US Stock Futures Drop as Bitcoin Gets Closer to $100,000 – Europe Market Wrap

Stock futures dipped on Friday, as investors sought greater value elsewhere after this month’s rise in US shares. Bitcoin edged closer to the $100,000 mark.

Contracts for the US stock benchmark fell 0.3%. Nvidia fell in premarket trade as swings in the chipmaker’s shares widened following a projection that fell short of some Wall Street’s highest expectations. The Dollar increased 0.3%, putting it on track for an eighth consecutive week of gains. US treasuries advanced.

The drop in US equities futures corresponded with increases in Europe and Japan. BofA strategists warned that the Nasdaq 100, which has risen more than 4% this month, was approaching a level versus the S&P 500 that might signal the end of the trade favouring US equities. Nasdaq 100 contracts dipped 0.4% Friday.

The Dollar remained on track for its eighth consecutive weekly gain, the longest streak in roughly 14 months. The currency has surged 2.5% this month, adding to October’s gains of over 3%.

Investors have flocked into US stocks this month, buoyed by predictions that Trump’s economic proposals to lower tax rates and assist American industry will boost company profits. During the same period, European markets have remained basically flat due to concerns about weak economies and rising geopolitical tensions.