A look at the day's market activity, including a shortened trading day for many bourses, China's CSI 300 ending the year higher, Bitcoin's rise after Trump's election win, Nippon Steel's offer to the US government, Alibaba's move in AI, and the S&P 500's performance in 2024.
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe. Today was a shortened trading day for many bourses. China 's CSI 300 ended the year 15% higher, snapping its three-year losing streak, though it lost 1.6% on the day.
Bitcoin broke the $100,000 level in December 2024 after Donald Trump, largely seen as friendly to the cryptocurrency, won the U.S. elections. Industry executives and crypto investors see strong momentum for bitcoin, with several predicting that it will continue to rise. The fate of the proposed cryptocurrency regulation bill, however, rests with U.S. President Joe Biden, who has until Jan. 7 to decide. In an attempt to persuade Biden, Nippon Steel has offered to give the U.S. government a significant discount on its visual language model. The model, named Qwen-VL, is designed to understand both texts and images. Alibaba's move signals the growing competition between Chinese tech giants as they aim to gain market share for their artificial intelligence products. The S&P 500 had a strong start to 2024, with a 10.2% gain in the first quarter. That's more than 10 times its average gain since 2000, noted CNBC's Robert Hum. That momentum couldn't be sustained. The S&P added 3.9% and 5.5% in the second and third quarter, respectively, of 2024. In any other year, investors might not have been disappointed with those figures. But the index's first-quarter performance set the bar so high that subsequent quarters seemed to pale in comparison. In the final quarter of 2024, the S&P limped forward just 1.9%. Making things worse, someone out there was naughty, preventing Santa from conducting his typical year-end rally in the stock market. Of course, a gain is a gain
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