In early trading on Thursday, the stock market presented a mixed picture as it aimed to continue its remarkable rally. Meanwhile, bitcoin remained stable after reaching a significant milestone of surging above $100,000 for the first time.

Market Overview and Index Movements

The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite were experiencing fluctuations near the unchanged mark. On Wednesday, each of these major indexes had achieved all-time highs, driven by substantial gains in technology stocks. This post-election rally was fueled by hopes that the incoming Trump administration would implement pro-growth policies, which would boost corporate earnings and stock market gains.Technology stocks, especially large-cap ones, were mostly in an upward trend early on Thursday. EV maker Tesla (TSLA) led the way with a gain of more than 4%. Apple (AAPL), Amazon (AMZN), Alphabet (GOOGL), Meta Platforms (META), and Broadcom (AVGO) were also making progress. However, Nvidia (NVDA) and Microsoft (MSFT) saw a slight decline.Among the significant movers in early trading, Synopsys (SNPS) shares took a hit, dropping 10% after the chip-design software maker provided a disappointing sales outlook. Fiserv (FI) also saw its shares slide 5% following the appointment of its CEO, Frank Bisgnano, by President-elect Donald Trump to lead the Social Security Administration.

Bitcoin's Impact on Crypto-Adjacent Stocks

Crypto-adjacent stocks were on the rise in the morning, in line with the movement of the bitcoin price. MicroStrategy (MSTR), one of the world's largest holders of the digital currency, saw its shares increase by 3%. Shares of crypto exchange Coinbase (COIN) and bitcoin miner Mara Holdings (MARA) also rose by 3% and 4%, respectively.Bitcoin itself was trading at $103,300 after surging to nearly $104,000 overnight. This came following news that Trump had named Paul Atkins to lead the Securities and Exchange Commission. Atkins will succeed Gary Gensler, who is a critic of the crypto industry and announced his intention to step down in January. Since the election, bitcoin has gained about 45% as investors expected the Trump White House and a crypto-friendly Congress to support measures beneficial to the asset class.

Yield on 10-Year Treasurys and Economic Outlook

The yield on 10-year Treasurys, which is closely related to market expectations about interest rate movements, fell to 4.20% on Thursday morning from 4.22% the previous afternoon. Investors are eagerly awaiting the scheduled release of the November jobs report on Friday morning. They are looking for information that could influence the Federal Reserve's decision-making on interest rates. Fed Chair Jerome Powell stated on Wednesday that the central bank could be cautious in cutting rates given the continued strength of the economy. The Fed's last policy-setting meeting of the year is scheduled for December 18.

Gold and Crude Oil Futures

Gold futures were down about 0.5% this morning, hovering around $2,660 an ounce. On the other hand, crude oil futures showed a slight increase.These various market movements and trends highlight the complex and dynamic nature of the financial markets, with different assets responding in different ways to a multitude of factors.