NAGA Weekly Recap December 2 – December 6 - 2024

This week, markets are in a holding pattern as investors brace for the pivotal U.S. jobs report, which could steer the Federal Reserve's next moves on interest rates. While U.S. stock futures hold steady near record highs, Bitcoin continues its surge past $100,000, reflecting strong risk appetite. Elsewhere, Nebius Group shines with a 17% rally following Nvidia's investment, gold remains anchored at $2,650, and GBP/USD extends its climb on a softer dollar.

As uncertainty looms, traders are keeping a close watch on economic signals and market movers.

*It is important to remember to assess your financial situation and risk tolerance, before engaging in copy trading. Past performance and forecast are not reliable indicators of future results.

Markets Hold Steady Ahead of Key Jobs Data

US stock futures are treading water as investors await the latest jobs report, a critical indicator for assessing the Federal Reserve's next steps on interest rates. Futures for the Dow Jones Industrial Average ($US30), S&P 500 ($SPX500), and Nasdaq 100 ($NAS100) remain near record highs after a recent rally, while Bitcoin has soared past $100,000, underscoring a surge in risk appetite.

The jobs data will offer fresh insight into the economy’s resilience, following Fed Chair Jerome Powell's cautious optimism on monetary policy.

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Nebius Group Soars After Nvidia Joins $700M Investment

AI infrastructure company Nebius Group ($NBIS) surged over 17% to 25.75 after announcing a $700 million funding round led by Nvidia ($NVDA), alongside Accel and Orbis Investments. The Netherlands-based firm plans to expand its cloud computing capacity for AI model training and operations.

Previously part of Yandex, Nebius reemerged in July after a $5.4 billion split of Yandex's assets and resumed trading in late October. Now headquartered in Amsterdam and led by former Yandex CEO Arkady Volozh, Nebius is positioning itself against cloud giants like Amazon ($AMZN) and Microsoft ($MSFT), with plans to invest $1 billion in European AI infrastructure.

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Gold Stalls Near $2,650 as Markets Await US Jobs Data

Gold prices (XAU/USD) hover around $2,650, moving sideways as investors await key US Nonfarm Payrolls data. The labor market report is expected to shape expectations for the Federal Reserve's next interest rate decision, with markets currently pricing in a 25 bps cut in December. Uncertainty over the economic outlook keeps gold within a tight trading range, as traders remain cautious.

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GBP/USD Extends Gains Above 1.2700 on Softer US Dollar

The GBP/USD pair maintains its upward momentum for the third consecutive day, climbing past the 1.2700 level during the European session. Persistent US Dollar weakness and increased risk appetite ahead of key US economic data are supporting the pair's bullish trend.

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This concludes our weekly recap. Have a great weekend and see you next week! 👋

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