Traders work on the floor at the New York Stock Exchange on December 2, 2024.
Brendan McDiarmid | Reuters
US stocks were relatively unchanged on Thursday after a record day for stocks, while Bitcoin also reached all-time highs.
the Dow Jones Industrial Average It decreased by 143 points, or 0.3%. Nasdaq Composite It rose by 0.3%. At the same time, Standard & Poor's 500 Trade around the flat line.
Bitcoin traded higher by more than 3%, surpassing $100,000 for the first time. This move led to crypto-related stocks such as Accurate strategy and Coinbase 0.7% and 3% higher, respectively.
The bullish trend in cryptocurrencies has previously translated into sharp gains for the Nasdaq Composite Index. However, that was not the case on Thursday.
The three major averages saw strong gains in the previous session, posting record closes.
“The problem you have is that valuations are stretched across the board,” Brian Leonard, Kelly Titon's portfolio manager, said in an interview with CNBC. “You're sitting at the records, but there's not a lot of enthusiasm or euphoria. Historically, when records have happened, valuations have been more reasonable.”
Traders on Thursday look forward to key US employment data on Friday. Economists surveyed by Dow Jones expected that the US economy would add 214,000 jobs in November.
This work report could guide the Federal Reserve's interest rate decision at its policy meeting later this month. On Wednesday, Federal Reserve Chairman Jerome Powell said the US economy is strong enough for the Fed to move cautiously on interest rate cuts.
“The labor market is better, and there appears to be less downside risk in the labor market,” he said. “Growth is definitely stronger than we thought, and inflation is coming out a little higher. So, the good news is we can be a little more cautious while trying to be neutral.”
