As the trading week begins, US stock indices are experiencing a generally downward trend ahead of the holiday season. The Standard & Poor's 500 has edged down by 0.1%, while the Dow Jones Industrial Average has seen a slight decline of 0.3%. In contrast, the Nasdaq has shown some resilience with a 0.1% gain during premarket activity.
Despite this, many Asian and European stock exchanges have been moving in a more positive direction. It's important to note that US markets will be closing early on Tuesday and will remain shut on Wednesday in observance of Christmas Day, with trading resuming on Thursday. In notable market movements, shares of video-sharing platform and cloud services provider Rumble have surged an impressive 43% in pre-bell trading.
This jump follows the announcement of a strategic investment amounting to $775 million from cryptocurrency firm Tether, made public last week. Meanwhile, shares of Novo Nordisk, which are listed in the US, rebounded significantly by 5.1% after enduring a steep drop of 18% at the end of Friday trading. Other gains include a 9.5% rise in Tilray Brands' stock, along with a 2.4% increase in Tesla's shares, indicating a bit of support for these individual stocks even as broader indices face headwinds. The economic calendar is also noteworthy, with the Chicago Fed National Activity Index for November set to release at 8:30 am ET and the Conference Board’s consumer confidence report for December expected at 10 am. Before the market opens, the cryptocurrency landscape has shown some developments as well: Bitcoin has increased by 0.7%, reaching $95,795.
On the commodities front, West Texas Intermediate crude oil has slightly dipped, down 0.4% to $69.20 per barrel. Meanwhile, Treasury yields on 10-year bonds have risen by 1.2 basis points to 4.54%, and gold prices have decreased by 0.6%, settling at $2,628 per ounce. Investors and traders alike will want to keep a close watch on these movements as the markets navigate the holiday period and assess the implications of the economic data set to be released, which can impact trading strategies and market sentiment..