CNBC Daily Open: Market Wrap-Up

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 FTX 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 discount on its steel exports. Alibaba is slashing prices on its visual language model by up to 85%, the company announced Tuesday. 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. Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly newsletter. The S&P 500 had a remarkable year in 2024. The broad-based index blazed through the gates right from the start of 2024. In the first quarter of the year, it jumped up 10.2%. 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

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