US indices rallied overnight after their longest decline in 2023; the tech stocks led the way, with the NASDAQ closing up +1%, helped by strong moves by Spotify (SPOT US) +9.7% and Alphabet (GOOGL US) +1.9%. Below the hood, only the Energy Sector fell, closing down -1.4%, following a ~2% fall by crude oil, while Microsoft (MSFT US) was a small loser amongst the tech stocks after being sued by California over harmful youth marketing claims.
- We are bullish stocks into Christmas, but looming earnings reports by Apple, Microsoft, Alphabet, Amazon, and Nvidia cannot afford to disappoint in today’s nervous market.
MM remains bullish toward US equities into Christmas
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Bitcoin hit a 1-year high overnight, fuelled by hopes of increased demand from ETFs, the best-known crypto has almost doubled from its panic sell-off low in 2022. The potential approval in the coming weeks of the first US spot Bitcoin ETF is getting the speculators excited – heavyweight Blackrock and Fidelity are in the race to offer these ETFs.
- We don’t believe the current rally by Bitcoin can used for its usual read-through on market liquidity for stocks, i.e. it is event-driven.
MM is cautiously bullish on Bitcoin into 2024
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