The stock market on Wall Street is moving down a little. This is Tuesday, the last trading day of the Wall Street year, which has been beneficial overall. Bitcoin Gold and Stocks and gold are poised to end the year with substantial gains, while China’s industrial sector grew slower than expected in December.
china’s Manufacturing Grows for Third Month
On Tuesday, purchasing managers index data showed that China’s manufacturing sector expanded in December, although slower than expected. This marks the third consecutive month of expansion, thanks to the plethora of new stimulus measures that have been put in place. The National Bureau of Statistics reported that the manufacturing PMI was 50.1 in December. A reading above 50 indicates expansion, while a reading below 50 indicates contraction.
The study found that production activities of manufacturing businesses continued to expand rapidly and that most major indicators that make up the manufacturing PMI were above the critical mark. During a Politburo meeting in 2025, the Chinese government signalled its intention to embrace a somewhat looser monetary policy and conduct more proactive fiscal stimulus measures.
US Stock Futures Slip Before 2024 Close
In weak trade on Tuesday, US stock futures fell slightly before the last trading session of 2024, a highly good year. Futures on the Dow Jones Industrial Average were down 6 points, or 0.1%, at 03:45 ET (08:45 GMT), while those on the S&P 500 were down 5 points, or 0.1%, and those on the Nasdaq 100 were down 33 points, or 0.2%.
With gains of over 24% for the S&P 500, 13% for the Dow Jones Industrial Average, and 30% for the Nasdaq, the major averages seem poised to finish the year strongly. The US stock markets have been riding high this year thanks to the Federal Reserve’s aggressive hiking cycle, which has stoked anticipation for an economic growth period.
Even though concerns about potential trade conflicts persist, market sentiment was lifted by President-elect Trump’s victorious reelection campaign in November, which stoked prospects of deregulation and reduced corporate tax rates. Following Tuesday’s lack of economic data and Wednesday’s market closure, attention will swiftly shift to weekly unemployment and ISM manufacturing PMI statistics later in the week. This is in anticipation of next week’s official monthly jobs report.
Bitcoin Poised for 120% Gain in 2024
Having said that, Bitcoin Gold and Stocks expected to experience an annual gain of approximately 120%, following a record high of over $100,000 in November. Numerous experts feel that the reelection of Donald Trump to the presidency is the driving force behind the recent uptick in crypto sentiment. This will lead to a more favourable regulatory climate for digital assets.
Earlier this year, the SEC approved the first US spot Bitcoin Gold and Stocks funds (ETFs), boosting sentiment in the sector and making crypto more appealing to mainstream investors. A number of experts in the field have projected that the value of the digital currency will double to $200,000 in 2025, suggesting that the market sentiment towards it will improve.
Gold Prices Climb Eye Strong Annual Gains
On Tuesday, gold prices rose slightly, and with the Federal Reserve’s interest rate cuts this year. Their yearly gains will be spectacular, driven by geopolitical concerns and significant buying from major central banks. At 03:45 ET (08:45 GMT), spot gold was up 0.4% at $2,615.85/oz, and gold futures with a February expiration date were up 0.4% to $2,627.50/oz. Next week, the market will get a flood of US economic data that could impact the US central bank’s interest rate outlook for 2025. Additionally, the tariff policies of President-elect Donald Trump are another potential catalyst.
Oil Prices Rise Still Set for Yearly Drop
Tuesday saw a rise in crude prices as optimism about China’s industrial sector improved market sentiment. However, worries about demand in major consumer nations suggest that crude prices will conclude the year lower than they started. By 03:45 ET, the US crude futures (WTI) had gained 0.8% to $71.53 per barrel, while the Brent contract had gained 0.7% to $74.48 per barrel.
Given the concerns about a possible oversupply caused by anticipated increases in production from non-OPEC countries, the future of oil consumption is highly dependent on the hope that China’s economy may recover. China is the biggest oil importer on the planet.
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FAQs
How has China's manufacturing sector been performing?
China's manufacturing sector showed expansion for the third consecutive month in December, though it grew slower than expected due to ongoing stimulus measures.
Why are US stock futures slipping before the end of 2024?
US stock futures are down slightly due to weak trade, but the stock market is still set to finish 2024 on a high note after strong gains in the year.
What factors are affecting oil prices?
Optimism about China's industrial recovery has raised oil prices slightly, but concerns about demand and oversupply risks suggest a potential decline in prices by year-end.
How have ProPicks AI stocks performed in 2024?
ProPicks AI stocks have delivered impressive returns, with some stocks seeing gains of up to 150%, highlighting successful portfolio selections.
