Live stock market news: December 29, 2021


The S&P 500 and Dow Jones Industrial Average each hit record highs on Wednesday, as the Dow extended its winning streak to a sixth day and the S&P 500 resumed a previous rally after faltering in intraday trading.

After struggling to stay afloat during the session, the S&P closed 0.14% higher to hit an all-time high and its 70th year-end high at 4,793.06, while the Dow Jones hit 36,488.63. The Nasdaq continued to decline amid a larger rotation of tech stocks.

“The market is up about 30% this year on S&P on a total return basis,” Josh Wein, portfolio manager of the Hennessy Gas Utility Fund, told Yahoo Finance Live. “With that in mind, I think the good times will continue. “

Tesla’s (TSLA) drop contributed to Nasdaq losses during the session, as shares of the electric vehicle maker plunged as much as 2.2% in intraday trading after CEO Elon Musk sold $ 1 billion additional shares of the company.

The latest sale brings him closer to his goal of reducing his stake in the company by 10%. Tesla shares closed down -0.21% at $ 1,086.19 apiece.

But Tesla bulls like Wedbush analyst Dan Ives remain confident in the business. Ives thinks his shares could be as high as $ 1,800.

“Demand for China is the keystone,” Ives, who rates the electric vehicle maker at Outperform, told Yahoo Finance Live. “As capacity increases in Berlin and Austin, this is what I think sends Tesla’s stock to $ 1,400 as a baseline scenario. Our bull case is $ 1,800.”

Investors will turn their attention to new data from Washington on weekly jobless claims on Thursday.

First-time jobless claims are expected to rise slightly from last week’s reading, but remain close to pre-pandemic lows, signaling a continued labor market recovery as strong demand for workers pours into the country. the new Year.

“We are facing headwinds that could challenge the bull market which continues to function,” Sound Planning Group CEO David Stryzewski told Yahoo Finance Live. “We are looking at 40-year inflation… consumption remains relatively strong… we are currently looking at interest rates at their lowest level in 40 years. “

Erin Gibbs, CIO of Main Street Asset Management told Yahoo Finance Live that the withdrawals caused by the Omicron variant resemble those that occurred when the Delta strain took off and are likely to see the same gradual recovery but on the rise.

“We encourage our clients to stay in the markets, not to go out, because when these recoveries hit and when sentiment changes, it happens so quickly that often by the time you come back into the market you’ve already missed something. thing, “she said.

Global cases of COVID-19 hit a daily high earlier this week. Infections of the highly transmissible variant of Omicron – which spread 70 times faster than previous strains – included much of the newly followed positive tests, although studies indicate that disease caused by the strain is less likely to be serious or lead to hospitalizations.

December has been a volatile month for investors who weighed in on the impact of the pressure on the economy, but recent developments that indicate Omicron could cause milder illness have helped markets allay earlier concerns.

“Perversely, the bad news around Omicron could be good news for the markets as it gives the Fed the momentum to continue these very loose monetary policies,” Octavio Marenzi, CEO of Opimas LLC, told Yahoo Finance Live. “Too much good news for the real economy could actually be bad enough for the markets.”

4:02 p.m. ET: S&P, The Dow’s Best Records

Here are the main moves in the markets at 4:02 p.m. ET:

  • S&P 500 (^ GSPC): + 6.74 (+ 0.14%) to 4,793.09

  • Dow (^ DJI): +90.55 (+ 0.25%) to 36,488.76

  • Nasdaq (^ IXIC): -15.51 (-0.10%) to 15,766.22

  • Raw (CL = F): + $ 0.54 (+ 0.71%) to $ 76.52 per barrel

  • Gold (CG = F): -5.30 $ (-0.29%) to $ 1,805.60 per ounce

  • 10-year cash flow (^ TNX): +6.2 bps for a yield of 1.5430%

1:02 p.m. ET: Tesla shares drop after Musk stock sale

Tesla (TSLA) shares fell 2.2% in intraday trading after CEO Elon Musk sold an additional $ 1 billion in company shares.

The latest sale brings him closer to his goal of reducing his stake in the company by 10%.

The electric vehicle maker stock traded at $ 1,088.37 per share during the noon session.

Wedbush analyst Dan Ives, a Tesla bull, thinks the company’s shares could reach $ 1,800

“Demand for China is the keystone,” Ives, who rates the electric vehicle maker at Outperform, told Yahoo Finance Live. “As capacity increases in Berlin and Austin, this is what I think sends Tesla’s stock to $ 1,400 as a baseline scenario. Our bull case is $ 1,800,”

1:00 p.m. ET: S&P 500 wobbles, dipping into the red

Here are the main moves in the markets at 1 p.m. ET:

  • S&P 500 (^ GSPC): -0.08 (-0.00%) to 4,786.27

  • Dow (^ DJI): +85.76 (+ 0.24%) to 36,483.97

  • Nasdaq (^ IXIC): -56.57 (-0.36%) to 15,725.15

  • Raw (CL = F): + $ 0.18 (+ 0.24%) to $ 76.16 per barrel

  • Gold (CG = F): – $ 6.80 (-0.38%) to $ 1,804.10 per ounce

  • 10-year cash flow (^ TNX): + 5.3 bps for a yield of 1.5340%

10:19 a.m. ET: Bitcoin poised for worst month since May

Bitcoin (BTC-USD) declines made December its worst month since May. The token edged up 0.74% to $ 47,893.30 at 10:48 a.m. ET, but continues to decline from its overall high.

The digital currency fell below its closely watched level of $ 50,000, extending the drop from its all-time high to a fifth week, according to Bloomberg data. The Bloomberg Galaxy Crypto Index fell 4.9% on Tuesday to its lowest level since early October, while other digital currencies also slumped.

10:05 am ET: Pending home sales suggest housing market is cooling off

The National Association of Realtors (NAR) pending home sales index fell 2.2% in November from the previous month, missing analysts’ expectations. The index, which tracks the number of homes under contract for sale, serves as a leading indicator of the health of the housing market.

Bloomberg consensus estimates predicted a 0.8% increase in reading. Pending sales were down 2.7% from the same month a year ago.

“There was less home sales stock on hold this time around, which I would attribute to the low supply of housing, but also to buyers hesitant about home prices,” the chief economist said. NAR Lawrence Yun in a statement.

9:30 a.m. ET: Stocks rise slightly after a hesitation in futures

Here are the main moves at the start of trading:

  • S&P 500 (^ GSPC): +4.27 (+ 0.09%) to 4,790.62

  • Dow (^ DJI): +17.54 (+ 0.05%) to 36,415.75

  • Nasdaq (^ IXIC): +21.44 (+ 0.14%) to 15,803.16

  • Raw (CL = F): $ -0.33 (-0.43%) to $ 75.65 per barrel

  • Gold (CG = F):-$ 18.40 (-1.02%) to $ 1,792.50 per ounce

  • 10-year cash flow (^ TNX): +3.9 bps for a yield of 1.5200%

9:05 am ET: U.S. merchandise trade deficit widens to record high

The US merchandise trade deficit hit a record in November as imports soared and exports declined.

The Commerce Department said the merchandise trade deficit increased 17.5 percent last month to $ 97.8 billion, from $ 83.2 billion in October. The new figure surpasses the previous record deficit of $ 97 billion posted in September. Exports of goods declined 2.1%, while imports increased 4.7%.

Meanwhile, wholesalers’ inventories rose 1.2% last month, according to the report. Inventories of retailers increased 2.0% and inventories of retailers, other than autos, which are included in the calculation of gross domestic product, increased 1.3%.

7:00 a.m. ET: Dow, S&P and Nasdaq contracts remain muted

Futures markets were mostly stable before the day opened:

  • S&P 500 Futures (ES = F): + 4.50 points (+ 0.09%), at 4,783.00

  • Dow Futures (YM = F): +15.00 points (+ 0.04%), at 36,297.00

  • Nasdaq Futures (NQ = F): +37.50 points (+ 0.23%) at 16,525.00

  • Crude (CL = F): $ -0.40 (-0.53%) to $ 75.58 per barrel

  • Gold (GC = F):-$ 14.20 (-0.78%) to $ 1,796 per ounce

  • 10-year Treasury (^ TNX): -1.2 bps for a yield of 1.493%

6:00 p.m. ET Tuesday: Stock futures open flat

Here’s how the markets performed before overnight trading:

  • S&P 500 Futures (ES = F): +3.75 points (+ 0.08%), at 4,782.25

  • Dow Futures (YM = F): +8.00 points (+ 0.02%), at 36,290.00

  • Nasdaq Futures (NQ = F): +30.75 points (+ 0.19%) at 16,518.75

  • Crude (CL = F): + $ 0.09 (+ 0.12%) at $ 76.07 per barrel

  • Gold (GC = F): -4.00 $ (-0.22%) to $ 1,806.90 per ounce

  • 10-year Treasury (^ TNX): -1.6 bps for a yield of 1.484%

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on twitter @alexandraandnyc

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