Last Updated: 4:05PM EST
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Stock indices finished today’s trading session in the green. The Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) gained 0.6%, 0.42%, and 0.43%, respectively.
Furthermore, the U.S. 10-Year Treasury yield slipped slightly to 3.9%, while the Two-Year Treasury yield saw a slight increase to 4.35%.
On Tuesday, Standard & Poor’s released its United States S&P/Case-Shiller House Price Index Composite – 20 n.s.a. This report measures the change in house prices in 20 metropolitan areas.
On a year-over-year basis, home prices increased by 4.9% in October, lower than the expected 5%. This is higher than last month’s reading of 3.9%. In addition, prices increased 0.1% on a month-over-month basis. This is on top of the previous month’s increase of 0.2%.
Last Updated: 9:37AM EST
U.S. indices inched higher on Tuesday morning, with investors entering the final trading week of 2023 on rising expectations of rate cuts. The Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up by 0.38%, 0.22%, and 0.15%, respectively, at 9:38 a.m. EST, December 26.
The positive stock market momentum is likely to raise hopes of a “Santa Claus rally” ahead. This rally refers to a seasonal trend where equities tend to climb during the last five trading days in December and the first two trading days of January. If the upside trend continues, the S&P 500 and the Dow will be headed for their longest weekly winning streak since 2017.
In stock-specific action, FedEx (NYSE:FDX) has announced a share buyback worth $1 billion, and Intel (NASDAQ:INTC) has secured a major grant for its planned $25 billion chip facility in Israel. The healthcare sector is abuzz with strategic M&A deals. Aiming to bolster their asset pipelines, AstraZeneca (NASDAQ:AZN) and Bristol-Myers Squibb (NYSE:BMY) have announced major acquisitions today.
Meanwhile, oil prices were trending higher at the time of writing as investors remained optimistic about the Federal Reserve cutting rates next year, thereby boosting global fuel demand. The WTI crude oil futures were up, hovering near $75.55 per barrel as of the last check.
Elsewhere, the European market remains closed today in honor of Boxing Day.
Asia-Pacific Markets End Mixed on Tuesday
The Asia-Pacific indices remained mixed on Tuesday as investors continued to evaluate the impact of China’s potential new gaming rules. Furthermore, Japan’s unemployment rate remained unchanged at 2.5% in November. The Hong Kong markets remained closed today.
China’s Shenzhen Component Index and Shanghai Composite ended down by 1.07% and 0.68%, respectively.
However, Japan’s Nikkei and Topix indices finished marginally higher by 0.16% and 0.06%, respectively.
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