U.S. Stock Diary｜The Nasdaq hits a new high after a long holiday (Spencer Platt via Getty Images)
The Wall Street stock market gave small gifts on “Gift Opening Day”. After the long holiday, the three major indexes rose by about 0.5%. The Nasdaq index returned to more than 15,000 points and reached a new high. The S&P 500 index was once again approaching its historical high. The dollar has weakened successively. Crude oil rebounded, with New York oil futures rising nearly 3%.
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Market conditions on December 26 (Tuesday)
l The Dow Jones index rose 159.36 points, or 0.53%, to 37,545.33 points.
l The S&P 500 index rose 20.12 points, or 0.42%, to 4,774.75 points.
l The Nasdaq index rose 81.60 points, or 0.54%, to 15,074.57 points.
l New York January oil futures closed at US$75.57 a barrel, up US$2.01 or 2.7%.
l New York February gold futures closed at US$2,069.8 an ounce, up US$0.7 or less than 0.1%.
l The U.S. 10-year Treasury bond yield closed at 3.886%, down 1.5 points.
Intel rose 50% after investing US$25 billion to build a factory in Israel and receiving US$3.2 billion in government subsidies. AMD rose 2.7%. Tesla continues to be favored by Ark Invest founder Cathie Wood, rising 1.6%. Two models of Apple Watch have been officially banned from sale in the United States, and the company is filing an appeal. The stock price bucked the market trend and weakened. Energy stocks rose along with oil prices and became the benchmark’s best-performing sector, followed by real estate stocks and industrial stocks.
Manchester United rose 3.4% after it announced earlier that it had acquired a 25% stake in the club from Jim Ratcliffe and would provide an additional US$300 million in investment to rebuild Old Ford Stadium and other infrastructure.
“Consumption has remained resilient for most of 2023, and the long-awaited recession has been absent, but the focus in 2024 will be on inflation returning to target in a sustainable manner, or on inflation remaining high enough to force the Fed to take action. Action, the rate cut is much lower than market expectations.” Chris Zaccarelli, investment director at Independent Advisor Allianc, said.
The growth of the stock market this year is largely driven by large technology. Apple and Microsoft have risen by about 50% this year, more than twice the S&P 500 index. Meta’s stock price even fought back, almost tripling. AI darling Nvidia’s stock price has soared nearly 240% this year.
In terms of data, thanks to tight supply, U.S. housing prices continue to rise despite high mortgage rates. According to the S&P CoreLogic Case-Shiller Home Price Index, national home prices rose 4.8% in October compared with the same period last year. The comprehensive index of the 20 largest cities increased by 4.9% year-on-year, higher than the 3.9% increase last month.
Preliminary data from Mastercard SpendingPulse show that from early November to Christmas Eve this year, U.S. holiday retail sales increased by 3.1% year-on-year, significantly lower than last year’s 7.6% increase. The company said consumers were being cautious.
2023-12-26 22:18:03
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