Last Updated: 4:13 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 0.43%, 0.39%, and 0.61%, respectively.
Earlier today, the Census Bureau released its retail sales report which calculates the change in sales spending at retailers. Overall, spending increased by 3.8% year-over-year and 0.7% month-over-month. Economists had forecast a 0.6% month-over-month decrease. These higher-than-expected figures have some investors worried that the Fed may have to slow down its rate cuts in 2025.
In addition, The Federal Reserve put out its U.S. Industrial Production report, which measures the change in the total value of output produced by manufacturers, utilities, and mines. These figures are adjusted for inflation.
For November, industrial production fell by -0.1% on a month-over-month basis. This was worse than the 0.3% that was expected but better than the previous month’s report of -0.4%.
In addition, when looking at the year-over-year number, it fell by -0.9%. This was worse than last month’s reading of a -0.45% decrease.
First Published: 3:58 AM EST
U.S. stock futures edged lower on Tuesday morning, following a mixed session on Wall Street. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 (SPX) were down 0.28%, 0.38%, and 0.32%, respectively, at 3:29 a.m. EST, December 17.
In yesterday’s trading session, the Dow Jones declined by 0.3%, extending its losing streak to eight consecutive days. In contrast, the S&P 500 and the Nasdaq Composite gained 0.4% and 1.2%, respectively, and closed at new all-time highs. The upside was driven by strong performances from major technology stocks.
In key stock market news, Broadcom (AVGO) gained 11.2% yesterday, with its market cap surpassing the $1 trillion mark. Also, Tesla (TSLA) rose 6.1% to a new record high after a Wedbush analyst raised the price target on the stock.
Moving on, investors are now focused on the Federal Reserve’s monetary policy decision on Wednesday. The central bank is expected to implement a 25-basis-point interest rate cut. However, investors will be closely watching for any indications of future rate cuts and the Fed’s outlook on inflation.
In other major economic reports, U.S. Retail Sales and Industrial Production data points are scheduled for release today. These reports will help investors gain an insight into the state of the U.S. economy.
Meanwhile, the U.S. 10-year treasury yield was up, floating near 4.418% at the time of writing. At the same time, WTI crude oil futures are trending lower, hovering near $70.41 per barrel as of the last check.
Elsewhere, European indices opened lower on Tuesday morning as investors awaited monetary policy decisions from the Bank of England and the U.S. Federal Reserve.
Asia-Pacific Markets Ended Lower on Tuesday
Asia-Pacific indices closed lower today as traders looked ahead to the Fed’s monetary policy decision, due tomorrow.
At the same time, Hong Kong’s Hang Seng Index was down 0.48%. Also, Japan’s Nikkei and Topix indices declined by 0.24% and 0.37%, respectively. Further, China’s Shanghai Composite and Shenzhen Component indices fell 0.73% and 0.35%, respectively.
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