Market Update: Wednesday, December 27, 2017


Market Recap

  • Stocks edged lower on light volume following Christmas holiday. S&P 500 Index 0.1%, Dow -0.03%, Nasdaq -0.3%.
  • Energy stocks (+0.8%) outperformed, while the technology sector (-0.7%) dragged the S&P, Nasdaq lower.
  • Treasuries gained ground slightly following biggest weekly loss since mid-September. 10-year yield -2 basis points (-0.02%) to 2.47%.
  • In economic news, U.S. retail sales in the holiday period reportedly rose at their highest pace since 2011.

Overnight & This Morning

  • U.S. equities little changed in early trading, though technology sector remains under pressure.
  • Stocks in Asia finished mixed; Nikkei and Hang Seng +0.1%, Shanghai Composite -0.9%.
  • European stocks are near flat following market closure Tuesday for Boxing Day, STOXX Europe 600 -0.03%.
  • Commodities: WTI crude oil ($59.48/bbl.) is lower by 0.8%, precious metals outperform industrial as COMEX gold +0.1%, copper -0.3%.
  • Today’s economic calendar includes December Consumer Confidence and Pending Home Sales for November.


Macro Notes

  • Clarida, Lindsey reportedly being considered for Fed vice chair. The WSJ reported today that the White House has recently interviewed two economists for the Federal Reserve’s (Fed) vice chair position, both of whom served in the George W. Bush administration. The two are Richard Clarida (a Columbia professor and managing director at Pimco) and Lawrence Lindsey (who currently runs and economic advisory firm in Washington). It adds that the candidates would satisfy the administration’s desire to select an economist with a strong grounding in monetary policy. It is unclear at this point whether there are additional candidates under consideration, or when a final candidate for the position may be named. (Source: FactSet)


Click Here for our detailed Weekly Economic Calendar


  • Consumer Confidence (Dec)
  • Pending Home Sales (Nov)
  • Germany: Retail Sales (Nov)
  • BOJ: Summary of Opinions at Dec 20-21 Meeting
  • BOP: Current Account Balance (Q3)
  • BOJ: Outright Bond Purchase
  • Japan: Retail Sales (Nov)
  • Japan: Industrial Production (Nov)
  • Japan: Vehicle Production (Nov)



  • Germany: CPI (Dec)
  • Eurozone: M3 Money Supply (Nov)
  • Italy: PPI (Nov)
  • Italy: Italian Nat’l Institute of Statistics Monthly Economic Note
  • Russia: GDP (Q3)

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