Market News

Weekly news summary for December 3 to December 9

Friday, Dec. 3: Bitcoin Drops 20% on Wall Street Sell-off

Bitcoin prices were down as much as 20% overnight on Friday, hitting a low close to $43,000, as stocks in Wall Street retreated and investors sought safe-haven in US Treasuries, triggering a drop in the 10-year yield.

Other cryptocurrencies followed Bitcoin’s decline, with the Ether falling over 16% on Friday morning, while Solana and Cardano lost 13% and 19% respectively on the week.

Monday, Dec. 6: SoftBank Shares Drop on Portfolio Uncertainties

Shares of SoftBank Group Corp. lost over 8% on Monday, as uncertainties around its portfolio companies, including Didi Chuxing, Alibaba Group Holding Ltd., and Arm Ltd., weighed on each of their market value.

The Japanese tech conglomerate’s stock slipped to JPY5,103 in Tokyo and as low as JPY5,062 at one point, marking its lowest level since June 2020.

Tuesday, Dec. 7: Intel to Take Mobileye Public in the US Next Year

Intel Corp. looks to take its autonomous driving unit Mobileye public in the US next year, a move which could value the Israeli company at over $50 billion, a source with knowledge of the matter stated on Monday.

The Santa Clara, California-based chipmaker stated that it has no plans to hand over or spin off its majority ownership interest in Mobileye, while a final decision on the potential listing has yet to be made and is subject to market conditions.

Wednesday, Dec. 8: British Pound Hits Fresh Low on New COVID Measures

The British pound posted a new one-year low against the US dollar on Wednesday as the possibility of new COVID-19 driven restrictions threatened the outlook for the UK economy and the Bank of England’s (BoE) rate hike later this month.

The sterling shed 0.5% to 1.317 against the greenback after news of Prime Minister Boris Johnson set to implement Plan B measures, which includes vaccine passports and work from home orders, to contain the spread of the Omicron variant.

Thursday, Dec. 9: Apple Nears $3T Milestone, S&P 500 Up Above 4,700

The stock of Apple Inc. rose to another record high, pushing the iPhone maker’s market cap at $2.87 trillion to almost hitting a $3 trillion milestone.

Apple was up 2.2% to a fresh record high of $175.08 and has gained 8.2% so far this week, while the S&P 500 added 0.3% to end the session at $4,701 for the first time since Nov. 24, regaining some intraday losses after the tech giant’s new peak and better vaccine news from Pfizer Inc. and BioNTech SE.

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