The S&P 500 and Nasdaq closed modestly higher as investors position themselves ahead of next week’s Fed rate decision. Bitcoin continues to consolidate above the $90K level, with market sentiment having exited the “extreme fear” zone but remaining cautious. Twenty-One, the U.S. Bitcoin company directly backed by Tether (the world’s largest stablecoin issuer), will begin trading on the NYSE under the ticker “XXI” next Monday (December 8). Its shares (current ticker CEP) surged 22% yesterday. Meanwhile, Ethereum treasury company BitMine continues to aggressively accumulate ETH, with BMNR shares rising nearly 8% yesterday to close at $36.32.

Good Data = Good News, Bad Data = Still Good News — Fed Rate Cut Locked In?

nvestors largely shrugged off Thursday’s latest weekly jobless claims report, which showed initial claims dropping to the lowest level since September 2022. For the week ending November 29, seasonally adjusted initial claims fell 27K to 191K, well below the expected 220K.

Orion Investment Chief Tim Holland commented:

“With each data point that tells us the bottom isn’t falling out, I think the markets breathe a sigh of relief. Even though the initial claims data today was skewed by the Thanksgiving holiday, I think that was very well received. I don’t think you’re going to get any data that knocks the Fed off of a cut next week between now and then.”

Other key economic releases arrive Friday: the Commerce Department will publish September personal income & spending data along with the Fed’s preferred inflation gauge (PCE), while the University of Michigan releases its final December consumer sentiment survey.

Bitcoin Still Consolidating Above $90K — Crypto Stocks Showing Strength

Bitcoin continues trading sideways above $90K, with total crypto market cap down 1.76% to $3.14 trillion. Sentiment has moved out of extreme fear but remains guarded.

Twenty-One announced that its business combination has been formally approved at the shareholder meeting. The company will officially list on the NYSE under ticker “XXI” next Monday (December 8). Shares (current ticker CEP) jumped 22% yesterday.

BitMine continues its aggressive ETH accumulation, with BMNR shares up nearly 8% yesterday to $36.32.

MicroStrategy (MSTR) dipped 1% yesterday, but JPMorgan noted in its latest report that the stock has already priced in the risk of potential index removal and has rebounded nearly 20% from its early-December low near $155.

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