Summary Of the Markets Today:
- The Dow closed down 476 points or 1.27%,
- Nasdaq closed down 1.50%,
- S&P 500 closed down 1.47%,
- Gold $2,045 down $7.40,
- WTI crude oil settled at $74 down $0.14,
- 10-year U.S. Treasury 3.851% down 0.071 points,
- USD Index $102.49 up $0.330,
- Bitcoin $43,520 up $1,2970 ( 3.02% )
*Stock data, cryptocurrency, and commodity prices at the market closing.
Today’s Economic Releases Compiled by Steven Hansen, Publisher:
The Ports of Los Angeles and Long Beach (which handle 40% of all container traffic to and from the U.S.) show that import container traffic increased 31% year-over-year in November 2023 and export container traffic increased 3% year-over-year. Increases in imports are generally a sign of an improving U.S. economy.
Total existing-home sales fell 7.3% year-over-year in November 2023. The median existing-home price for all housing types in November was $387,600, an increase of 4.0% from November 2022. The inventory of unsold existing homes slid 1.7% from the previous month, or the equivalent of 3.5 months’ supply at the current monthly sales pace. NAR Chief Economist Lawrence Yun added:
The latest weakness in existing home sales still reflects the buyer bidding process in most of October when mortgage rates were at a two-decade high before the actual closings in November. A marked turn can be expected as mortgage rates have plunged in recent weeks.
The Conference Board Consumer Confidence Index® increased in December to 110.7 (1985=100), up from a downwardly revised 101.0 in November. Dana Peterson, Chief Economist at The Conference Board stated:
December’s increase in consumer confidence reflected more positive ratings of current business conditions and job availability, as well as less pessimistic views of business, labor market, and personal income prospects over the next six months. While December’s renewed optimism was seen across all ages and household income levels, the gains were largest among householders aged 35-54 and households with income levels of $125,000 and above. December’s write-in responses revealed the top issue affecting consumers remains rising prices in general, while politics, interest rates, and global conflicts all saw downticks as top concerns. Consumers’ Perceived Likelihood of a US Recession over the Next 12 Months abated in December to the lowest level seen this year—though two-thirds still perceive a downturn is possible in 2024.
Here is a summary of headlines we are reading today:
- Will the COP28 Consensus Keep Fossil Fuels in the Ground?
- 5 Million Barrels of Russian Oil Stuck En Route to India
- Sodium-Ion: A Game-Changer in the Global Battery Market
- Brent Breaks Past $80 Barrier As Houthis Attack Red Sea
- Putin Orders Asset Seizures From Austrian and German Energy Giants
- Putin Seizes Multi-Billion-Dollar OMV and Wintershall Stakes in Russian Ventures
- Dow closes more than 470 points lower Wednesday to snap 9-day win streak: Live updates
- Billions are on the line for lenders as White House finalizes credit card late fee cap
- Bitcoin bounces back above $43,000: CNBC Crypto World
- Most Large Container Ships Abandon Red Sea As Key Trade Route Freezes
- Dow Jones ends 475 points lower after 9-day winning streak
Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.
