Stock Market Update

[BRIEFING.COM] The major indices are still under pressure. 

The decline in shares of NVIDIA (NVDA 124.03, -18.55, -13.0%) is weighing down the S&P 500 and Nasdaq Composite today, but losses aren't so extreme compared to the huge run the stock had in 2024. NVIDIA closed the year 178% higher than 2023.

The negative vibe in the broader equity market isn't as extreme as index losses may indicate. Market breadth is positive at the NYSE with advancers leading decliners by a 3-to-2 margin while advancers are roughly in-line with decliners at the Nasdaq. 

Separately, new home sales increased 3.6% month-over-month in December to a seasonally adjusted annual rate of 698,000 units (Briefing.com consensus 680,000) from an upwardly revised 674,000 (from 664,000) in November. On a year-over-year basis, new home sales were up 6.7%.

The key takeaway from the report is that new home sales growth was ahead of expectations in December, but selling prices jumped from the bottom of the range that was seen in 2024 toward the top, which presents a headwind to selling activity going forward.