Overnight U.S. Stocks | Dow Jones falls for the fourth consecutive trading day, Google rises over 5%

According to Zhitong Finance, on Tuesday, the three major indices closed lower, with the Dow Jones falling for the fourth consecutive trading day. During Tuesday's trading session, the Nasdaq reached a high of 19,887.08 points, setting an intraday historical record.

[U.S. Stocks] As of the close, the Dow Jones fell 154.10 points, a decrease of 0.35%, closing at 44,247.83 points; the Nasdaq fell 49.45 points, a decrease of 0.25%, closing at 19,687.24 points; the S&P 500 index fell 17.94 points, a decrease of 0.30%, closing at 6,034.91 points. Google (GOOG.US, GOOGL.US) rose over 5%, Walgreens (WBA.US) rose over 17.7%, Tesla (TSLA.US) rose 2.87%, Meta Platforms (META.US) rose over 0.9%, Apple (AAPL.US) rose over 0.4% continuing to set a closing historical high, Amazon (AMZN.US) fell over 0.4%, Microsoft (MSFT.US) fell 0.6%, Nvidia (NVDA.US) fell 2.69%, and Oracle (ORCL.US) fell over 6.6%.

[European Stocks] The German DAX30 index rose 12.55 points, an increase of 0.06%, closing at 20,366.65 points; the UK FTSE 100 index fell 74.48 points, a decrease of 0.89%, closing at 8,277.60 points; the French CAC40 index fell 85.36 points, a decrease of 1.14%, closing at 7,394.78 points; the Euro Stoxx 50 index fell 33.91 points, a decrease of 0.68%, closing at 4,951.55 points; the Spanish IBEX35 index fell 48.58 points, a decrease of 0.40%, closing at 11,962.92 points; the Italian FTSE MIB index fell 33.83 points, a decrease of 0.10%, closing at 34,526.00 points.

[Asia-Pacific Stock Markets] The Nikkei 225 index rose 0.53%, the Jakarta Composite Index in Indonesia rose 0.21%, and the KOSPI index in South Korea rose 2.4%.

[Cryptocurrency] Bitcoin fell below $95,000, down 0.68% for the day. Bitcoin saw a slight increase during the day, but the trading price remained below the recently breached key level of $100,000, as this cryptocurrency seems to struggle to maintain upward momentum. Last Thursday, after U.S. President-elect Trump nominated Paul Atkins, a supporter of cryptocurrency, as the chairman of the SEC, Bitcoin reached an all-time high of $103,000. Trade Nation analyst David Morrison stated in a report: "Yesterday, Bitcoin briefly broke through the $100,000 mark again, but shortly after the U.S. stock market opened, Bitcoin plummeted amid the stock market sell-off."

[Gold] Spot gold rose 1.27%, closing at $2,694.10 per ounce; COMEX gold futures rose 1.28%, closing at $2,720.00 per ounce.

[Crude Oil] The price of West Texas Intermediate (WTI) crude oil futures for January delivery on the New York Mercantile Exchange rose 22 cents, an increase of 0.32%, closing at $68.59 per barrel [Metals] LME copper futures fell by $16, closing at $9,216 per ton. LME aluminum futures rose by $20, closing at $2,608 per ton. LME zinc futures rose by $9, closing at $3,135 per ton. LME lead futures fell by $3, closing at $2,064 per ton. LME nickel futures fell by $281, closing at $15,715 per ton. LME tin futures fell by $142, closing at $29,776 per ton. LME cobalt futures remained flat, closing at $24,300 per ton.

[Macroeconomic News]

U.S. Bureau of Labor Statistics faces scrutiny over repeated data release errors; key outsourced positions withdrawn. On the eve of the release of the U.S. November CPI data, a newly published report stated that the leadership of the U.S. Bureau of Labor Statistics is responsible for a series of errors this year. These errors have brought the agency under scrutiny. However, the report, issued by a team of experts composed of government and private sector members, stated that these incidents were not related to the quality or accuracy of the agency's core data work. The report also added that no evidence of dishonest or malicious intent was found. Previously, the U.S. April CPI was leaked early, and in August, the preliminary annual benchmark revision data for the non-farm payroll report was delayed for more than 30 minutes past its scheduled release time of 10 a.m. The investigation found that the agency's modernization efforts for technology and software were hindered by a lack of funding, preventing it from keeping its processes and systems up to date with technological advancements. The investigation team proposed re-planning corporate training for frontline staff and revising emergency plans to reduce the risk of untimely releases. It is reported that the U.S. Bureau of Labor Statistics has withdrawn contractors from key positions, limiting these functions to federal employees.

U.S. Treasury Department cuts auction sizes for 4-week and 8-week Treasury bills for the second consecutive week. On December 10, the U.S. Treasury Department reduced the auction size for the shortest-term benchmark Treasury bill. The U.S. Treasury announced plans to issue $80 billion in 4-week Treasury bills on Thursday, a decrease of $5 billion from the previous auction size for the same term. The department also announced the issuance of $75 billion in 8-week Treasury bills on Thursday, also a decrease of $5 billion. The auction size for the 17-week Treasury bills scheduled for Wednesday remains unchanged at $64 billion. The U.S. Treasury stated in October that it planned to maintain the auction size for benchmark Treasury bills through November and "moderately reduce" the auction size for short-term Treasury bills in December.

EIA: U.S. net crude oil imports expected to drop significantly by 20% in 2025. The U.S. Energy Information Administration (EIA) stated on Tuesday that it expects U.S. net crude oil imports to decline by 20% next year to 1.9 million barrels per day, the lowest level since 1971, indicating increased domestic production and decreased refinery demand. In its December Short-Term Energy Outlook, the EIA projected that U.S. oil production will increase from 13.24 million barrels per day in 2024 to 13.52 million barrels per day in 2025. The EIA also stated that refinery crude oil processing is expected to be 16 million barrels per day in 2025, a decrease of 200,000 barrels per day from 2024. The EIA now expects the average spot price of Brent crude oil in 2025 to be $73.58 per barrel, down from the previous forecast of $76.06 per barrel. The average spot price of U.S. crude oil is expected to be $69.12 per barrel, down from the last forecast of $71.60 per barrel [Stock News]

Boeing (BA.US) restarts 737 production line, November delivery hits four-year low. After a 53-day strike, Boeing announced that it has resumed production of its best-selling model, while the company's November delivery volume has dropped to a four-year low. Boeing's stock price rose by as much as 5.9% in the New York market, and as of now, the stock is up 4.7%. Boeing delivered 9 737 Max aircraft, as well as two 787 Dreamliners and two 777 aircraft in November. All of these planes were manufactured and delivered from inventory before the strike. The aircraft manufacturer stated that the 737 production line at its Renton plant south of Seattle, Washington, has fully resumed operations. In the weeks following the end of the strike, Boeing had to organize parts and tools while also training and re-certifying the hourly workers who were on strike during the contract dispute.

The U.S. Department of Commerce announces $6.1 billion funding for chip company Micron Technology (MU.US). On December 10, a statement released by the White House indicated that the U.S. Department of Commerce signed a contract with Micron Technology, the largest computer memory chip manufacturer in the U.S., to provide $6.1 billion in funding. Additionally, the U.S. Department of Commerce announced that it has reached a preliminary agreement with Micron Technology to provide an additional $275 million for the expansion of Micron's factory in Manassas, Virginia