The National  Memo Logo

Smart. Sharp. Funny. Fearless.

Monday, December 09, 2019 {{ new Date().getDay() }}

New York (AFP) – U.S. stocks Monday moved mostly lower in early trade as investors looked ahead to a smattering of economic reports in a holiday-shortened week.

About 30 minutes into trade, the Dow Jones Industrial Average advanced 5.71 points (0.03 percent) to 16,484.12.

The broad-based S&P 500 slipped 1.58 (0.09 percent) to 1,839.82, while the tech-rich Nasdaq Composite Index declined 11.31 (0.27 percent) to 4,145.29.

With many investors still on holiday, trading volume this week is expected to be light, creating conditions for possible volatility. Markets are open all week, except for New Year’s Day on Wednesday.

Investors are watching for Monday’s report on pending home sales and other economic releases later in the week on consumer confidence, home prices and a few other indicators.

The Dow and S&P 500 last week pushed to new highs on three successive sessions before declining slightly on Friday. The S&P 500 is up more than 29 percent on the year.

Cooper Tire & Rubber fell 3.1 percent after announcing it had ended a proposed merger with India’s Apollo Tyres. The deal, announced in June, became bogged down in legal sniping related to labor problems within Cooper’s U.S. and Chinese operations.

Footwear maker Crocs gained 12.7 percent after announcing that Blackstone Group is investing $200 million in the company and taking a 13 percent stake. Crocs plans a $350 million stock repurchase program.

Dow component the Walt Disney Company rose 2.6 percent following a strong performance of its film “Frozen” over the important holiday weekend.

Banking giant Wells Fargo was unchanged after announcing a $591 million settlement with state-controlled mortgage finance giant Fannie Mae to resolve claims it sold defective loans prior to 2009.

Bond prices rose. The yield on the 10-year bond slipped to 2.99 percent from 3.01 percent Friday, while the 30-year fell to 3.92 percent from 3.94 percent. Bond prices and yields move inversely.

Start your day with National Memo Newsletter

Know first.

The opinions that matter. Delivered to your inbox every morning

President Joe Biden

Photo by The White House

Two tiresome realities about being president of the United States: first, everybody blames you for things over which you have little or no control: such as the worldwide price of oil, and international shipping schedules. Should there be too few electronic gee-gaws on store shelves to pacify American teenagers this Christmas, it will be Joe Biden’s fault.

Second, everybody gives you advice, whether you ask for it or not. Everywhere you look, Democrats and Democratically-inclined pundits are tempted to panic. “The cold reality for Biden,” writes New York Magazine’s Jonathan Chait “is that his presidency is on the brink of failure.” A return to Trumpism, and essentially the end of American democracy, strikes Chait as altogether likely.

Keep reading... Show less
x
{{ post.roar_specific_data.api_data.analytics }}