Stocks Slide as Bitcoin Soars, Nasdaq Drops Triple Digits

Gold and Bitcoin were the only real winners today

Deputy Editor
Dec 4, 2023 at 4:32 PM
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Stocks finished firmly lower today, though soundly removed from their intraday lows. Following Wall Street's fifth-straight weekly win, the Nasdaq fell triple digits to start the week, while the Dow and S&P 500 closed more modestly in the red, with the blue-chip index snapping a four-day win streak. Crypto was the talk of the town today, with several stocks getting a halo lift from Bitcoin's 19-month highs

  • Options traders eye Coinbase stock amid Bitcoin buzz. 
  • The latest airline merger attracting investor attention. 
  • Plus, Uber joins the SPX; CVNA's big breakout; and LULU hit with downgrade.
 

Summary 1204

NYSE Nasdaq 1204

5 Things to Know Today

    1. Eyepoint Pharmaceuticals stock soared over 200% today after positive trial data. (MarketWatch)
    2. Former U.S. ambassador Manuel Rocha was a secret agent for Cuba for decades. (Reuters)
    3. Rideshare stock hails fresh highs after SPX inclusion
    4. Carvana stock hit with rare upgrade. 
    5. Analyst downgrades retail stock on valuation. 

    There are no notable earnings to report.

    UVOL 1204

    Gold Hits Record Highs

    Oil prices moved lower for the third day in a row, extending its losses after the Organization of the Petroleum Exporting Countries and its Allies (OPEC+) announced production cuts at last week's meeting. January-dated West Texas Intermediate (WTI) crude fell $1.03, or 1.4%, to settle at $73.04 a barrel today. 

    Gold has never been more expensive than it is now, hitting a record level of $2,152.30 per ounce today on hopes that the Federal Reserve will cut interest rates in 2024. At last look, prices retreated, however, with February gold futures down 2.1% at $2,028.00 per ounce. 

     

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