Equity markets took a breather on Wednesday, December 20, after a recent rally fueled by optimism around potentially dovish central bank stances in the new year. (Source: Bloomberg, CNBC)
Indices Slip:
- The Dow Jones Industrial Average (DJI) dipped 0.3%, while the S&P 500 (SPX) edged down 0.2%. (Source: Yahoo Finance)
- The Nasdaq Composite Index (IXIC) fared slightly better, slipping just 0.1%, buoyed by continued resilience in major tech stocks. (Source: Reuters)
FedEx Sinks:
Shares of FedEx (FDX) tumbled 10% after the company provided a disappointing revenue forecast due to softer-than-expected demand, casting a shadow over the transportation sector. (Source: CNBC)
Tech Stays Steady:
Leading technology companies like Apple (AAPL) and Alphabet (GOOGL) traded sideways, offering some stability to the broader market. (Source: Reuters)
Other News:
- Apple Pay, Card, Cash, and Wallet suffered widespread outages for several hours, causing disruption for users. (Source: Bloomberg)
- UBS released its “Top Picks for 2024” list, focusing on healthcare, consumer staples, and technology stocks. (Source: CNBC)
- Mortgage demand continued to decline despite falling interest rates, highlighting concerns about the housing market. (Source: Yahoo Finance)
- Global disinflation trends fueled hopes for easing inflation pressures and potential policy shifts from central banks. (Source: Reuters)
- Tesla (TSLA) faced unionization challenges in Sweden and Denmark, adding to its labor struggles. (Source: Bloomberg)
Looking Ahead:
Investors will keep a close eye on central bank pronouncements and economic data releases in the coming days, which could influence market sentiment. Holiday retail sales performance will also be closely monitored as a gauge of consumer spending amid inflation concerns. Additionally, developments in geopolitical situations will be watched for potential impacts on global markets.
