Why Is Bitcoin Still Falling?

What’s in Today’s Report:

• Why Is Bitcoin Still Falling?
• ISM Manufacturing PMI Takeaways

U.S. equity futures are higher thanks to the combination of a strong Japanese government bond auction and largely as-expected EU inflation data which are both helping yields stabilize after a sharp rise to start December yesterday.

Economically, the Eurozone’s Narrow Core HICP (Core CPI equivalent) held steady at 2.4% vs. (E) 2.5% in November.

Looking into today’s session, we will get data on domestic Motor Vehicle Sales (E: 15.4 million) which likely won’t have a material impact on markets unless there is a significant drop signaling a potential slowdown in consumer spending.

Additionally, there is one Fed speaker: Bowman (10:00 a.m. ET), and the Treasury will hold a 6-Week Bill auction at 11:30 a.m. ET. Markets are looking for dovish signals via strong demand for short-duration Treasuries and fresh support for a December Fed rate cut.

Finally, there are a few potentially market moving earnings releases today from some AI-sensitive companies including: MRVL ($0.58), CRWD ($0.07), and OKTA ($0.20).