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Morning Brief: Trump urges buying the dip in stocks

morning brief

Wednesday, December 26, 2018

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WHAT TO WATCH

The S&P 500 (^GSPC) fell into a bear market on Monday. Will the selling continue?

On Wednesday, data will be released for the S&P CoreLogic Case-Shiller U.S. National Home Price Index. The 20-City Composite Home Price NSA index comprises a value-weighted average of indices for 20 metro areas, including Los Angeles, New York City, Boston and Chicago. Economists expect that the reading will show that property values increased 4.8% in October over last year, versus 5.15% in September.

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TOP NEWS

President Donald Trump answers questions from the media after speaking with members of the military by video conference on Christmas Day, Tuesday, Dec. 25, 2018, in the Oval Office of the White House. (AP Photo/Jacquelyn Martin)

Trump urges buying the dip after stocks sink: President Donald Trump suggested that a recent swoon in U.S. stock markets is a buying opportunity for investors, even though many analysts blame his policies and Washington gridlock for the plunge. [Bloomberg]

Trump hits Fed again on rate rises: President Donald Trump on Tuesday expressed confidence in Treasury Secretary Steven Mnuchin amid worries over a weakening economy and a stock market slump, but repeated his criticism of the U.S. Federal Reserve, saying it has raised interest rates too quickly. [Reuters]

World economy to feel the delayed trade war pain in 2019: Bloomberg’s Global Trade Tracker is softening amid a fading rush to front-load export orders ahead of threatened tariffs. And volumes are tipped to slow further even as the U.S. and China seek to resolve their trade spat, with companies warning of ongoing disruption. [Bloomberg]

Gold powers to 6-month high: Gold is rallying into the end of 2018 as turmoil in global equities, the partial U.S. government shutdown and concerns about the outlook for next year stoke demand, lifting prices to the highest in six months. [Bloomberg]

U.S. holiday retail sales are strongest in years: Shoppers delivered the strongest holiday sales increase for U.S. retailers in six years, according to early data. Total U.S. retail sales, excluding automobiles, rose 5.1% between Nov. 1 and Dec. 24 from a year earlier, according to Mastercard SpendingPulse, which tracks both online and in-store spending with all forms of payment. [The Wall Street Journal]

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