On Thursday, the major stock indexes experienced a decline, reflecting a cautious atmosphere as investors awaited important economic dataOil prices saw a slight downturn despite OPEC+ plans to increase production next year after delaying their initial resumptionMeanwhile, gold prices fell, with investors on edge as they awaited U.Snon-farm payroll data set to be released on Friday, which could provide guidance on the future direction of Federal Reserve policyAccording to Macquarie Group, gold has considerable room for further price increases in the upcoming year, potentially reaching new highsThe firm has adjusted its forecast for the average gold price in the first quarter of next year to $2,650 per ounce, a 1.9% increase from its previous expectations.

By the end of the trading day, the Dow Jones Industrial Average fell by 248.33 points, a decrease of 0.55%, closing at 44,765.71 points

The Nasdaq Composite dropped 34.86 points or 0.18%, finishing at 19,700.26 points, while the S&P 500 index decreased by 11.38 points, closing down 0.19% at 6,075.11 pointsTesla's shares (TSLA.US) rose over 3%, marking a new high not seen since April 2022, while Intel (INTC.US) shares decreased by more than 5%. In the Nasdaq China Golden Dragon Index, Alibaba (BABA.US) edged down nearly 1%, whereas JD.com (JD.US) saw an increase of almost 2%.

Conversely, European markets presented a more positive outlookThe German DAX 30 index climbed by 165.70 points, or 0.82%, closing at 20,382.05 pointsThe UK's FTSE 100 index increased by 13.21 points, a gain of 0.16%, ending at 8,349.02 pointsFrance's CAC 40 index rose by 27.26 points, or 0.37%, closing at 7,330.54 pointsFurthermore, the Euro Stoxx 50 index climbed by 31.23 points, or 0.63%, finishing at 4,950.25 points, while Spain's IBEX 35 index rose by 190.17 points, gaining 1.59% to close at 12,121.77 points

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Italy's FTSE MIB index also saw gains, climbing 547.09 points or 1.61%, to finish at 34,631.00 points.

In Asia-Pacific markets, the Nikkei 225 index recorded a minor increase of 0.3%, while Indonesia's Jakarta Composite index dipped 0.18%. South Korea's KOSPI index fell by 0.9% in a mixed day of trading.

Shifting focus to the cryptocurrency market, Bitcoin experienced a continued downturn, dropping below the $98,000 mark, marking a significant pullback of $6,000 from its recent all-time high established the previous day.

On the commodities front, international precious metals futures saw general declinesThe COMEX gold futures contract fell by 0.79%, settling at $2,655 per ounce, while silver futures on the same exchange decreased by 0.28% to $31.825 per ounceIn the oil markets, January WTI crude oil futures ended down 0.24%, reflecting a 0.35% loss to close at $68.30 per barrel

Similarly, February Brent crude oil futures dipped 0.22%, closing at $72.09 per barrelHowever, January natural gas futures on the NYMEX rose by 1.18%, closing at $3.0790 per million British thermal units.

As macroeconomic concerns mount, traders on Wall Street grappled with rising anxiety ahead of the non-farm payroll data release, leading to a slowdown in market momentum near record highsThis comes on the heels of the S&P 500 index setting a record high for the 56th time this yearChris Larkin from Morgan Stanley E*Trade noted, “Tomorrow's monthly non-farm data will offer a broader picture, but for now, the labor market shows some signs of fatigue without imminent collapse.” A survey from 22V Research indicated that 45% of investors viewed Friday's non-farm figures as “mixed/irrelevant,” while 32% anticipated the data would lead to “risk-off” sentiments, with 23% optimistic that it might boost risk appetite.

Further analysis from the New York Federal Reserve revealed troubling insights into the economic impact of tariffs

The report indicated that U.Scorporate stock prices generally declined on the day tariffs were announced, with adverse consequences relating to companies facing the greatest stock price drops also experiencing reduced future profits, sales, and employmentMary Amiti, an economist leading the labor and product market research team at the New York Fed, explained that taxing imported goods aims to protect domestic industries from foreign competition by making local products more financially attractiveHowever, the study found that companies' stock prices plummet on such announcements, leading to longer-term financial detriments, suggesting that the promised benefits of tariffs are hard to realize amidst complex global supply chains and potential retaliatory actions from foreign nations.

In a related economic commentary, former U.STreasury Secretary Larry Summers condemned the notion of a national Bitcoin reserve as “absurd.” The Democratic economist criticized suggestions for the government to establish reserves in Bitcoin, while also warning that the ambitious cost-cutting plans proposed by Elon Musk face significant political hurdles

Summers dismissed the idea of a nation-wide Bitcoin reserve as lacking justification beyond catering to special interest groups and campaign donorsHe highlighted that while Musk's plan targets a $2 trillion saving, overall federal expenditures still far exceed this figure, with a substantial portion tied to defense and support for American seniors, making alterations politically daunting.

After the collapse of the French government, President Emmanuel Macron addressed the nation for the first time, announcing an impending appointment of new candidates within the coming days following the resignation of his minister, BarnierMacron attributed the impeachment of Barnier's government to a coalition between far-right and far-left factions, specifically blaming the National Rally party for inciting chaosRegarding the French 2025 budget bill, Macron stated that a “special law” proposal would be submitted for consideration in mid-December to the National Assembly.

In the U.S

housing market, the average rate for a 30-year mortgage has dipped to its lowest level since October, now averaging 6.69%, as reported by Freddie MacThis marks a continuation of a downward trend over two consecutive weeksHowever, interest rates remain significantly higher than what was seen in September, indicating persistent challenges ahead for borrowersReal estate firm Redfin anticipates that 30-year mortgage rates will hover near 7% throughout all of 2025, indicating a lengthy period of tight financing conditions.

In company-specific news, Chevron (CVX.US) is planning to cut capital expenditures, including layoffs across its global operationsThe oil giant announced its first budget cuts in the shale sector since the pandemic, aiming to control its oil production growth in the Permian Basin while enhancing cash flowChevron stated it will reduce global capital expenditures by $2 billion next year and aims to trim structural costs by up to $3 billion by 2026, which includes workforce reductions; however, the company has not specified how many jobs will be affected.

Lastly, Stellantis (STLA.US) has entered into an agreement with Zeta Energy to develop more affordable lithium-sulfur batteries for electric vehicles