For now, it seems hard to dismiss US exceptionalism

This report is from today's edition of CNBC Daily Open, our international markets newsletter. CNBC Daily Open introduces investors to everything they need to know, no matter where they are. Do you like what you see? You can subscribe here.

US markets are taking a breather
The S&P 500 fell by 0.19%, on Dow Jones Industrial Average lost 0.55% and Nasdaq Composite retreated 0.18% as traders wait for today's jobs report. regional of Europe Stoxx 600 rose 0.4% for its sixth consecutive day of victories. of France CAC 40 rose 0.37% even as the country's government was overthrown on a vote of no confidence.

What to expect from the US jobs report
The US nonfarm payrolls report for November is out later today. After a shockingly low 12,000 jobs added in October — largely due to factors such as 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 may also be revised upwards.

OPEC+ extends oil supply cuts
The OPEC+ alliance of oil producing countries will postpone plans to go back several formal and voluntary production cuts in 2026, according to delegate sources who could only speak anonymously because of the sensitivity of the talks. Oil prices rose slightly on the news.

Bitcoin approval unlikely
on Thursday bitcoin broke the $100,000 barrier – although it has since retreat from this level to about $96,500. While the initial euphoria may have been sparked by US President-elect Donald Trump's plan nomination of Paul Atkins as Chairman of the Securities and Exchange Commission, Federal Reserve Chairman Jerome Powell comments that bitcoin is a “competitor to gold” also helped sentiment.

(PRO) Is Bitcoin the New Gold?
gold it has long held a place in investors' portfolios as an asset that protects against market fluctuations and geopolitical instability. Now Bitcoin, with its meteoric rise in popularity and price, especially in recent months, may assume the role played by goldaccording to strategists.

“As for the SPX, we believe the index will end 2025. in the 6,500 to 6,700 range,” Scott Wren, senior global market strategist at Wells Fargowrote in a note from Wednesday. Taking the upper end of Wren's estimate, that suggests a 10% gain from Thursday's close.

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

The strength of the US stock market is more impressive compared to its European counterpart.

“MAGA political expectations combined with the Goldilocks data revived the bullish spirit for US stocks. In contrast, Europe remains on the back foot amid stagnant growth, tariff threats and a political crisis in France.” Barclays wrote on Wednesday. “It's hard to see an end to US exceptionalism anytime soon, which we think remains the playbook until 2025.”

The US economy also shows no signs of slowing down. Atlanta Federal Reserve predictions US economic growth in the fourth quarter will reach 3.3% on an annual basis. That was a small increase from its estimate of 3.2% earlier this week and higher than growth of 2.8% in the third quarter.

Employment is the engine that drives most aspects of the economy. The November jobs report, due later today, will give investors a better idea of ​​whether US economic and financial growth can continue to race.

— CNBC's Jesse Pound, Lisa Kaylai Khan and Sean Conlon contributed to this report.