US Equities Markets End Lower as Pending Home Sales Rise

MT Newswires Live
31 Dec 2024

US benchmark equity indexes ended lower Monday after the National Association of Realtors reported pending home sales increased by 2.2% in November, higher than a 1.8% gain in October, and higher than the 0.8% estimate by a Bloomberg survey. The monthly sale index stood at 79 up 6.9% from a year ago.

* The Institute for Supply Management's Chicago Purchasing Managers' Index reading contracted to 36.9 in December, falling below a Bloomberg survey expectation of 42.7 and November's reading of 40.2.

* US stocks are positioned to close 2024 with "strongly positive gains" as investor optimism was driven by the Fed rate cuts, presidential elections and higher-than-expected stock earnings, Wells Fargo Investment Institute said in a report published Monday. "Volatility in December tempered investor enthusiasm but, as of Dec. 19, has not been enough to derail sizable stock gains for the year," according to the report.

* February West Texas Intermediate crude oil closed higher $0.53 to settle at $71.13 per barrel, while February Brent crude, the global benchmark, was last seen up $0.22 to $74.39.

* MicroCloud Hologram (HOLO) was up 177% after the holographic technology services company said it has developed a fast adiabatic driving protocol for "coherent control of two heavy hole spin qubits in a double quantum dot system."

* Snow Lake Resources (LITM) shares were down 40% after the company priced its best-efforts stock offering of 18.75 million shares at $0.80 per share, a 50% discount to their closing price Friday.

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