As of today, major U.S. stock indices are experiencing declines, with the S&P 500 down 0.24%, the Dow Jones down 0.09%, and the Nasdaq down 0.24%. March E-mini S&P futures have also dropped 0.28%, and March E-mini Nasdaq futures are down 0.27%. The downturn is primarily attributed to losses in major technology stocks and a significant drop in metals prices, which has affected mining stocks.
Crude oil prices, however, increased by more than 2%, supported by geopolitical tensions and a pledge from China’s Ministry of Finance to enhance fiscal spending next year. In terms of economic projections, pending home sales for November are anticipated to rise by 1.0% month-over-month, while initial weekly unemployment claims are expected to increase by 1,000 to 215,000.
In the energy sector, companies such as Devon Energy and Marathon Petroleum are seeing gains of over 1% due to rising crude prices. In contrast, mining stocks are under pressure, with gold prices down more than 3% and silver prices down over 7% following record highs. Additionally, Praxis Precision Medicine saw a 14% increase after receiving breakthrough therapy designation from the FDA.
