United Technologies was the best performer among Dow components on Tuesday
U.S. stocks ended Tuesday's back-and-forth session marginally lower on 25 November 2014, snapping a three-day run on the S&P 500 and Dow Jones Industrial Average. Stocks traded in a narrow range, dipping in and out of negative territory after a variety of economic data highlighted by a surprise dip in consumer confidence. Trading volumes were thinning as many U.S. investors prepared for travel ahead of Thanksgiving on Thursday.
The Dow Jones Industrial Average slipped 3 points to 17,814.94. The Nasdaq Composite ended the day up 3.4 points, or 0.1%, at 4,758.25. The S&P 500 set an intraday high, but closed 2.37 points, or 0.1%, lower at 2,067.04.
There was a heavier slate of U.S. economic data released Tuesday, highlighted by the second-quarter report on gross domestic product. The GDP report came in at up 3.9%, on an annual basis, which was well above market expectations for a rise of 3.3%. G
Other U.S. data released Tuesday included the U.S. house price indexes, the Richmond Fed business survey, and the S&P/Case-Shiller home price index. The Richmand Fed survey came in on the weak side of expectations, which on this day somewhat offset the stronger GDP report.
AMong stocks under focus, United Technologies was the best performer among Dow components on Tuesday, gaining 2.7% recovering from Monday trading that saw shares lose 1.4% drop, after the company announced the abrupt departure of its CEO. Netflix shares dropped 2.1% after analysts at Stifel Nicolaus cut the rating of the stock to hold from buy.
Bullion prices ended higher at Comex on Tuesday, 25 November 2014 at Comex. Gold futures settled slightly higher on Tuesday, yet couldn't hold its price above the $1,200 level that many traders have watched carefully. The U.S. dollar index hovering near a four-year high continues to provide a bearish anchor for the precious metals.
December gold futures settled up by $1.40, or 0.1%, at $1,197.10 an ounce, after briefly punching above the $1,200 mark. December silver settled higher by 17 cents, or 1%, at $16.55 an ounce.
The yellow metal briefly slumped in the wake of a better-than-anticipated reading on U.S. economic growth that appeared to dampen demand for the haven asset. However, the metal recovered after consumer confidence unexpectedly retreated in November, signaling that consumers are less optimistic about the economy.
Crude Oil futures slumped to their lowest close in more than four years on Tuesday, 25 November 2014 as traders grew more doubtful the Organization of the Petroleum Exporting Countries will deliver meaningful' production cuts when cartel officials meet later this week. Nymex crude for January delivery dropped $1.69, or 2.2%, to close at $74.09 a barrel, the lowest finish for a most-active futures contract since September 2010.
The market place is looking ahead to Thursday's OPEC meeting. Some believe the beleaguered oil cartel could reduce its overall daily oil production quota, or at least call for strict adherence to existing quotas, most of which are ignored by OPEC nations. Nymex crude oil futures are trading not far above the recent three-year low.
Treasuries notched their lows in reaction to the GDP report, but rallied throughout the day. The 10-yr yield ended lower by five basis points at 2.26%.
Participation was ahead of average with more than 830 million shares changed hands at the NYSE floor.
Tomorrow will be busy on the economic front with the MBA Mortgage Index set to cross the wires at 7:00 ET. Weekly Initial Claims, October Durable Orders, and October Personal Income/Spending Data will be released at 8:30 ET while the Chicago PMI for November will cross at 9:45 ET. The final reading of the Michigan Sentiment Survey will be released at 9:55 ET while New and Pending Home Sales will be reported at 10:00 ET.
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