Futures for the S&P 500 index edged lower early Monday morning after Bitcoin soared above $9,000 for the first time and set its sights on $10,000. Holiday online shopping should peak on Cyber Monday, with Amazon ( AMZN ) expected to shine once again.
[ibd-display-video id=2382612 width=50 float=left autostart=true] S&P 500 and Nasdaq 100 futures rose slightly vs. fair value. Dow futures fell a fraction vs. fair value.
Bitcoin was trading at $9,775, up nearly 9% vs. a day earlier, according to CoinMarketcap.com, after surging past $9,000 on Sunday Bitcoin Cash and Ethereum also were up sharply.
The cryptocurrency is gaining more acceptance among financial leaders as well as more and more attention from general investors. CME ( CME ) will begin trading Bitcoin futures by year end, with CBOE ( CBOE ) also looking to do so as well. JPMorgan Chase ( JPM ) reportedly is mulling whether to trade Bitcoin futures on behalf of clients, weeks after JPMorgan Chase CEO Jamie Dimon called the cryptocurrency a “fraud.” Cryptocurrency-related plays include Bitcoin Investment Trust ( GBTC ) and the recently renamed Riot Blockchain (RIOT).
Nearly four million Bitcoin out of the 21 million that will ever be “mined” are permanently lost, according to a Chainalysis study , suggesting even greater scarcity.
Cyber Monday is expected to be the largest U.S. online shopping day ever. Adobe Analytics sees $6.6 billion in sales, a 16.5% gain from last year. Amazon is expected to account for half the growth in holiday online sales, bolstering its already-hefty e-commerce share. With an estimated 90 million Amazon Prime households, the incentives to use the Amazon ecosystem are stronger than ever.
Amazon shares jumped 2.6% on Black Friday to 1,186, a record high. Shares are extended from a 1,083.41 entry.
Some $5.03 billion was spent online on Black Friday, up 16.9%, Adobe Analytics estimated. Smartphones accounted for 44.6% of visits and 26% of revenue.
The Nintendo (NTDOY) Switch, Roku (ROKU) streaming devices and Alphabet (GOOGL)-owned Google Chromecast were among the top electronics products on Black Friday.
So far from Nov. 1-Nov. 24, online shopping has leapt 17.8% to $38.3 billion.
Keep in mind that it’s hard to judge holiday winners and losers in the midst of the shopping season. You don’t know the extent of discounts or inventories.
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