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Wall Street is ending the year with a slight correction. The Nasdaq is down 0.3%, the S&P 500 is down 0.4%, and the Dow Jones is down 0.4%. Today marks the last trading session of the year and will close earlier than usual.
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CME Group has raised margin requirements for futures contracts on gold, silver, platinum, and palladium for the second time in a short period, effective after Wednesday’s session close. The move comes in response to increased market volatility and aims to curb speculative momentum.
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In the precious metals market, a correction is underway. Gold is down 0.20% at $4,330 per ounce, silver is down 5% at $72.20 per ounce, platinum is down 5.2% at $2,055 per ounce, and palladium is down 0.77% at $1,600 per ounce.
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New unemployment claims in the U.S. fell last week to the lowest level in a month, reaching 199,000, while economists had expected 220,000. Despite this, the labor market remains weak, and the unemployment rate stays at its highest level in over four years.
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U.S. crude oil inventories fell much more than expected, slightly supporting oil prices. At the same time, gasoline and distillate stocks rose far more than anticipated, indicating weaker demand for refined fuels. Overall, the data sends a mixed signal for the oil market.
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The cryptocurrency market is experiencing a mixed correction. Bitcoin is down 0.5% at around $88,000, while Ethereum is up 0.4% and testing the $2,980 level, showing that the market remains indecisive.
Daily Summary: Oil at new local highs; Iran and Trump dampen market sentiment 💡
BREAKING: Stronger-than-expected decline in US gas inventories
ECB Minutes: Peak Impact of Euro Strength on Inflation Yet to Come 🇪🇺
Market wrap: Indices try to maintain rebound despite rising oil price🗽Broadcom shares surge
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