Friday came with yet another blow-off for the stock market as the entire market went into the red. However, as the day progressed, most stocks recovered a bit. The US futures also remained bearish, and Nasdaq and Russel went bullish with a slight margin.
At the time of writing the article, Dow Jones traded at $35,543.01, down 354.63 points (0.99%). S&P 500 traded at $4,647.07, down 21.60 (0.46%). At the same time Nasdaq was a little positive and traded at $15,238.65, up 58.22 points (0.38%), and Russel 2000 index traded at $2,178.15, up 25.69 (1.19%).
All the major tech stocks went down when the market opened but gained by the end of the day. Towards the end, Tesla Motors Inc. (TSLA) traded at $943.57, up 16.65 points (1.80%). Apple Inc., Nvidia, and Rivian went down and tried recovering.
One of the stocks that ultimately went against the market trends was AMC Theatres (AMC). The world’s largest theatre chain, AMC, surged significantly by over 20% after consecutive weeks of fall. One of the big reasons for this jump in the stock prices was the newly released movie- ‘Spiderman: No Way Home.’
The nascent crypto market continued its slide for months and slipped further. The volatility of the crypto market has been at its peak for the last few months, especially after Bitcoin hit the all-time high of $69k.
At the time of writing the article, Bitcoin (BTC) was trading at $46,730.56, down 2.48% in the last 24-hours and down 3.03% in the last 7-days. Ethereum (ETH) traded at $3,880.87, while Dogecoin (DOGE) traded at $0.1697. The only cryptocurrency that has surged amidst the dipping crypto market has been Avalanche (AVAX) which traded at $113.51, up 34% in the last seven days.
One of the primary reasons for this dip in the market is the Holiday season which will continue till the new year. With Christmas and New Year around the corner, the investors have tried cashing their assets. Thus, the fall in the market.