Unfortunately, the tech sector is spoiling the party: Bitcoin sank to $85K early this morning before regaining the $86K level. That’s far below its record high from earlier this year of $125K. “It’s beginning to look a lot like a crypto winter,” RBC’s daily morning email said.
There may yet be good news for stocks on the horizon, particularly if the U.S. Federal Reserve delivers that cut in December. Traders are now looking toward whether the Fed will cut again in January, emails from from ING and Goldman Sachs said this morning. Right now, CME FedWatch is showing a 21% probability of that happening. “We think the market will increasingly focus on the pricing of subsequent meetings,” George Cole and his colleagues at Goldman wrote. ”We think too little is priced in Q1.”
Here’s a snapshot of the markets ahead of the opening bell in New York this morning:
