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Live stock market news updates: December 29, 2021

US stocks were mixed in intraday trading on Wednesday and struggled to stay afloat after the S&P 500 paused in the previous trading session to end its four-day surge to its 70th all-time high.

The Dow was up for the sixth straight day while the Nasdaq stalled, further dragged down by continued selling of technology stocks. The S&P was mostly flat.

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

Erin Gibbs, CIO of Main Street Asset Management, told Yahoo Finance Live that pullbacks caused by the Omicron variety are similar to those that occurred when the Delta variety first ran, and likely the same gradually but will experience upward recovery.

“We encourage our clients to stay in the markets and not get out because when those rallies hit and the mood changes, it h -pens so quickly that many times you will have missed by the time you get back into the market. ” She said.

Global COVID-19 cases hit a daily record this week, with more than 1.44 million infections worldwide reported on Monday, according to Bloomberg. Infections with the highly communicable variant of Omicron – which spread 70 times faster than previous strains – made up a large portion of the newly tracked cases, although studies suggest that a disease caused by the strain is less likely to be serious or lead to hospitalization.

The CDC also relaxed its guidelines for quarantine after exposure to the virus, halving its recommendation to isolate from 10 days to five days if the test was positive.

December was a volatile month for investors weighing the impact of the strain on the economy, but recent developments suggesting Omicron could cause milder disease helped markets shake off earlier concerns.

“Bad news about Omicron could be perverse for the markets because it pushes the Fed to continue this very loose monetary policy,” Octavio Marenzi, chief executive officer of Opimas LLC, told Yahoo Finance Live. “Too much good news for the real economy could actually be pretty bad for the markets.”

On Tuesday, US house price growth slowed for the third straight month, but continued to rise overall. Standard & Poor’s National S&P CoreLogic Case-Shiller House Price Index. posted an annual gain of 19.1% in October compared to 19.7% in September. The 20-city composite posted an annual gain of 18.4%, compared to 19.1% in the previous month.

The story goes on

Real estate prices in all metropolitan areas continue to rise at double-digit rates – two to three times faster than a year ago – CoreLogic’s deputy chief economist Selma Hepp said in a statement before the results.

“Unfortunately, home price growth will be limited for many young buyers who have not yet accumulated adequate equity gains, and an expected rise in mortgage rates over the next year will present additional challenges,” she said. “Together, these two factors will keep the continued acceleration in home prices in check.”

For the remainder of the week, it is expected to remain calm given the typically low year-end trading volumes and a weak calendar of economic data and earnings releases, although investors will turn on a fresh reading of initial jobless claims on Thursday as they continue to see the economic progress Assess recovery.

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

Tesla shares were down as much as 2.2% in intraday trading after CEO Elon Musk sold another $ 1 billion in company shares.

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

The electric vehicle manufacturer’s stock traded at $ 1,088.37 per share during the lunchtime session.

Wedbush analyst Dan Ives, a Tesla bull, believes the company’s stock could climb to $ 1,800

“Demand for China is paramount,” Ives, who rates the EV maker on Outperform, told Yahoo Finance Live. “In my opinion, the increase in c -acity in Berlin and Austin will result in Tesla shares rising to $ 1,400 as a base scenario. Our bull case is $ 1,800. “

1:00 p.m. ET: S&P 500 sways, dips into red

Here were the key moves in the markets as of 1:00 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 (GC = F): $ -6.80 (-0.38%) to $ 1,804.10 per ounce

  • 10-year treasury (^ TNX): +5.3 bps to generate 1.5340%

10:19 a.m. ET: Bitcoin is facing its worst month since May

Bitcoin’s decline (BTC-USD) made December the worst month since May. The token rose slightly 0.74% to $ 47,893.30 at 10:48 a.m. ET but continues to fall from its all-time high.

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

10:05 a.m. ET: Pending home sales suggest a cooling off in the housing market

The National Association of Realtors (NAR) pending home sales index fell 2.2% month-on-month in November, falling short of analysts’ expectations. The index, which measures the number of homes for sale, serves as a leading indicator of the health of the housing market.

Bloomberg consensus estimates forecast a 0.8% increase over the read. The pending sales decreased by 2.7% compared to the same month last year.

“This time there were fewer house sales pending, which I would attribute to a low supply of  -artments, but also to the fact that buyers are hesitant about property prices,” said NAR chief economist Lawrence Yun in a statement.

9:30 am ET: Stocks rise slightly after futures fluctuate

Here were the key steps to take when starting 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 USD (-0.43%) to 75.65 USD per barrel

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

  • 10-year treasury (^ TNX): +3.9 fps to get 1.5200%

9:05 a.m. ET: US goods trade deficit widening to record

The US trade deficit in goods rose to a record high in November as imports skyrocketed and exports fell.

The Commerce Department reported that the goods trade deficit widened 17.5% last month to $ 97.8 billion from $ 83.2 billion in October. The new figure surpasses the previous record deficit of $ 97 billion recorded in September. Exports of goods fell by 2.1%, while imports rose by 4.7%.

Meanwhile, wholesale stocks rose 1.2% last month, the report also showed. Retail stocks increased 2.0% and retail stocks excluding cars, which are included in the gross domestic product calculation, increased 1.3%

7:00 a.m. ET: Contracts on the Dow, S&P, and Nasdaq remain silent

The futures markets were mostly flat before the day opened:

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

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

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

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

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

  • 10 year government bond (^ TNX): -1.2 basis points to get a 1.493% return

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

This is how the markets performed before overnight trading:

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

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

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

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

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

  • 10-year Treasury (^ TNX): -1.6 basis points, yield 1.484%

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

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