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Markets are pulling back today as traders wait for December jobs data. Futures for the S&P 500 and Nasdaq 100 are both down -0.2%. Stocks Fall Before Jobs Data The numbers are expected to show +165,000 new jobs added in December, with unemployment steady at 4.
Tech stocks are lifting markets today. Nasdaq futures are up 0.96%, driven by excitement over Microsoft’s massive $80 billion AI spending plan. Treasury yields are climbing, hitting levels we haven’t seen since 2023, and the dollar is slipping for the second day in a row. Let’s
Markets are lower this morning. Nasdaq 100 futures are leading the drop, down -1.10%. Bitcoin is also losing steam, falling $15,000 from its December high, while Apple is on the verge of a historic $4 trillion market cap. Let’s break it down. Market Futures Markets are off
Zero-day-to-expire options (0DTE) are taking over the market. These contracts, which expire the same day they’re traded, now make up 50% of all S&P 500 options activity — a huge jump from just 17% in 2020, per WSJ. These options could cause extreme volatility for markets. Zero-day options
Markets are settling into holiday mode, with stock futures slightly down on the last full trading day before Christmas. Here’s where things stand today: * Nasdaq-100: +0.37% * S&P 500: +0.04% (flat) * Dow Jones: -0.22% On Friday, the S&P 500 rose 1.1%, recovering
Bitcoin is sinking. It’s down 4.2% today, falling below $91,000—the lowest in two months. Ethereum is getting hit even harder, dropping 9.3%. Rising Treasury yields are making investors dump riskier bets like crypto.
Let’s break it down.
Crypto Drops, Bond Yields Rise
Bitcoin breaking below $91,600 was a big deal. That level was seen as strong support (per Bloomberg) and now analysts think it could drop further to $88,000.
Why’s this happening? Friday’s jobs report added 256,000 new jobs (vs 165k expected), implying the Fed won’t cut rates anytime soon. Rising yields make riskier assets like crypto less attractive, and Bitcoin is taking the brunt of it.
Market Reactions to Treasury Yields
Yields are climbing fast. The 10-year Treasury yield hit 4.78%, its highest in 14 months, and the 30-year yield is inching toward the key 5% level.
Higher yields mean higher borrowing costs, which put pressure on stocks and crypto. Traders have given up on rate cuts for now, with some even predicting no cuts at all this year.
The fallout isn’t just in crypto. Here’s what else is moving:
Stocks this morning:
- S&P 500: -0.76%
- Nasdaq 100: -1.47%
- Dow Jones: +0.15%
Oil and the dollar:
- WTI crude rose 2% to $78.09 as new sanctions on Russia added to supply worries.
- The dollar is gaining too, hitting a two-year high.
Cryptocurrencies:
- Bitcoin: -4.2% to $90,506
- Ether: -9.3% to $2,964