1. Futures Indicate a Lower Start for U.S. Stocks in 2024:
U.S. stock futures pointed towards a subdued start to the first trading session of 2024, following a robust year on Wall Street in 2023. The Dow futures contract slipped by 0.3%, S&P 500 futures dropped by 0.5%, and Nasdaq 100 futures were down by 0.7%. Investors are keen on assessing the sustainability of the strong performance seen in 2023, despite initial concerns about Federal Reserve interest rate hikes.
2. U.S. Indices Conclude Blockbuster 2023:
Major U.S. indices experienced marginal declines on Friday, capping off a stellar 2023. The S&P 500 surged by 24.2%, the Nasdaq Composite soared by 43.4%, and the Dow Jones Industrial Average jumped by 13.7%. The year saw several shocks, including a regional banking crisis and geopolitical tensions. Attention now shifts to 2024, with some analysts questioning the potential impact of the strong 2023 returns on stock valuations.
3. BYD Production Figures Challenge Tesla’s Position:
China’s BYD reported record sales of 526,000 battery-powered cars in the fourth quarter, intensifying competition with U.S. rival Tesla for the title of the world’s largest electric vehicle (EV) maker. BYD’s 2023 sales exceeded 3 million new EVs and hybrids, a 62% increase. This puts Tesla at risk of selling fewer cars than BYD for the second consecutive year. BYD, with around 17% of the global market share for electric-only vehicles, poses a significant challenge to Tesla’s dominance.
4. Bitcoin Surpasses $45,000 on ETF Speculation:
Bitcoin reached a 21-month high, surging to $45,630.9, driven by speculation that the U.S. Securities and Exchange Commission (SEC) might be close to approving a spot exchange-traded fund (ETF) for the cryptocurrency. This follows a strong recovery in 2023 when Bitcoin‘s value increased by over 100%. The market is anticipating the SEC‘s decision on a spot ETF application from Ark and 21 Shares, with a deadline set for January 10. Approval could set a precedent for similar ETF applications from other fund managers.
