Last Updated: 4:33 PM EST
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Stock indices finished today’s trading session in the red. The Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) fell 1.29%, 1.07%, and 0.97%, respectively. Earlier today, the United States Chicago Purchasing Managers Index was released by ISM-Chicago, which measures the economic health of the manufacturing sector in Chicago. An expansion is defined by a number that is greater than 50, whereas a reading that is lower is considered a contraction.
In December, the number came in at 36.9, which was lower than the expected 42.7 from forecasters and an decrease from last month’s report of 40.2. It’s worth noting that the Chicago PMI had been trending lower since its peak of 75.2 back in May 2021. In addition, this marks the 13th consecutive month where the manufacturing sector in Chicago has contracted.
Separately, the National Association of Realtors put out its Pending Home Sales report, which measures the month-over-month change in the number of home sales that have yet to close but are contracted to be sold. This measure excludes homes that are newly constructed.
During November, Pending Home Sales increased by 2.2% compared to October, which was better than the expected 0.9% increase. This is after a 1.8% decrease in the previous report. Moreover, the Pending Home Sales Index came in at 79, which is higher than the 71.4 reading from the same time last year.
First Published: 3:49 AM EST
U.S. stock futures traded slightly lower on Monday morning as investors prepared for the last few trading sessions of 2024. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 (SPX) were down 0.19%, 0.25%, and 0.24%, respectively, at 3:37 a.m. EST, December 30.
The previous session saw a sharp decline, with all major sectors witnessing losses. The Dow Jones, the S&P 500, and the Nasdaq Composite closed lower by 0.8%, 1.1%, and 1.5%, respectively. This decline can be attributed to a rise in U.S. Treasury yields after the Federal Reserve indicated a potentially slower pace of interest rate cuts in 2025.
Despite this minor pullback, Wall Street has enjoyed a strong year, with the S&P 500 and Nasdaq Composite posting year-to-date gains of 25.2% and 33.6%, respectively. The Dow Jones Industrial Average also gained 14% so far in 2024.
This week, investors will be awaiting key economic reports, including December’s Chicago Purchasing Managers’ Index (PMI) and Pending Home Sales for November, scheduled for release today. Further, the ISM Manufacturing PMI data will be released on Friday.
Investors should note that the market will remain closed on Wednesday in observance of New Year’s Day.
Meanwhile, the U.S. 10-year treasury yield was down, floating near 4.597% at the time of writing. At the same time, WTI crude oil futures are trending lower, hovering near $70.51 per barrel as of the last check.
Elsewhere, European indices opened lower on Monday morning, with trading activity expected to remain subdued as the year comes to a close.
Asia-Pacific Markets Traded Mixed on Monday
Asia-Pacific indices traded mixed today following a decline in U.S. stocks on Friday. Thin trading volumes ahead of the New Year holiday and rising U.S. Treasury yields contributed to the cautious market sentiment.
At the same time, Hong Kong’s Hang Seng Index was down 0.24%. Further, Japan’s Nikkei and Topix indices declined 0.96% and 0.6%, respectively. However, China’s Shanghai Composite and Shenzhen Component indices gained 0.21% and 0.1%, respectively.
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