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Nasdaq Falls below 20K Points, Bitcoin Price Below $100K After US GDP for Q3

Skerdian Meta•Thursday, December 19, 2024•2 min read

Stock markets and cryptocurrencies have reversed lower after the FOMC meeting, with Nasdaq below 20k and Bitcoin slipping below $20K, as markets digest Powell’s comments and the higher Dot Plot.

Bitcoin trading around $100K

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Bitcoin climbed above $108,000 earlier this week, but started retreating ahead of the FOMC decision and crashed lower after the hawkish 25 bps rate cut. Bitcoin, often a barometer for risk sentiment, is facing renewed pressure. In just a couple of hours, the cryptocurrency has sharply dropped from $102,500 to $100,000. The critical level to watch now is the Asian session low of $98,677, which earlier prompted a strong rebound. Should this level fail to hold, Bitcoin could slide further, potentially testing the $96,000 mark.

The U.S. stock market is experiencing significant volatility today, driven largely by the technology and automotive sectors. After yesterday’s decline, the market opened the U.S. session with a strong rally fueled by gains in leading companies, but momentum shifted, and stocks slipped even further. Nvidia (NVDA) stood out in the semiconductor sector with a solid 1.5% rise, managing to maintain its gains. Similarly, Microsoft (MSFT) provided a boost to the industry, climbing 1.2% and adding to the positive sentiment. However, despite some strong performances in tech, the Nasdaq remains below the 20,000-point mark.

U.S. Q3 Final GDP Report Highlights

  • Headline GDP Growth:

    • Final Q3 GDP: +3.1%, surpassing expectations of +2.8%.
    • Advance and second readings were both +2.8% annualized.
    • Final Q2 GDP was +3.0% annualized.

  • Consumer Spending:

    • Overall consumer spending: +2.8% (vs. +3.5% in the second reading).
    • Spending on durable goods: +7.6% (vs. +8.1% in the second reading).

  • GDP Components:

    • Final sales: +3.3% (vs. +3.0% in the second reading).
    • GDP deflator: +1.9% (unchanged from the second reading).
    • Core PCE: +2.2% (vs. +2.1% in the second reading).
    • Corporate profits after tax: -0.4% (vs. 0.0% in the second reading).
    • Business investment (nonresidential fixed investment): +4.0%.
  • Contributions to Growth:
    • Consumption: +2.48 pp (vs. +2.37 pp in the second reading).
    • Government Spending: +0.86 pp (vs. +0.83 pp in the second reading).
    • Net International Trade: -0.43 pp (vs. -0.57 pp in the second reading).
    • Inventories: -0.22 pp (vs. -0.11 pp in the second reading)

The final Q3 GDP for the U.S. was revised upward to 3.1%, surpassing expectations of 2.8% and reflecting steady economic growth compared to 3.0% in Q2. While consumer spending and durable goods consumption slowed slightly from earlier readings, other components such as GDP final sales and core PCE were revised higher.

Business investment showed robust growth at 4.0%, while corporate profits dipped by 0.4%. Key contributors to growth included consumption (+2.48 percentage points) and government spending (+0.86 percentage points), while net trade (-0.43 percentage points) and inventories (-0.22 percentage points) detracted. Overall, the data highlights a resilient economy despite moderating pressures in some areas.

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ABOUT THE AUTHOR See More
Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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