Last Updated: 4:01 PM 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 0.57%, 0.57%, and 0.28%, respectively. This comes after the Federal Reserve’s meeting minutes showed that the central bank is confident that inflation is easing and that the labor market is strong. This means that they see room to continue cutting interest rates but at a slower pace.
Separately, the Census Bureau released its United States New Home Sales data for October, which came in well below expectations at 610,000. For reference, forecasters were expecting a print of 725,000. This was also lower than last month’s report of 738,000.
Nevertheless, house prices saw an increase. Indeed, the median sales price was $437,300 in October compared to $426,300 in September. In addition, the average sales price was $545,800, above the $501,000 average seen in the prior month.
Furthermore, the Conference Board put out its Consumer Confidence report, which, as the name suggests, measures the consumers’ confidence in the economy. This report is believed to be a leading indicator for spending patterns as optimistic consumers are more likely to spend as opposed to pessimistic ones.
For November, consumer confidence came in at 111.7, which was slightly lower than expectations of 111.8. Interestingly, this was still higher than last month’s reading of 109.6. It’s worth noting that consumer confidence has been in a sideways range during the past two years.
First Published: 3:59 AM EST
U.S. stock futures were trading flat on Tuesday morning following a strong market performance in the previous day. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 (SPX) were up 0.07%, 0.06%, and 0.11%, respectively, at 3:41 a.m. EST, November 26.
On Monday, the Dow Jones hit an all-time high and closed 0.99% higher. Also, the S&P 500 and the Nasdaq Composite gained 0.3% and 0.27%, respectively. The market rally was primarily driven by optimism about the nomination of Scott Bessent as Treasury Secretary, as investors are hopeful that his appointment will lead to more market-friendly policies.
In major after-market action, Kohl’s (KSS) stock dropped 4.6% after its CEO Tom Kingsbury announced plans to step down from his position. Also, Zoom Video Communications (ZM) shares were down 5.5% despite reporting better-than-expected third-quarter results.
On the economic front, investors are looking forward to the release of the Federal Reserve’s latest policy meeting minutes for insights on the economy’s health and potential clues about the future path of interest rate cuts. Further, U.S. New Home Sales and Consumer Confidence data points will be made public today.
Additionally, several major companies, including CrowdStrike (CRWD), Workday (WDAY), Macy’s (M), Autodesk (ADSK), Best Buy (BBY), HP Inc. (HPQ), and Dell Technologies (DELL), are scheduled to release their quarterly earnings reports today.
Meanwhile, the U.S. 10-year treasury yield was up, floating near 4.295% at the time of writing. At the same time, WTI crude oil futures are trending higher, hovering near $69.13 per barrel as of the last check.
Elsewhere, European indices opened lower on Tuesday morning as investors evaluated the potential global impact of U.S. President-elect Donald Trump’s proposed tariff hikes on China, Mexico, and Canada.
Asia-Pacific Markets Traded Lower on Tuesday
Most of the Asia-Pacific indices were in the red today as traders weighed the potential impact of an additional 10% tariff on all Chinese imports, which Trump plans to impose.
China’s Shenzhen Component and Shanghai Composite indices were down by 0.12% and 0.84%, respectively. Also, Japan’s Nikkei and Topix indices closed lower by 0.87% and 0.96%, respectively. However, Hong Kong’s Hang Seng index gained 0.04%.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
