US stock markets stumbled once again as they neared another record high, with the Nasdaq down 1.7% and the S&P 500 falling 0.7%.
The Dow Jones remains supported by popular recovery trades including energy and travel, finishing flat.
That said, the news flow is clearly slowing in the lead up to Christmas with all eyes on tomorrow’s inflation data.
In the meantime, first time unemployment claims hit a 52-year low as closed borders see more people enter the workforce.
The US Senate appears to be nearing changes to its policies that will allow a more straightforward raising of the debt limit rather than the devil’s advocate approach taken today.
Evergrande in default
China Evergrande (HKG: 3333) has officially been called a ‘defaulter’ by Fitch Ratings, but it looks set to avoid a systemic sell-off and credit market crunch.
The government has been preparing for this with significant policy support, with bond holders naturally set to take a significant haircut on their investment; shares gained 4% on the news.
Massive neobank lists
Nu Holdings (NYSE: NU) gained over 15% after finally listing in New York.
Nubank is one of the largest fintech companies in the world, focusing almost solely on delivering loans, credit cards and daily bank accounts to the Brazilian market. The company attained a valuation of US$41 billion on listing.
US stock market movers
Here’s how other popular US stocks fared on Thursday.
- Arista Networks (NYSE: ANET) up 2.5%
- Twitter (NYSE: TWTR) up 1.6%
- Tesla (NASDAQ: TSLA) down 6.1%
- MercadoLibre (NASDAQ: MELI) down 6.5%
- Toast (NYSE: TOST) down 7.9%
- Peloton (NASDAQ: PTON) down 11.3%
Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is set to edge lower when the market opens this morning. For a round-up of all the latest news, check out my ASX 200 morning report.