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Thursday, December 26

Noteworthy macro moves today: Bitcoin -3.8%. Ethereum -4.2%.

Recent economic data from the U.S. indicates a tightening labor market, with initial jobless claims unexpectedly easing to 219,000 for the second week of December. This contrasts with expectations that they would rise and suggests resilience in employment ahead of year-end assessments by policymakers.

In Japan, leading indicators have shown improvement as well; both the leading economic index and coincident index were revised upward for October 2024. These revisions reflect stronger-than-anticipated consumer sentiment and factory output figures, which may influence future monetary policy decisions within major economies.

Market activity has been characterized by mixed performance across global equity indices following holiday trading sessions. The S&P 500 is experiencing slight declines after previously logging gains during pre-holiday trading while oil prices are rising amid ongoing concerns about demand dynamics influenced heavily by China's recent stimulus measures aimed at boosting its economy post-pandemic recovery challenges.

Consumer Staples Select Sector SPDR Fund (XLP) [-0.4%]
Consumer Staples
The Consumer Staples Select Sector SPDR Fund (XLP) declined by 0.4% after hours, influenced significantly by Walmart's stock, which dropped over 2% due to a lawsuit from the Consumer Financial Protection Bureau alleging deceptive practices related to driver payment systems. This legal challenge may adversely affect consumer sentiment and spending in the retail sector. Walmart is a major holding within XLP, and its stock's performance contributed to the ETF's overall return. Other notable declines among XLP's holdings included Kroger, Coca-Cola, Target, and Monster Beverage, each experiencing losses that further impacted the fund's performance today.

Bitcoin (BTC/USD) [-4.0%]
Bitcoin's price has dropped significantly, currently reflecting a daily return of nearly -4%. This decline coincides with a slight decrease in the global cryptocurrency market capitalization, which has fallen to approximately $3.43 trillion. Bitcoin approached the $100,000 mark during overnight trading but experienced over $200 million in liquidations in the last 24 hours amid ongoing volatility and bearish sentiment linked to mixed global economic data. Social media discussions reveal that Russia is increasingly using Bitcoin to circumvent Western sanctions, a strategy backed by government officials, which may enhance demand for Bitcoin. Additionally, commentary suggests that Bitcoin is becoming more integrated into investor portfolios, potentially exerting upward pressure on its price. Ethereum has also seen a notable decline of nearly -4%, reflecting its strong correlation with Bitcoin's recent performance.

NSANY | +12.8% | +3.3B
Nissan Motor Co Ltd | Automobile Manufacturers
Nissan Motor Co Ltd (NSANY) has experienced a notable price increase since Tuesday. A recent social media post highlighted discussions regarding Nissan's potential future developments and strategic considerations, particularly in relation to its collaboration with Honda, referencing an article that looks back at 2024 and projects into 2025. Additionally, Toyota Motor Corp (TM) has seen a significant price increase, which may be influencing the movement in Nissan's stock given their historical correlation. This upward trend in Toyota's stock could reflect broader market sentiments affecting the automotive sector.

QCOM | -0.9% | -1.6B
Qualcomm Inc | Semiconductors
Qualcomm Inc's stock has decreased by 0.7% since Tuesday, coinciding with a 0.38% decline in the Nasdaq 100 Index, reflecting broader market sentiment. Recent social media discussions have highlighted Qualcomm's involvement in Edge-AI computing, aligning with current trends in investing and business. Additionally, Qualcomm's focus on foundational technologies, including 4G and 5G connectivity, positions it well within the evolving AI landscape, particularly in automotive and IoT sectors. Legal developments have alleviated concerns regarding potential financial risks from ongoing litigation with Arm, providing Qualcomm with a strategic advantage. Analysts continue to express a generally positive outlook on Qualcomm's growth potential in the AI market.

CPNG | -1.4% | -564.2M
Coupang Inc | Broadline Retail
Coupang Inc's stock price has moved downwards by 0.8% since Tuesday. This decline occurs amidst reports of Alibaba Group nearing a $4 billion merger with E-Mart Inc., aimed at strengthening their e-commerce foothold in South Korea and competing against local players like Coupang. The discussions are ongoing, with a potential announcement expected soon, although finalization may take longer. This news coincides with a decline in consumer confidence in South Korea, driven by political instability following President Yoon Suk Yeol's declaration of martial law and impeachment. Additionally, social media conversations have emerged regarding Shinsegae's plans to establish a joint venture with Alibaba International, which also mentions Coupang among other companies of interest.

TM | +9.3% | +247.9M
Toyota Motor Corp | Automobile Manufacturers
Toyota Motor Corp reported a 4.1% increase in North American sales for November, totaling 241,662 units, bolstered by strong Black Friday demand. U.S. sales rose by 4.8%, reaching 207,226 units, while Mexico saw a notable increase of 16%, offsetting an 8% decline in Canada. Year-to-date figures indicate nearly 2.5 million vehicles sold in North America, reflecting a 5.4% increase compared to the same period last year. Despite this, production in North America slightly decreased by 0.8%, totaling 172,867 vehicles. Globally, sales rose by 1.7% to 920,569 units in November, although Japan experienced a 6.6% drop. Notably, electrified vehicle sales surged by 44% in North America year-on-year. Concurrently, Toyota shares rose significantly in pre-market trading following the company's proposal to elevate its return on equity target to 20%, amid discussions of collaboration with major organizations such as Ford and Goldman Sachs.

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