growth still prevails in the U.S

economy.

There are also hopeful signals regarding the economy's recovery, as the Conference Board’s leading indicators index grew by 0.3% in November, almost completely reversing the previous month’s 0.4% dropJustyna Zabinska-La Monica from the World Business Council noted that this marks the first increase since February 2022. Factors contributing to this positive trend include an uptick in building permits, sustained stock market support, improved manufacturing work hours, and a reduction in jobless claims, all painting a hopeful picture for US economic activities in the near futureThe outlook for the U.SGDP anticipates a growth of 2.7% in 2024, with a modest deceleration to 2.0% in 2025.

Amidst these economic indicators, the Federal Open Market Committee faces more dissenting voices among policymakers than beforeWhile the latest economic projections reveal that most FOMC members expect two interest rate cuts next year, this prediction aligns with its stance to keep rates steady for the coming month, potentially leading to a longer wait for any reductions as they assess the influence of new policies in response to softening inflation

Morgan Stanley's chief U.Seconomist expressed that ultimately, Jerome Powell might hold considerable sway regarding the direction of monetary policy.

On the housing front, 30-year mortgage rates have surged to 6.72%, inching up from last week’s figures of 6.60%. While this remains below the high point of 6.84% reached in November last year, the market remains cautiousOther housing data reflected an annualized sales increase in existing homes from 3.96 million units the previous month to 4.15 million unitsThis slight uptick suggests a cautious optimism in the housing sector while still highlighting that the sales pace aligns more closely with the lower trends from past years.

Finally, in stock-specific news, FedEx announced plans to spin off its freight division, potentially creating a separate publicly traded company valued at around $30 billionThis move aligns with CEO Raj Subramaniam’s initiative to streamline operations within the company