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Wall Street Futures Climb on Fed Cut Hopes as Bitcoin Extends Steep Decline

US markets staged a rebound Friday morning, with futures for the Dow Jones Industrial Average, S&P 500, and Nasdaq all moving higher after a turbulent week. The rally was fueled by growing bets that the Federal Reserve could cut interest rates at its upcoming December meeting, following dovish comments from New York Fed President John Williams. His remarks shifted sentiment sharply, with nearly 70% of traders now expecting a rate cut. Dow futures gained 0.7% , leading the advance. S&P 500 futures rose 0.5% , while Nasdaq futures added 0.4% . The optimism comes after Thursday’s sharp sell-off, underscoring the volatility gripping markets as investors weigh AI-driven risks and Fed policy divisions. Meanwhile, cryptocurrencies continued to struggle. Bitcoin plunged to around $82,000 , marking its worst month since the 2022 crypto collapse. The decline reflects heavy institutional outflows, miner sell-offs, and broader risk-off sentiment across digital assets.
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Stock Market Update: Retailers’ Holiday Numbers Impact Wall Street

 



Wall Street experienced a modest decline today as retailers unveiled their holiday season results. Investors closely monitored these figures, seeking insights into consumer sentiment and economic health. Here are the key highlights:

  1. Retail Earnings: Several major retailers reported their latest quarterly earnings. Among them:

    • Target: The retail giant exceeded expectations with a 58% increase in fourth-quarter profits. Cost-cutting measures and efficient inventory management contributed to this impressive performance. Target’s stock surged by 8.5% before the opening bell today.
    • Costco Wholesale, Gap, and Nordstrom also disclosed their holiday numbers, providing further context on consumer spending trends.

  2. Market Sentiment: Momentum in U.S. stocks has slowed after reaching record highs. Factors influencing market sentiment include:

    • Inflation: Signs of cooling inflation have prompted speculation about potential interest rate cuts.
    • Economic Resilience: Despite recession predictions, the U.S. economy remains resilient.

  3. Upcoming Events: This week holds critical events that could sway the market:

    • Fed Chair Jerome Powell’s Testimony: On Wednesday, Powell will testify before a House committee on monetary policy. His remarks may shed light on the Fed’s next move.
    • Jobs Report: Friday’s report will reveal the state of the U.S. job market.

  4. Global Markets: European indices rebounded midday, with Germany’s DAX, France’s CAC 40, and Britain’s FTSE 100 recovering from earlier losses.

As investors await further developments, Wall Street remains cautiously optimistic. Keep an eye on earnings reports and central bank communications for clues about the market’s direction.


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