Last Updated: 4:13 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 1.01%, 0.73%, and 0.16%, respectively.
Earlier today, the Census Bureau released its United States New Home Sales data for November, which came in at 664,000. For reference, forecasters were expecting a print of 650,000. This was also higher than last month’s report of 627,000.
However, house prices saw a decrease. Indeed, the median sales price was $402,600 in November compared to $425,600 in October. In addition, the average sales price was $484,800, lower than the $525,400 average seen in the prior month.
Separately, the Conference Board released 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 December, consumer confidence came in at 104.7, which was lower than expectations of 112.9. Interestingly, this was lower than last month’s reading of 112.8. It’s worth noting that consumer confidence has been in a sideways range during the past two years. In addition, compared to Decembe 2023, sentiment is down from 108.
First Published: 3:46 AM EST
U.S. stock futures traded higher on Monday morning as many investors prepared for the holiday-shortened week. The market is set to close early on Tuesday for Christmas Eve and will be closed on Christmas Day. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 (SPX) were up 0.64%, 0.2%, and 0.38%, respectively, at 3:15 a.m. EST, December 23.
The optimistic market sentiment is supported by a cooler-than-expected inflation report, released on Friday, which helped ease concerns about the Federal Reserve’s monetary policy path. On Friday, the Dow Jones gained 1.2%, while the S&P 500 and the Nasdaq Composite were up 1.1% and 1%, respectively.
On the corporate front, Apple (AAPL) disclosed plans to increase its investment in Indonesia to $1 billion. This move comes after Indonesia banned the sale of the iPhone 16 due to the company’s failure to meet local content requirements.
Looking ahead, investors will be closely monitoring key economic data releases, including December’s Consumer Confidence Index, due today. Also, the Durable Goods Orders and New Home Sales Change reports for November are slated for release this week.
Meanwhile, the U.S. 10-year treasury yield was up, floating near 4.536% at the time of writing. At the same time, WTI crude oil futures are trending higher, hovering near $69.71 per barrel as of the last check.
Elsewhere, European indices opened lower on Monday morning with trading activity expected to be light ahead of the Christmas holiday.
Asia-Pacific Markets Traded Mixed on Monday
Asia-Pacific indices traded mixed today as investors assessed the positive U.S. inflation data. Also, the Japan stock market led the gains as traders awaited the official announcement about the merger of Japanese automakers Honda Motor (JP:7267) and Nissan Motor (JP:7201).
At the same time, Hong Kong’s Hang Seng Index was up 0.79%. Further, Japan’s Nikkei and Topix indices gained 1.19% and 0.92%, respectively. However, China’s Shanghai Composite and Shenzhen Component indices fell 0.5% and 1.03%, respectively.
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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.
