Beat the street: S&P; gold; Uber; jobs; Bitcoin
Global traders eye Friday’s job report amid hopes of a rate cut early next year. A bull market is in view for the S&P 500. Bitcoin builds on its big breakout. Gold is at a record high. Plus, Uber is set to drive into the S&P 500.
(Partial Video Transcript)
On this episode of Beat the Street, Angeline Ong discusses various topics related to the stock market and upcoming economic data. She starts off by mentioning that investors are eagerly waiting for the release of jobs data before the December Federal Reserve meeting.
Uber to join the S&P 500
An exciting development mentioned is the inclusion of ride-hailing giant Uber in the S&P 500 index. It's like Uber joining the league of the stock market superheroes! They also talk about the surge in Bitcoin's price, crossing the $40,000 mark for the first time this year.
The overall mood in the stock market seems positive, with the Dow Jones and S&P 500 indices on the rise. This means that the stock market is like a rollercoaster going up and up! The volatility index is low, showing that investors are not highly concerned about any major issues affecting the market. It's like everyone is chill and relaxed, not worrying too much about twists and turns.
Jobs report
There's a lot of important data coming up, such as the upcoming jobs report. This report can give us insights into where interest rates may be heading. Experts are predicting rate cuts and believe there might be some weaknesses in the labor market.
Angeline has a conversation with tastylive's Liz Dierking, who shares her thoughts on the market. She mentions that the market might be getting a bit too "frothy." When volatility is low, it's like a party where things could get wild at any moment. Dierking suggests being bullish on small-cap stocks but bearish on the Nasdaq.
The show also analyses the technical aspects of the S&P 500 and gold. The experts believe that the S&P 500 is getting close to reaching its previous peak and looks positive. If it crosses that peak, it may go even higher! As for gold, there's a strong upward trend, and if it breaks all-time highs, more people might start buying it and push the price even higher. It's like a treasure trove waiting to be discovered!
There's also a discussion about the rise in cryptocurrencies like Coinbase, Global, Rite-X, and Marathon. The anticipation of the approval of spot ETF applications by the SEC is driving the market.
In exciting news, Uber will be joining the S&P 500 on December 18th. This is likely to increase demand for the stock, like when a new star joins a popular team and everyone wants to support them.
The video ends with a look at declining oil prices. This is due to skepticism about OPEC+ supply cuts and uncertainty about global fuel demand. It's like the market is unsure about the direction to take.
As we eagerly wait for the Friday jobs report, there is a sense of hesitancy and caution among investors. It's like a suspenseful moment in a movie where everyone is holding their breath, waiting to see what happens next.
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