Traders posted features for the second session in a row, pushed by persistently excessive yields on US authorities bonds. Market jitters over a much less lenient Fed fee path induced buyers to exit their positions as 2024 approaches the tip.
Bitcoin (BTC) continued its retreat from the December 17 all-time excessive of $108,231. On Monday, the inventory fell to a session low of $91,269. The pullback impacted demand for crypto-related shares, which continued to weigh on the Nasdaq.
MicroStrategy (MSTR) fell 8.19%, whereas Marathon Holdings (MARA) fell 6.24%.
Monday’s US market losses will possible set the tone for Tuesday’s Asian session.
US knowledge helps a much less versatile Fed fee path
On Monday, upcoming dwelling gross sales and the Dallas Fed Manufacturing Index figures painted a rosier image of the US economic system. Pending dwelling gross sales rose 2.2% in November, constructing on October’s 1.8% improve. Economists view the housing market as a barometer for the American economic system. Rising demand might push up housing costs and rents, fueling housing shortages and demand-driven inflation.
The Dallas Fed Manufacturing Index additionally shocked positively, rising 3.4% in December. Economists had anticipated a decline of 0.4%, after a decline of two.7% in November.