Last Updated: 4:15 PM EST
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Stock indices finished today’s trading session mixed. The Nasdaq 100 (NDX) and the S&P 500 (SPX) gained 0.71% and 0.39%, respectively. Meanwhile, the Dow Jones Industrial Average (DJIA) fell by 0.13%. The Nasdaq’s rise was mainly driven by Tesla (TSLA), which surged by 5.6%.
Separately, the National Association of Home Builders released its U.S. NAHB Housing Market Index for November. The report measures home builder sentiment by surveying around 900 companies. A reading above 50 indicates that more home builders have a positive view of market conditions than a negative one.
Today’s number came in at 46, meaning that most have a negative view of the market. Nevertheless, this print is higher than the 42 that was expected and three points higher than last month’s reading. This can be attributed to the new Republican-controlled government, which has led some builders to anticipate more favorable market conditions.
However, according to NAHB Chief Economist Robert Dietz, there are still many industry headwinds, such as a shortage of labor and higher material prices.
First Published: 4:05 AM EST
U.S. stock futures were mixed on Monday morning as investors assessed the market’s recent weak performance and looked ahead to a busy earnings week. Futures on the Nasdaq 100 (NDX) and the S&P 500 (SPX) were up 0.5% and 0.13%, respectively, at 3:08 a.m. EST, November 18, while the Dow Jones Industrial Average (DJIA) futures were down 0.12%.
Last week, major U.S. stock indices retreated from their highs as the post-election rally lost steam. The Dow Jones, the S&P 500, and the Nasdaq Composite declined by 1.24%, 2.08%, and 3.15%, respectively.
The downside can be attributed to concerns about future monetary policy and the potential for a slowdown in economic growth. Also, Federal Reserve Chair Jerome Powell’s comments on Thursday indicated a more cautious approach to rate cuts and further dampened market optimism.
This week, investors are focused on key economic reports, including November’s S&P Global Manufacturing PMI and Services PMI on Thursday. Also on Thursday, the October Existing Home Sales Change report will be released. Moreover, the Michigan Consumer Sentiment Index for November will be made public on Friday.
On the earnings front, investors are closely watching reports from several major companies, with Nvidia’s (NVDA) report on Wednesday being particularly significant. NVDA’s earnings results will offer insights into the demand for its AI chips, a major driver of the company’s growth.
Some more major companies reporting earnings this week include Palo Alto Networks (PANW), Walmart (WMT), Target (TGT), Lowe’s (LOW), Nio (NIO), and Snowflake (SNOW), among others.
Meanwhile, the U.S. 10-year treasury yield was up at the time of writing, floating near 4.435%. At the same time, WTI crude oil futures trended higher, hovering near $67.23 per barrel as of the last check.
Elsewhere, European markets opened mixed today as investors focused on several economic releases from the region, including the U.K.’s latest inflation report and Euro Zone’s Consumer Price Index.
Asia-Pacific Markets Traded Lower on Monday
Most of the Asia-Pacific indices were down today as traders awaited key economic reports from the region. Japan is set to release its trade data on Wednesday and inflation figures on Friday. Moreover, investors are looking ahead to China’s Loan Prime Rate decision due on Wednesday.
China’s Shanghai Composite and Shenzhen Component indices fell 0.21% and 1.91%, respectively. Also, Japan’s Nikkei and Topix indices finished lower by 1.09% and 0.73%, respectively. However, Hong Kong’s Hang Seng index was up 0.77%.
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