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U.S. stocks gave up early gains at the opening bell on Tuesday in what is expected to be a subdued trading session on Christmas Eve.
Equity markets will end Tuesday’s session early at 1 p.m. Eastern Time, while the bond market will finish an hour later at 2 p.m., with many global markets closed on Wednesday.
How are benchmarks performing?
The Dow Jones Industrial Average DJIA, -0.09% was down 28 points, or 0.1%, to 28,523. The S&P 500 SPX, -0.02% was down 3 points, or less than 0.1%, to 3,221. The Nasdaq Composite index COMP, +0.02% fell 9 points, or 0.1%, to 8,937.
The Nasdaq Composite hit a fresh intraday record on Tuesday morning, before shedding its early gains.
On Monday, the Dow rose 96 points, or 0.3%, at 28,551.53 to book its third consecutive record finish, with gains from Boeing Co. delivering the biggest fillip to the index. The S&P 500 index advanced 3 points, or 0.1%, at 3,224.01, booking its third straight record close. The Nasdaq Composite Index climbed 21 points, or 0.2%, at 8,945.65, recording its ninth uninterrupted record close, its longest such streak since 1998.
What’s driving the market?
Reflecting progress toward a January trade agreement between the U.S. and China, Beijing said Monday that it would cut tariffs on some 850 products and markets remained hopeful a deal will be signed in January.
But a potential holiday flashpoint for markets could be North Korea’s promise earlier this month to deliver a “Christmas Gift” unless Washington abides by an end-of-year deadline set by Pyongyang for concessions in exchange for a possible deal to curb its nuclear weapons program.
President Donald Trump is working to persuade North Korea to return to denuclearization talks but North Korea’s leader Kim Jong Un has shown few signs of wanting to return to the negotiating table, according to Politico.
However, China, Japan and South Korea have agreed to work together to promote dialogue between the United States and North Korea, South Korean President Moon Jae-in said on Tuesday following a summit between the three countries in China, according to Reuters.
Boeing Co. also remains in the spotlight for investors after the resignation of Dennis Muilenburg as CEO and president on Monday on the heels of 737 MAX jetliner grounding earlier this year.
See: Boeing’s Muilenburg had to go after botching the handling of 737 Max disasters, analyst says
“Markets officially entered holiday as trading volumes remain very thin and as Wall Street prepares to take the rest of the week off,” wrote Edward Moya, senior market analyst at Oanda, in a Tuesday research note.
Which stocks are in focus
Shares of Boeing Co. BA, -1.01% were virtually unchanged on Tuesday after the aviation and defense contractor named Chairman David Calhoun as its chief executive and president, replacing Dennis Muilenburg, who has resigned.
How did other markets trade
The yield on the 10-year U.S. Treasury note TMUBMUSD10Y, -0.59% rose 0.3 basis points to 1.937%, around its highest levels since July, according to Tradeweb data.
In commodities, West Texas Intermediate Crude for February delivery gained 37 cents, or 0.6%, to $60.89 a barrel on the New York Mercantile Exchange. Gold prices also rose, with the price of an ounce of gold rising $9.70, or 0.6%, to trade at $1,498.00.
The U.S. dollar edged higher relative to a basket of its rivals, with the ICE Dollar index DXY, -0.02% , a measure of the buck against six rival currencies, up less than 0.1%.
In Asia overnight, stocks closed higher; with the China CSI 000300, +0.65% closed 0.7% higher, Japan’s Nikkei 225 NIK, +0.04% gaining less than 0.1% and Hong Kong’s Hang Seng index HSI, -0.15% retreating by 0.2%.
European stocks moved up on Monday, with the Stoxx Europe 600 SXXP, +0.13% up around 0.1%.
