Stock Market Today: Stocks Pause Near Highs Ahead of Jobs Friday
Investors await a key data set with sentiment still broadly positive.
Joey Solitro
Stocks were lower at the close but hovered around all-time highs ahead of Jobs Friday, as investors remain confident the Federal Reserve will cut interest rates at a measured pace amid still-solid economic growth. Bitcoin reflected a broader "risk on" mood, breaking the $100,000 barrier in anticipation of a friendlier U.S. regulatory environment.
The world's No. 1 cryptocurrency – which trades 24 hours a day, seven days a week – was changing hands at $99,206 as of 4 pm Eastern time on Thursday after reaching as high as $103,587 during the previous 24 hours.
Crypto investors are encouraged by President-elect Donald Trump's announcement that he will nominate Paul Atkins to replace Gary Gensler as chair of the Securities and Exchange Commission (SEC). According to Trump, Atkins "recognizes Digital Assets and other innovations are crucial to Make America greater than before." Atkins, who served as an SEC commissioner from 2002 to 2008, is co-chair of the Token Alliance, a project of the Chamber for Digital Commerce.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
"We remain convinced $100,000 is not the final milestone," writes Bernstein analyst Gautam Chhugani, who forecast "a cycle-high of $200,000 in late 2025" but also emphasized that "our conviction in bitcoin is beyond cyclical gyrations."
Chhugani's forecast is based on an expectation for "bitcoin to emerge as the new-age premier 'store of value' asset eventually replacing gold over the next decade and becoming a permanent part of institutional multi-asset allocation and a standard for corporate treasury management."
Data compiled by Chhugani shows that 10 global asset managers oversaw approximately $100 billion invested in bitcoin spot ETFs within 228 days of their launch. That makes bitcoin and cryptocurrency ETFs the fastest-growing category of exchange-traded funds "ever," according to Chhugani.
As for old-school equity markets, the Nasdaq Composite was down 0.2% to 19,700, the S&P 500 shed 0.2% to 6,075, and the Dow Jones Industrial Average slid 0.6% to 44,765.
Stocks on the move
Walt Disney (DIS) stock was down 0.4% despite the media and entertainment conglomerate announcing a 33% increase to its dividend.
Noting that Disney is "operating from a renewed position of strength," CEO Bob Iger said management will continue "to invest for the future and drive sustained growth through Disney's world-class portfolio of assets."
UnitedHealth Group (UNH) weighed even more heavily on the Dow, declining 5.2% a day after the CEO of its health insurance unit was shot and killed outside the hotel where the company was hosting its Investor Day conference.
UnitedHealthcare is the biggest health insurer in the U.S. with forecast revenue of $280 billion for 2024. Authorities continue to search for the shooter.
MicroStrategy (MSTR), meanwhile, was down 4.8% despite bitcoin's major milestone. MicroStrategy, an enterprise software company, holds more than 401,100 BTC with a market value as of Thursday of more than $40 billion on its balance sheet.
As Chhugani noted in October, "Since [the] adoption of its Bitcoin Strategy in August 2020, MSTR's stock is up roughly 13 times, outperforming bitcoin, gold, the S&P 500, the Nasdaq, and small-cap software."
Coinbase Global (COIN) stock also ended the day lower, falling 3.1% even as cryptocurrency prices continue to rally on new investor interest and expectations of wider adoption.
Transaction volume on COIN's trading platform continues to rise with bitcoin's popularity, and it also holds 9,363 BTC on its balance sheet.
The employment situation
Initial jobless claims came in at a seasonally adjusted 224,000 for the week ending November 30, an increase of 9,000 from the prior week's revised level, according to the Department of Labor.
"Jobless claims and job cuts were both a little higher than expected, but still moderate," says E*Trade Managing Director Chris Larkin. "We'll get a fuller picture from tomorrow's monthly jobs report, but for now, the story continues to be a labor market that occasionally appears to bend, but avoids breaking."
According to FactSet, the consensus forecast is 215,000 new jobs in November and an unemployment rate of 4.1%. The U.S. economy created 12,000 new jobs in October, as hiring was negatively impacted by hurricanes Helene and Milton as well as two major labor strikes.
The Bureau of Labor Statistics will release its report on the next jobs report tomorrow at 8:30 am Eastern time. "We had a really low number in October … so we're expecting a big recovery," says Interactive Brokers Senior Economist José Torres. "Overall, the economy is in good shape."
The CME Group's FedWatch tool shows a 71.8% probability the Fed will trim the target range for the federal funds rate by 25 basis points following the December 17-18 FOMC meeting. (A basis point equals 0.01%.)
Related content
- The Kiplinger 25: Our Favorite No-Load Mutual Funds
- Why Analysts Say Five Below Is a Buy After Earnings
- 7 Best Robotics and AI ETFs
-
Forget FIRE: Why ‘FILE’ Is the Smarter Move for Child-Free DINKsHow shifting from "Retiring Early" to "Living Early" allows child-free adults to enjoy their wealth while they’re still young enough to use it.
-
7 Tax Blunders to Avoid in Your First Year of RetirementA business-as-usual approach to taxes in the first year of retirement can lead to silly trip-ups that erode your nest egg. Here are seven common goofs to avoid.
-
How to Plan for Social Security in 2026's Changing LandscapeNot understanding how the upcoming changes in 2026 might affect you could put your financial security in retirement at risk. This is what you need to know.
-
7 Tax Blunders to Avoid in Your First Year of Retirement, From a Seasoned Financial Planner
A business-as-usual approach to taxes in the first year of retirement can lead to silly trip-ups that erode your nest egg. Here are seven common goofs to avoid.
-
How to Plan for Social Security in 2026's Changing Landscape, From a Financial Professional
Not understanding how the upcoming changes in 2026 might affect you could put your financial security in retirement at risk. This is what you need to know.
-
6 Overlooked Areas That Can Make or Break Your Retirement, From a Retirement AdviserIf you're heading into retirement with scattered and uncertain plans, distilling them into these six areas can ensure you thrive in later life.
-
I'm a Wealth Adviser: These Are the 7 Risks Your Retirement Plan Should AddressYour retirement needs to be able to withstand several major threats, including inflation, longevity, long-term care costs, market swings and more.
-
Stocks Struggle for Gains to Start 2026: Stock Market TodayIt's not quite the end of the world as we know it, but Warren Buffett is no longer the CEO of Berkshire Hathaway.
-
How New Investors Can Pick Their Perfect Portfolio, According to a ProSee what Cullen Roche has to say about finding your perfect portfolio as a new investor and his two-word answer on where he thinks the stock market is headed in 2026.
-
High-Net-Worth Retirees: Don't Overlook These Benefits of Social SecurityWealthy retirees often overlook Social Security. But timed properly, it can drive tax efficiency, keep Medicare costs in check and strengthen your legacy.
-
Do You Have an Insurance Coverage Gap for Your Valuables? You May Be Surprised to Learn You DoStandard homeowners insurance usually has strict limits on high-value items, so you should formally "schedule" these valuable possessions with your insurer.
