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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Uber's stock closed up over 2% on Monday following S&P Dow Jones Indices' announcement that the ride-hailing giant will join the S&P 500 index. Set to officially become part of the index on December 18, Uber's inclusion has boosted investor confidence, as index funds tracking the S&P 500 will now add Uber to their portfolios. Uber is replacing Sealed Air Corp. in the index. Analysts at Oppenheimer have responded positively, reiterating their outperform rating on Uber and raising their price target to $75 per share from $65. They anticipate Uber focusing on growth and share buybacks, improving investor sentiment for 2024. Uber's eligibility for the index is backed by its recent financial performance, reporting a net income of $221 million in the third quarter and over $1 billion in profit across the last four quarters. With a market cap of about $118 billion, Uber comfortably exceeds the S&P's minimum market cap requirement of $14.5 billion.

2. Bitcoin has recently surged past $41,000, demonstrating resilience in its recovery since the 2022 cryptocurrency downturn. This comeback is partly driven by expectations of rate cuts and the optimistic prospect of spot ETF launches. The cryptocurrency's rebound occurs amidst a rigorous regulatory crackdown in the U.S., which notably included the arrest of Sam Bankman-Fried, former CEO of FTX, on fraud charges. Additionally, the leading crypto exchange Binance and its founder, Changpeng Zhao, faced substantial legal hurdles and fines.

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4. Headlines

   1. Gold has hit a new record high.

   2. Spotify has announced that it is cutting its workforce by 17% (approximately 1,500 jobs).

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Liam Gill