A week ahead of holidays, Wall Street is bracing for sparse economic data. Major events are scheduled during this shortened week. The sell-off last week thwarted the seasonal Santa Claus rally, with stocks expected to rise in December’s final sessions and January’s first two days.
Key reports include pending home sales for November, purchasing managers’ data from the Institute of Supply Management, and S&P Global data for December. Reports are scheduled on December 30 (Chicago Business Barometer) and December 31 (S&P Case-Shiller home price index). The following week will see releases on January 2 (ISM manufacturing PMI) and January 3 (ISM manufacturing).
US stock indices fell last Friday, with the Dow down 0.77% to 42,992.21 points, the S&P 500 off 1.11% to 5,970.84 points, and the Nasdaq Composite down 1.49% to 19,722.03 points. Bond yields rose on Friday, with the 10-year Treasury yield reaching 4.62%. Oil prices also climbed over 1%, while gold slipped due to elevated Treasury yields.
The search for a potential ninth planet, known as Planet Nine, continues in astronomy. This unseen planet may be five to seven times larger than Earth and influence nearby objects in the Kuiper Belt.
Source: https://www.livemint.com/market/stock-market-news/wall-street-week-ahead-pending-home-sales-manufacturing-data-to-guide-markets-11735490225736.html