- The American stock market opens the new year with mixed sentiment. After initial gains, selling pressure dominates, pushing indices into negative territory. The S&P 500 is down 0.6%, the Nasdaq 100 falls 0.7%, and the Dow Jones drops 0.6%.
- Tesla sees sharper declines, losing around 7% today following the release of Q4 2024 vehicle delivery data. The electric car manufacturer reported disappointing figures below the forecasted 500,000 for the last quarter of the year, resulting in the first-ever year-over-year decline in annual deliveries by -1.1%.
- Other companies in the so-called "Magnificent Seven" are experiencing a mixed session. Apple is down nearly 3% after announcing discounts in the Chinese market to compete with local smartphone producers, while Microsoft (-1.3%) and Alphabet (-0.4%) are also declining. Nvidia and Meta, on the other hand, are up more than 1%.
- Carvana’s shares are highly volatile following the release of a Hindenburg Research report alleging potential serious accounting irregularities. In early trading, the stock fell 11%, surged to almost a 5% gain at its peak, but is now under selling pressure again, dropping nearly 2.5%.
- European markets have mostly started the year on a positive note. The UK’s FTSE 100 is up nearly 1.1%, Germany’s DAX is rising 0.6%, while France’s CAC40 (+0.2%) and Switzerland’s SMI (+0.1%) are showing more modest gains.
- The new year brings a stable session in the U.S. bond market, with 10-year Treasury yields holding at around 4.58%.
- The U.S. manufacturing PMI for December came in slightly higher than expected, with a reading of 49.4 compared to the forecast of 48.3 (previously: 49.7). This suggests that economic activity in the U.S. is in better shape than anticipated.
- The U.S. labor market also showed a stronger performance today. The number of new jobless claims was 211,000 (vs. a forecast of 222,000 and the previous reading of 220,000).
- In contrast to the U.S., stagnation was visible in PMI readings for major European economies. France's manufacturing PMI came in at 41.9 (as expected), while Germany’s was 42.5 (also as expected).
- In the forex market, the British pound is struggling the most today, losing 1.2% against the dollar and 0.3% against the euro. The Swiss franc is also depreciating against the U.S. dollar, with its value down nearly 0.6%. The USD/CHF pair reached its highest level since May of last year.
- A correction is visible in cocoa futures, with prices down nearly 2.5%. Meanwhile, coffee prices are rising, gaining 1.4%.
- DOE data on weekly U.S. crude oil inventory changes showed slower-than-expected declines. Inventories fell by -1.178 million barrels (vs. the expected -2.4 million). The report briefly paused the rise in oil contract prices, but later in the session, WTI crude returned to its upward trend and is now trading 2.2% higher than the previous closing price.
- NATGAS has slightly trimmed earlier gains and is now trading with a 1.4% increase.
- The precious metals market is seeing bullish momentum. Gold is up 1.3%, silver has risen nearly 2%, and platinum is gaining over 2.5%.
- Bitcoin is gaining over 2% today, returning to levels above $95,000 after a slight correction at the end of December.
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