Wall Street Today | S&P 500 Inches Closer to Record High
RECAP
S&P 500 Approaches All-Time High
US stocks rose, with the $S&P 500 Index (.SPX.US)$ approaching its all-time, high as optimism over potential interest rate cuts next year continued to fuel positive sentiment on the last trading week of the year.
The S&P 500 closed 0.42% higher at 4,774.75 on the first day of the holiday-shortened trading week. The $Nasdaq Composite Index (.IXIC.US)$ gained 0.5% to 15,074.57, while the $Dow Jones Industrial Average (.DJI.US)$ added 0.43% to 37,545.33.
Stocks have been on an upward trend amid signs that inflation is moving closer to the US Federal Reserve's target, bolstering the case for policymakers to start lowering borrowing costs next year.
MACRO
Home Prices Rise at Faster Pace in October
Home prices in the 20 biggest US cities rose as a faster pace in October amid persistent shortage of homes for sale. The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 4.8% annual change in October, up from a 4% change in the previous month.
“Home prices leaned into the highest mortgage rates recorded in this market cycle and continued to push higher," Brian D. Luke, head of commodities, real & digital assets at S&P DJI said in the press release accompanying the data. "With mortgage rates easing and the Federal Reserve guiding toward a slightly more accommodative stance, homeowners may be poised to see more appreciation.”
SECTORS
Crude Oil Rises on Red Sea Attacks, Gold Gains
$Crude Oil Futures(JAN5) (CLmain.US)$ rose more than 2% on Tuesday amid mounting fears of supply disruptions fueled by attacks on ships in the Red Sea. The commodity is also getting a boost from optimism that demand could rise as interest rate decline next year, fueling economic growth.
$Gold Futures(FEB5) (GCmain.US)$ rose as investors price in potential interest rate cuts by the US Federal Reserve, boosting the appeal of the precious metal that doesn't offer yields.
COMPANIES
Apple Takes a Hit on Watch Sales Ban
$Apple (AAPL.US)$ shares fell for a fourth straight session, as the behemoth seeks to appeal a sales ban imposed by the US International Trade Commission over a patent dispute at the US Court of Appeals for the Federal Circuit. The move came after the White House refused to overturn the ban that hurts a business that reportedly generates about $17 billion a year.
RayzeBio Shares Double on Bristol-Myers Take Over
$RayzeBio (RYZB.US)$ shares doubled Tuesday after the clinical-stage radiopharmaceutical therapeutics company agreed to be acquired by $Bristol-Myers Squibb (BMY.US)$ at a rich premium.
Intel Gets $3.2B Incentive on Israel Investment
$Intel (INTC.US)$ shares advanced after chip giant reportedly secured $3.2 billion in incentives from Israel as part of its $25 billion investment for a chip-manufacturing plant in the city of Kiryat Gat that's seen employing thousands of workers and is expected to start operations by 2028.
Manchester United Shares Gain as Billionaire Ratcliffe Buys Stake
$Manchester United (MANU.US)$'s shares advanced after the company said British billionaire Jim Ratcliffe is acquiring 25% of the Class B shares held by the American Glazer family, which owns the club.
CVRx Shares Climb as FDA Expands Barostim Label
$CVRx Inc (CVRX.US)$ shares climb 22% after the commercial-stage medical device company said the U.S. Food and Drug Administration (FDA) approved the expanded labeling of Barostim, widening the annual market opportunity for the implantable device to $2.2 billion, from the company's earlier estimate of $1.4 billion.
Milestone Pharma Shares Tumble as FDA Seeks More Info for New Drug
$Milestone Pharmaceuticals (MIST.US)$ shares tumbled 32% after the US Food and Drug Administration determined that the new drug application filed by the company for etripamil nasal spray was not "sufficiently complete" to enable the agency to review it.
The FDA requested clarification about the time of data recorded for adverse events in Phase 3 clinical trials of the company's self-administered etripamil nasal spray for the treatment of paroxysmal supraventricular tachycardia (PSVT), the company said in a press release.
Source: Bloomberg, Dow Jones, CNBC, Reuters
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FirstStrike Veteran : awesome article. I would suggest adding the IWM into the mix as it's going to out pace the S and P 500 next year. Just my opinion obviously.