Last Updated: 4:10PM EST
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Stock indices finished today’s trading session mixed. The Nasdaq 100 (NDX) and the S&P 500 (SPX) gained 0.12% and 0.17%, respectively. On the other hand, the Dow Jones Industrial Average (DJIA) slipped by 0.05%. Furthermore, the U.S. 10-Year Treasury yield increased to 3.9%, while the Two-Year Treasury yield fell to 4.33%.
Earlier today, the Census Bureau released its United States New Home Sales data for November, which came in at 590,000. For reference, forecasters were expecting a print of 695,000. This was also lower than last month’s report of 672,000.
However, house prices saw an increase. Indeed, the median sales price was $434,700 in November compared to $409,300 in October. In addition, the average sales price was $488,900, higher than the $487,000 average seen in the prior month.
Last Updated: 9:37AM EST
U.S. indices tracked higher on Friday morning after the Personal Consumption Expenditures (PCE) price index declined by 0.1% month-on-month in November. The Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up by 0.30%, 0.33%, and 0.15%, respectively, at 9:37 a.m. EST, December 22.
The moderation in inflation further raises hopes for a series of rate cuts next year. From over 5% only a year ago, the Core PCE price index came in at +3.2% in November. Further, consumer spending increased by 0.2% month-on-month in November.
Moving to major stock-related news, Nike (NKE) stock dropped about 10% following a mixed earnings report and a pullback in Fiscal 2024 revenue expectations. On the positive side, NKE disclosed a $2 billion cost-saving plan to reinvest it into the business to support growth. In addition, Bristol-Myers Squibb (NYSE:BMY) has agreed to acquire Karuna Therapeutics (NASDAQ:KRTX) in a $14 billion deal.
China’s latest policy moves over rare earth minerals have boosted the fortunes of names focused on rare earth minerals. However, the latest gaming curbs in the country are putting pressure on Tencent (HK:0700) and NetEase (HK:9999).
Meanwhile, oil prices traded higher this morning due to rising geopolitical tensions in the Middle East and Angola’s exit from OPEC to join other mid-sized producers. The WTI crude oil futures are hovering near $75 per barrel as of the last check.
Asia-Pacific Markets End Mixed on Friday
Asia-Pacific indices ended mixed on Friday’s trading session. Asian stocks declined as Beijing proposed rules to control excessive spending on video games in the country. At the same time, Japan’s core inflation rate of 2.5% in November marked the lowest level in the past 16 months, matching the consensus estimates.
Hong Kong’s Hang Seng index closed 1.69% lower, and China’s Shanghai Composite and Shenzhen Component indices ended down by 0.13% and 0.39%, respectively.
In the meantime, Japan’s Nikkei and Topix indices finished higher by 0.09% and 0.45%, respectively.
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