CNBC Daily Open: U.S. exceptionalism seems difficult to dismiss for now

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 here.

U.S. markets take a breather
The S&P 500 slipped 0.19%, the Dow Jones Industrial Average lost 0.55% and the Nasdaq Composite retreated 0.18% as traders await today’s jobs report. Europe’s regional Stoxx 600 rose 0.4% for its sixth straight day of wins. France’s CAC 40 climbed 0.37% even as the country’s government was toppled in a no-confidence vote.

What to expect from U.S. jobs report
The U.S. nonfarm payrolls report for November is coming out later today. After the shockingly low 12,000 jobs added in October — largely attributed to factors like disruptions from hurricanes and strikes — economists polled by Dow Jones expect the U.S. economy to have added 214,000 jobs in November. The October number could also be revised higher.

OPEC+ extends oil supply cut
The OPEC+ alliance of oil-producing nations will postpone plans to roll back several formal and voluntary production cuts into 2026, according to delegate sources, who could only speak anonymously because of the sensitivity of talks. Oil prices ticked up slightly on the news.

An unlikely endorsement for bitcoin
On Thursday, bitcoin smashed the $100,000 barrier — though it has since retreated from that level to around $96,500. While the initial euphoria may have been triggered by U.S. President-elect Donald Trump’s planned nomination of Paul Atkins as chair of the Securities and Exchange Commission, Federal Reserve Chair Jerome Powell’s comments that bitcoin is “a competitor for gold” also helped sentiment.

[PRO] Bitcoin is the new gold?
Gold has long held a place in investors’ portfolios as an asset that hedged against market swings and geopolitical instability. Now bitcoin, with its meteoric rise in popularity and price especially in recent months, might take over the role gold plays, according to strategists.

The U.S., in terms of its economy and financial markets, seems to be firing on all cylinders.

Even though major U.S. indexes fell yesterday, when viewed in the context of their performance this week, it looks like a slight pause after achieving a series of record closing levels.

And U.S. stocks could continue notching fresh highs in the future, according to bank analysts.

“As far as the SPX goes, we believe the index will finish 2025 in the 6500 to 6700 range,” Scott Wren, senior global market strategist at Wells Fargo, wrote in a Wednesday note. Taking the higher end of Wren’s estimate, that implies a 10% upside from Thursday’s close.

If that scenario plays out for the S&P 500, it would mark the third consecutive year of gains for the broad-based index. The S&P has already shot up 27.6% year to date, its second-highest annual increase in the 21st century, according to Deutsche Bank.

The strength of the U.S. stock market is more striking when compared with its European counterpart.

“MAGA policy expectations, coupled with Goldilocks data, have revived animal spirits for US equities. In contrast, Europe remains on the back foot amid stagnant growth, tariff threats and political crisis in France,” Barclays wrote on Wednesday. “It is hard to see an end to US exceptionalism any time soon, which we think remains the playbook into 2025.”

The U.S. economy, likewise, isn’t showing signs of flagging. The Atlanta Federal Reserve forecasts U.S. economic growth in the fourth quarter to hit 3.3% on an annualized basis. That’s a small uptick from its 3.2% estimate earlier this week, and higher than third-quarter growth of 2.8%.

Employment is the engine that powers most aspects of the economy. November’s jobs report, out later today, will give investors more insight into whether U.S. economic and financial growth can continue racing forward.

— CNBC’s Jesse Pound, Lisa Kailai Han and Sean Conlon contributed to this report.