The stock market experienced its first week of losses in 10 weeks, with the Nasdaq seeing the most significant drop of 3.25%. This decline marks the largest weekly decline for the Nasdaq since September. The S&P 500 and the Dow Jones also fell by 1.52% and 0.59% respectively.
Despite this, the U.S. job market performed exceptionally well in December, surpassing expectations with the addition of 216,000 nonfarm jobs. This number exceeded the estimated 170,000 jobs. The unemployment rate remained steady at 3.7%, indicating a strong labor market.
This positive employment data suggests that the Federal Reserve may delay its anticipated interest rate cuts. Market traders were previously optimistic about rate reductions starting as early as March, with up to six cuts expected in 2024. However, these expectations may need to be adjusted in light of the robust job market.
Benzinga, a leading financial news and analysis platform, regularly examines popular stocks among investors. Here are some of the top stories from the past week:
1. Tesla’s Model Y Becomes Bestselling Electric Vehicle:
According to Chris Katje, Tesla’s Model Y has become the bestselling electric vehicle of all time, surpassing the company’s own Model 3. This achievement highlights Tesla’s dominance in the electric vehicle market.
2. Amazon Tops Wall Street Analysts’ Favorites for 2024:
Adam Eckert reports that Amazon is the top pick among Wall Street analysts for 2024. This is driven by optimism in the growth of Amazon Web Services (AWS), AI potential, and operating efficiency.
3. Bullish Predictions for Bitcoin in 2024:
Bibhu Pattnaik highlights the optimistic forecasts for Bitcoin in 2024, with predictions reaching as high as $100,000. Factors such as the Bitcoin halving event and potential ETF approvals contribute to these bullish predictions.
On the other hand, there were also some bearish stories worth noting:
1. Tech Titans Experience Market Cap Loss:
Piero Cingari reports that the “Magnificent Seven” tech companies, including Apple and Amazon, lost $250 billion in market cap on the first trading day of 2024. Apple’s 4% drop led this decline.
2. Streaming Giants Face Increased Customer Churn:
Anusuya Lahiri reveals that streaming giants like Netflix, Paramount Global, and Walt Disney Co are experiencing increased customer churn due to rising prices and cost-of-living concerns. This has led to a rise in subscription cancellations.
Despite the market’s recent downturn, it is essential for investors to stay informed about bullish and bearish trends. By monitoring popular stocks and analyzing market data, investors can make more informed decisions. To stay updated with the latest news and trading ideas, following Benzinga on Twitter is recommended.
