Stock market today: Dow leads losses as stock rally hits pause, bitcoin pulls back from record above $100,000
Published On Dec 5, 2024, 4:05 PM
US stock markets experienced a slight decline on Thursday as investors awaited the upcoming jobs report. After reaching historic highs earlier in the week, the Dow Jones fell 0.5%, and the S&P 500 and Nasdaq both dropped by 0.2%. Bitcoin saw volatility, initially surging past $103,000 before retreating to around $99,000. The Federal Reserve, led by Chair Jerome Powell, indicated a cautious approach that might lead to a December rate cut, although data on jobless claims showed an increase, causing concern. The markets are bracing for the November jobs report which could alter expectations regarding interest rates. Meanwhile, Tesla shares surged over 3% following positive analyst commentary from Bank of America.
Stock Forecasts
TSLA
Positive
With Tesla receiving positive reaffirmation from analysts and indications of growth in the EV market, the stock is expected to continue its upward trend. This bullish sentiment is likely to drive the stock price higher as it resonates well in the current market context of technological advancements and electric vehicle adoption.
DIS
Positive
Disney's increased dividend reflects confidence in its recovery and growth, particularly through its streaming service. Following strong earnings and share price appreciation, the stock is likely to maintain a positive trajectory with investor sentiment likely to be buoyed by its strategic moves and financial health.
UBER
Negative
As the overall sentiment in the market is conservative ahead of the jobs report with immediate impacts on large-cap stocks, and given the recent performance indicators (e.g., job claims), both Uber and Lyft face significant challenges from new competition as self-driving services emerge. This may weigh negatively on their stock performance.
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