Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.4%), Nasdaq Composite (+0.4%), and Dow Jones Industrial Average (+0.3%) maintained a posture above their prior closing levels, but moved slightly lower in recent trading. 

Existing home sales increased 4.8% month-over-month in November to a seasonally adjusted annual rate of 4.15 million (Briefing.com consensus 4.10 million) from an unrevised 3.96 million in October. Sales were up 6.1% from the same period a year ago, which was the largest increase since June 2021.

The key takeaway from the report is that it shows how lower mortgage rates can move the needle on existing home sales given the pent-up demand; however, with mortgage rates having risen noticeably again, expectations for continuing strength in existing home sales will be tempered by affordability concerns.

Treasury yields, which were already elevated in front of the report, didn't move much in response. The 10-yr yield is at 4.56% now.