2024’s market ends on a sleepy note

Stocks traded sideways and cryptos dipped Thursday

article-image

Sem_Sem/Shutterstock modified by Blockworks

share


This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.


Stocks traded sideways — stalling their pre-Christmas rally — and cryptos dipped Thursday, making one of the final trading days of the year a relatively quiet one. 

The S&P 500 was down 0.06% and the Nasdaq Composite gained 0.02% at 2 pm ET. Bitcoin and ether were down 3% and 3.8%, respectively, over the past 24 hours at that time. 

The post-holiday moves came as investors unpacked one of the only economic data reports of the week: initial jobless claims. 

There were 210,000 first-time filers for the week ended Dec. 21, marking a slight decrease from the week prior and coming in lower than median expectation of 224,000. Continuing claims, however, came in at 1.9 million, slightly higher than the anticipated 1.88 million. 

The mixed report did not budge odds of an interest rate cut from the Fed next month. Fed funds futures markets on Thursday called for a 91% chance central bankers hold rates on Jan. 29, per data from CME Group.  

“One factor that pressures equities is the behavior of the fixed income market,” Pepperstone research strategist Quasar Elizundia said. “The continued rise in bond yields, driven by the reassessment of less restrictive monetary policy expectations, creates some concern.” 

Stocks are going to face additional headwinds, Elizundia added, given that investors seem certain interest rates in 2025 will not fall as much as previously anticipated.

On the crypto front, the real market-movers in 2025 are likely to revolve around regulatory news. New leadership at the SEC and CFTC, combined with a Republican-majority Congress and campaign promises from President-elect Donald Trump, could set the stage for a breakout in the first half of the new year. 

Still, though, it would be foolish to count out the role macroeconomic conditions and monetary policy have on crypto prices, so we’d suggest keeping an eye on just about everything (or at least your inbox) next year. 


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research

article-image

For just $54, you, too, could send a memecoin 500% higher

article-image

Memecoins, tech, and inflation have dominated the first half of the year

article-image

As the Trump administration continues to test Fed independence, markets are beginning to react

article-image

An Aave interest rate shock prompted over 475,000 validators to exit and pushed stETH into a prolonged depeg

article-image

While Roman Storm’s team is set to present its case, it’s not yet clear if the Tornado Cash founder will testify

article-image

A wireless network inspired by lost drones is now helping telco carriers reach your phone indoors