US Stock Markets Hug the Flat Line, but Signs of Weakness Appear
Today's financial recap and tomorrow's financial outlook.
US markets hung around the flat line throughout the session and finished little changed. Tech-sector stocks struggled throughout the day, in part due to Twitter’s (NYSE:TWTR) notable 10% reversal in today’s trading after its strong post-IPO run. Transport-, retail-, and financial-sector stocks all recorded notable reversals, which may imply that the major indices are seeing signs of upside exhaustion.
The 10-year Treasury yield broke through and closed above 3% for the first time since September in today’s session. German bunds and UK gilts were also under serious pressure as their respective currencies rallied strongly vs. the US dollar.
November US pending-home sales are scheduled to be released on Monday morning. Sales are forecast to rise 1.0% from the prior month to a -0.2% annual rate. Last month’s -2.2% annual rate was the slowest rate of increase since early 2011. The regional Dallas manufacturing survey is also scheduled to be released. Economists estimate the survey will remain little changed in December at 2.0 from last month’s 1.9.
There will be no global economic data releases or US earnings reports.
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