Advertisment

US Markets Decline Amid Employment Report: Global and Crypto Markets React

author-image
María Alejandra Trujillo
New Update
US Markets Decline Amid Employment Report: Global and Crypto Markets React

US markets closed lower on Wednesday, influenced by a private employment report suggesting an economic cool-down. Private payrolls increased by only 103,000 in November, less than expected, inciting speculations about possible rate cuts by the Federal Reserve next year. The S&P 500 fell, particularly affected by the energy sector and tech companies like Nvidia and Microsoft, while WTI oil fell below $70, worrying about an oversupply.

Advertisment

Affect on the Colombian Market

In Colombia, the Colcap recorded a loss of 1.39%, with shares like Grupo Argos SA, Bancolombia, and South American Investment Group contributing to the decline. Furthermore, the Colombian Congress approved a health reform that limits the role of the private sector, representing a victory for President Gustavo Petro.

The Crypto Angle

Advertisment

In the cryptocurrency sector, there are expectations that the price of bitcoin could reach $50,000 in January, driven by the possibility that the SEC approves ETFs that contain the cryptocurrency directly.

US Market Overview

Wall Street ended in the red due to a lower creation of jobs in the United States. The declines were led by the Nasdaq with 0.58 percent, followed by a decrease of 0.39 percent for the S&P 500, and 0.19 percent for the Dow Jones Industrial Average.

Oil Prices and the Dollar

Oil prices linked their fifth day of losses due to the prospect of a greater supply of crude in the market, as well as concerns about future interest rate movements, coupled with the strength of the dollar, factors that play against the recent OPEC+ agreements to boost the prices of this raw material.

Advertisment
Advertisment