The latest ADP employment data, dubbed the "mini-nonfarm payrolls," showed a significant cooling in the labor market, leading to divergent trends in the three major US stock indices after reaching record highs. While Alphabet, Google's parent company, bucked the trend and surpassed Apple in market capitalization, Trump's restrictive policies targeting the housing and defense industries put pressure on related stocks. Meanwhile, the cryptocurrency market showed signs of weakness despite positive news; despite the major news of a Wall Street giant applying for an ETF, Bitcoin still faces a tough battle to defend its $90,000 level.
US stocks retreated after hitting new highs, while Alphabet returned to its former glory.
The ADP employment report, commonly known as the "mini-nonfarm payrolls," shows that U.S. private sector employment increased by 41,000 in December 2025, lower than the market expectation of 45,000, indicating that economic growth will be relatively weak in 2026.
Despite hitting record highs during the session, the S&P 500 and Dow Jones Industrial Average closed lower on Wednesday (January 7). The tech-heavy Nasdaq rose 0.16%, boosted by a 2.5% gain in Alphabet (Google's parent company), which made the company's market capitalization surpass Apple's for the first time since 2019.
Trump's plans to restrict large corporations from buying homes and to ban defense companies from issuing dividends and buying back shares sent real estate and defense stocks tumbling.
Traders will face a busy week, with the US non-farm payrolls report to be released on Friday, and the Supreme Court also set to rule on President Trump’s global tariff policies.
Morgan Stanley enters crypto ETF market; Bitcoin retests psychological support level of 90,000.
In the past 24 hours, the cryptocurrency market fell by 2.49%, with the total market capitalization falling back to $3.13 trillion, and the Fear & Greed Index rising to a neutral level of 49.
Morgan Stanley has submitted multiple ETF applications, including not only Bitcoin, but also extending its reach to Solana and Ethereum, demonstrating that traditional banks are no longer just testing the waters, but are engaging in comprehensive asset allocation.
However, the news failed to boost prices, with Bitcoin falling over 2%, testing the psychological support level of $90,000, influenced by geopolitical factors and profit-taking. Ethereum fell below $3,200, showing relative weakness.
This article, "Alphabet's Market Value Surpasses Apple's After Seven Years, Bitcoin Holds Firm at the $90,000 Mark," first appeared on ABMedia, a ABMedia .
