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Stock Market Live Updates: No Santa Claus rally yet

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U.S. stock markets will close at 1 p.m. ET. Credit markets will close at 2 p.m. ET.

1:20 p.m. ET: Boeing documents paint ‘very disturbing’ picture

From Reuters: “Boeing Co (BA) documents now under review by a U.S. government committee appear to point to a ‘very disturbing; picture of commentary from the planemaker's employees over the 737 MAX aircraft, a House of Representatives transportation infrastructure committee aide said on Tuesday.“

1:06 p.m. ET: Stocks go nowhere

Here’s where the markets settled at the end of regular equity trading:

  • S&P 500 (^GSPC): -0.02%, or 0.63 points

  • Dow (^DJI): -0.13%, or 36.08 points

  • Nasdaq (^IXIC): +0.08%, or 7.24 points

  • 10-year Treasury yield (^TNX): -2.8 bps to 1.907%

  • Gold (GC=F): +1.04% to $1,504.20 per ounce

11:25 a.m. ET: 20 years is a good holding period for stocks

Lots of folks are reflecting the past decade of financial market performance, including the gurus at DataTrek Research. Co-founder Nick Colas notes that the 2010s have come with a better than average 250% total return through Friday, which reflects a 13.3% compound annual growth rate (CAGR).

Ten years is a pretty good holding period that usually comes with positive returns, but sometimes it comes with negative returns. A 20-year holding period, however, has never seen negative returns.

From Colas: “Unlike 10-year timeframes, the S&P 500 has ALWAYS generated a positive return over any trailing 2-decade period going back to 1948 as an endpoint. This is true on both a nominal and real basis.“

(DataTrek Research)

10:00 a.m. ET: Manufacturing in the Mid-Atlantic contracts

The Richmond Fed’s manufacturing survey signaled contraction in the Mid-Atlantic region. The survey’s composite index unexpectedly fell to -5 in December from -1 in November. Economists were expecting the metric to improve to 1.

From the report: “[The index was] weighed down by decreases in the already negative indexes for shipments and new orders, while the third component—employment— increased slightly. Manufacturers also reported weakness in local business conditions and capacity utilization, but they were optimistic that conditions would improve in the coming months.

“Many firms saw growth in employment and wages in December. However, respondents reported declines in the average workweek, as this index decreased to −15, its lowest reading since April 2009. Manufacturers continued to report difficulty finding workers with the necessary skills and expected that struggle to continue in the next six months.”

9:53 a.m. ET: Stocks are lower

Here were the main moves in markets, as of 9:53 a.m. ET:

  • S&P 500 (^GSPC): -0.11%, or 3.47 points

  • Dow (^DJI): -0.13%, or 36.36 points

  • Nasdaq (^IXIC): -0.11%, or 9.88 points

  • 10-year Treasury yield (^TNX): +1 bp to 1.945%

  • Gold (GC=F): +0.42% to $1,494.90 per ounce

9:40 a.m. ET: Trump says he and China’s Xi will sign a trade deal

"We will be having a signing ceremony, yes," Trump said. "We will ultimately, yes, when we get together. And we'll be having a quicker signing because we want to get it done. The deal is done, it's just being translated right now."

President Donald Trump speaks to members of the media following a Christmas Eve video teleconference with members of the military at his Mar-a-Lago estate in Palm Beach, Fla., Tuesday, Dec. 24, 2019. (AP Photo/Andrew Harnik)

9:16 a.m. ET: The Santa Claus rally

For whatever reason, stocks tend to climb during the period covering the last five trading days of the year and the first two of the new year. According to the Stock Trader’s Almanac (via CNBC), since 1950, the S&P 500 (^GSPC) has gained an average of 1.3% during the Santa Claus rally.

9:00 a.m. ET: Uber founder Travis Kalanick to step down from Uber’s board.

Ride-sharing pioneer Travis Kalanick is stepping down from the board of the company he found effective December 31, 2019. From Uber’s (UBER) announcement:

"Uber has been a part of my life for the past 10 years. At the close of the decade, and with the company now public, it seems like the right moment for me to focus on my current business and philanthropic pursuits. I’m proud of all that Uber has achieved, and I will continue to cheer for its future from the sidelines. I want to thank the board, Dara and the entire Uber team for everything they have done to further the Uber mission," Kalanick said.

8:14 a.m. ET: Investors around the world made money in 2019

“Global stock markets are up $17trn this year,” Deutsche Bank’s Torsten Slok noted in an email Tuesday morning.

$$

7:56 a.m. ET: Futures are up

U.S. stock futures rose ahead of the open for the holiday-shortened session, extending a December advance for the three major indices. Here were the main moves in markets, as of 7:56 a.m. ET:

  • S&P 500 futures (ES=F): +0.07%, or 2.25 points

  • Dow futures (YM=F): +0.09%, or 27 points

  • Nasdaq futures (NQ=F): +0.05%, or 4 points

  • 10-year Treasury yield (^TNX): -0.4 bps to 1.931%

  • Gold (GC=F): +0.38% to $1,494.30 per ounce


Edited by Sam Ro

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