The US stock market seems to be reviving after a period of intense sell-off, courtesy of the Federal Reserve. GameStop (GME) popped more than 4% today, extending their winning streak to four straight days. This comes after a Christmas post by retail investor icon Keith Gill “Roaring Kitty” that sent the stock soaring, continuing its wild 2024 run. The video game retailer has skyrocketed over 77% this year, making it one of the most watched stocks in the market right now. The surge has caught the attention of traders, adding even more fuel to the already hot market. Crypto-linked stocks, however, didn’t have the same luck. MicroStrategy, Coinbase, and Riot Platforms all slid as Bitcoin took a nosedive. MicroStrategy, often seen as a Bitcoin proxy, fell about 3%, while Coinbase dropped 2%, and Riot Platforms pulled back more than 2%. Bitcoin itself was down 3% as of press time. MicroStrategy doubles down on Bitcoin buys MicroStrategy just dropped another $561 million to add to its massive stash. That makes seven weeks in a row of nonstop purchases, with the latest round coming at an average price near Bitcoin’s record highs last week. They’ve even announced plans to issue more shares, all so they can load up on even more Bitcoin. Despite the dip today, Bitcoin’s 135% gain this year has completely obliterated the returns on gold and global stocks. But don’t get too comfortable. Traders are bracing for wild swings ahead, thanks to the looming expiration of massive Bitcoin and Ether derivatives contracts. The broader crypto market wasn’t spared either, with tokens like Ether, Solana, and Dogecoin down around 3%. While Bitcoin slid, stock futures followed suit. The Dow Jones Industrial Average futures dropped 150 points, and both the S&P 500 and Nasdaq 100 futures fell 0.3%. Markets were closed on Wednesday for Christmas, but Thursday morning trading made it clear that the holiday cheer was wearing off. Santa Claus rally loses a bit of steam The Santa Claus rally, a period famous for its market optimism, is still alive—but just barely. The S&P 500 has climbed 1.8% this week, while the Nasdaq surged 2.3%, thanks to major tech players like Tesla, Apple, and Alphabet. The Dow, however, only eked out a 1% gain. For context, the S&P 500 usually averages a 1.3% return during this end-of-year stretch, dwarfing its typical weekly gain of 0.3%. Jobless claims added some tension to the holiday trading buzz. Claims for the week ending December 21 came in at 219,000, below the 225,000 estimate. But continuing claims—those applying for benefits week after week—hit 1.91 million, the highest number since November 2021. Zooming out, the S&P 500 is barely hanging onto a 0.1% gain for December. The Nasdaq has done far better, up 4.2% for the month, while the Dow is down 3.6%, on track for its worst monthly performance since April. If the Dow can hold steady, it could snap a three-week losing streak—the longest it’s had since March. The market mood in a word? Uneasy. A Step-By-Step System To Launching Your Web3 Career and Landing High-Paying Crypto Jobs in 90 Days.
