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December 23, 2024
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Markets close lower, bitcoin recovers from post-record tumble


All three of the major stock market indices (^DJI, ^IXIC, ^GSPC) end Friday’s session lower to close the week out. In its latest volatile swing, bitcoin (BTC-USD) ascended to a new all-time high above $70,000 earlier today before tumbling lower. Traveling a fast road to recovery, the crypto asset currently sits back above $69,000.

Yahoo Finance’s Julie Hyman highlights the day’s market activity while Jared Blikre reports on this week’s sector leaders over a five-day moving average.

Yahoo Finance Live co-host Josh Lipton takes a closer look at Nvidia (NVDA) shares after moving to the downside just one day after hitting another record high.

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Editor’s note: This article was written by Luke Carberry Mogan.

Video Transcript

[AUDIO LOGO]

JULIE HYMAN: That’s the closing bell on Wall Street. And now, it’s market domination over time, Josh. And I joined by Jared Blikre to get you up to speed on the action from today’s session.

Let’s see where we ended up on the day here. Near the lows of the session. In fact, we start with the Dow Jones Industrial average off 68 points. You can see here closing near the lows after earlier in the session touching highs.

Oh, let’s call it around 38,950 perhaps somewhere in that region. The S&P 500 down about 2/3 also trading and closing, I should say, near the lows of the session. It earlier touched an intraday record. Same goes for the NASDAQ. Composite down at the lows of the session as well up by 1.2%.

Now, there’s one thing I wanted to mention before I toss it on over to Jared for what else moved today. And that’s what’s going on with Bitcoin, which earlier touched 70,000, then came down. But now, it’s trending up higher again. And it’s above 69,000 once again.

Of course, Bitcoin doesn’t close it trades all the time. So something to keep an eye on over the weekend, Jared.

JARED BLIKRE: Yes, Bitcoin never sleeps. And guess what? It closed. I’m using that in scare quotes at a record high today.

I say that because we don’t have many close– we don’t have many record highs today. But I’m going to take a look at the sector action for the week.

This is all five days utilities. Utilities really crushing it up 3.3% then real estate. So those two interest rate sensitive sectors up the most.

And we have materials energy. But the biggest losers to the downside, those were three sectors that housed the mega-caps. The Mag Seven, that would be consumer discretionary, tech which is XLK, and communications services XLC. And you can see this when you look inside the NASDAQ 100.

So it was a nasty week for Tesla. Tesla down 13.5%. That was one of the week’s worst in the NASDAQ 100.

Also, Pinduoduo. Down here at the bottom. Also down 13%. Apple down another 5%.

NVIDIA managed to close up 6.4% for the day. But guess what, guys? Excuse me, for the week, for the day, the day, however, down 5.5%, Josh.



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