Stock Market News Today, 12/19/24 – Futures End Mixed as Dow Snaps Losing Streak

Last Updated: 4:02 PM EST

Stock indices finished today’s trading session mixed amid a slew of economic data. The Nasdaq 100 (NDX) and the S&P 500 (SPX) fell 0.47% and 0.09%, respectively. Meanwhile, the Dow Jones Industrial Average (DJIA) gained 0.04% to snap a 10-day losing streak.

To begin with, U.S. GDP growth for Q3 2024 was revised up to 3.1% from 2.8% due to stronger exports and consumer spending, though partially offset by lower private inventory investment and higher imports. However, sticky inflation persisted, with core PCE prices revised up to 2.2%.

Separately, the Department of Labor released its Initial Jobless Claims report, which came in better than expected. In the past week, 220,000 people filed for unemployment insurance for the first time. Expectations were for 229,000 individuals.

Furthermore, the National Association of Realtors put out its U.S. Existing Home Sales report, which measures the change in sales of existing residential buildings during the previous month on an annualized basis. Existing home sales came in at 4.15 million for the month of November, above the expected 4.09 million. As a result, existing home sales increased month-over-month by 4.8% after a 3.4% jump in the previous report.

First Published: 4:06 AM EST

U.S. stock futures were trading higher on Thursday morning following a sharp decline in the previous session. On Wednesday, the market reacted negatively to the Federal Reserve’s revised interest rate outlook, which pointed to fewer rate cuts in 2025 than previously expected. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 (SPX) were up 0.19%, 0.31%, and 0.28%, respectively, at 3:24 a.m. EST, December 19.

Yesterday, the Dow Jones closed down for the tenth consecutive day, marking its longest losing streak since 1974. The index fell 2.6%, while the S&P 500 and the Nasdaq Composite also witnessed substantial losses, down 3% and 3.6%, respectively.

The decline followed investor concerns about the Federal Reserve’s interest rate outlook and its potential impact on economic growth and corporate profits.

Looking ahead, investors are awaiting the release of November’s Existing Home Sales data and GDP estimate for the third quarter later today. Also, the Initial Jobless Claims report for the week ended December 13 will be released today.

On the earnings front, several companies such as Accenture (ACN), CarMax (KMX), Paychex (PAYX), FedEx (FDX), and Nike (NKE) are scheduled to report their quarterly numbers today.

Meanwhile, the U.S. 10-year treasury yield was up, floating near 4.526% at the time of writing. At the same time, WTI crude oil futures are trending lower, hovering near $70.20 per barrel as of the last check.

Elsewhere, European indices dropped on Thursday morning as investors reacted to the U.S. Fed’s indications of fewer interest rate cuts in 2025.

Asia-Pacific Markets Ended Lower on Thursday

Most of the Asia-Pacific indices traded lower today as investors reacted to the shift in the U.S. central bank’s monetary policy. Also, traders are looking forward to the Chinese central bank’s decision on key lending rates, due Friday.

At the same time, Hong Kong’s Hang Seng Index was down 0.52%. Further, Japan’s Nikkei and Topix indices declined by 0.69% and 0.22%, respectively. Also, China’s Shanghai Composite index fell 0.36%, while the Shenzhen Component index gained 0.61%.

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