Investing.com – U.S. stocks posted modest losses after the open on Tuesday in thin trade leading up the new year, after worse-than-expected data on U.S. home prices and consumer confidence dampened market sentiment.
During early U.S. trade, the Dow Jones Industrial Average shed 0.10%; the S&P 500 index fell 0.11%, while the Nasdaq Composite index slumped 0.13%.
Earlier in the day, the S&P/Case-Shiller home price index fell more-than-expected in October, declining by 0.8%, after rising by a revised 0.4% in September. Analysts expected the house price index to fall by 0.1% in October.
Commenting on the report, David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s said, “The double-dip is almost here, as six cities set new lows for the period since the 2006 peaks. There is no good news in October’s report. Home prices across the country continue to fall.”
Following the report, shares in the largest U.S. home improvement retailer Home Depot slipped 0.11%, while rivals Lowe’s Companies saw shares drop 0.75%.
Meanwhile, the Conference Board, a market research group said its index of consumer confidence fell unexpectedly to 52.5 in December, after rising to a revised 55.3 in November. Analysts had expected the index to rise to 56.1 in December.
Elsewhere, shares in the financial sector were mixed. Bank of America saw shares jump 1.28%, shares in rivals Wells Fargo dipped 0.19%, while U.S. listed shares of Spain’s second largest lender BBVA tumbled 1.01%.
In the commodity sector, shares were broadly higher after crude oil and metal prices advanced.
Shares in oil and gas giant Exxon Mobil gained 0.41%, U.S. listed shares of the world’s largest mining group BHP Billiton jumped 0.82%, while shares in the largest U.S. aluminum producer Alcoa added 0.44%.
Across the Atlantic, European stock markets were down. The EURO STOXX 50 shed 0.27%, France’s CAC 40 dipped 0.05%, Germany's DAX slumped 0.16%, while Britain's FTSE 100 was closed due to holiday.
Earlier in the day, official data showed that France’s economy grew at a slower pace than initially estimated in the third quarter, expanding by 0.3%, down from a previous estimate of 0.4%. Analysts had expected France’s gross domestic product to rise by 0.4% in the third quarter.
During early U.S. trade, the Dow Jones Industrial Average shed 0.10%; the S&P 500 index fell 0.11%, while the Nasdaq Composite index slumped 0.13%.
Earlier in the day, the S&P/Case-Shiller home price index fell more-than-expected in October, declining by 0.8%, after rising by a revised 0.4% in September. Analysts expected the house price index to fall by 0.1% in October.
Commenting on the report, David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s said, “The double-dip is almost here, as six cities set new lows for the period since the 2006 peaks. There is no good news in October’s report. Home prices across the country continue to fall.”
Following the report, shares in the largest U.S. home improvement retailer Home Depot slipped 0.11%, while rivals Lowe’s Companies saw shares drop 0.75%.
Meanwhile, the Conference Board, a market research group said its index of consumer confidence fell unexpectedly to 52.5 in December, after rising to a revised 55.3 in November. Analysts had expected the index to rise to 56.1 in December.
Elsewhere, shares in the financial sector were mixed. Bank of America saw shares jump 1.28%, shares in rivals Wells Fargo dipped 0.19%, while U.S. listed shares of Spain’s second largest lender BBVA tumbled 1.01%.
In the commodity sector, shares were broadly higher after crude oil and metal prices advanced.
Shares in oil and gas giant Exxon Mobil gained 0.41%, U.S. listed shares of the world’s largest mining group BHP Billiton jumped 0.82%, while shares in the largest U.S. aluminum producer Alcoa added 0.44%.
Across the Atlantic, European stock markets were down. The EURO STOXX 50 shed 0.27%, France’s CAC 40 dipped 0.05%, Germany's DAX slumped 0.16%, while Britain's FTSE 100 was closed due to holiday.
Earlier in the day, official data showed that France’s economy grew at a slower pace than initially estimated in the third quarter, expanding by 0.3%, down from a previous estimate of 0.4%. Analysts had expected France’s gross domestic product to rise by 0.4% in the third quarter.