Seasonal Santa rally was still in place but S&P 500 ended

Updated time: 24 Jan, 2022, 13:45 (UTC+04:00)

Seasonal Santa rally was still in place but S&P 500 ended its four-day rally with a fall of 0.1% as investors reconsidered their concerns about Omicron and upcoming raising rates of the Fed.

Stocks:

#Tech, despite being among the standouts yesterday, suddenly retreated while Airlines rebounded. Big guys led the loss, namely Microsoft, Google-parent Alphabet and Apple, followed by chip stocks fall led by Nvidia, Marvell Technology and Micron Technology. Crypto-related stocks were on the backfoot after bitcoin dropped below $50,000.

Other two Wall Street indexes – Nasdaq and Dow Jones were still in ascendency with defensive sectors like utilities were among today’s biggest gainers, allowing us to expect that investors may just pause to breathe before feeling optimistic again.

European stocks rose as Britain and France delayed to impose more COVID-19 curbs before year-end, which cheered investors.

Seasonal Santa rally was still in place but S&P 500 ended

Crypto:

The market continued with muted spot activities until price turbulence came with BTC slumped below $48,000. A total of 129,800 option contracts worth more than $6 billion will expire on Friday, which triggers the coin to move towards the “max pains” point before managing to settle down. The price of ETH and other altcoins also dropped.

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