Live Nasdaq Composite: Markets Hold Steady on Fed Day as Mideast Tensions Boil
Live Updates Live Coverage Updates appear automatically as they are published. Housing Market Weakness 9:52 am by Gerelyn Terzo Housing starts, which reflect the level of new home construction activity, sank by close to 10% last month to their worst level since the pandemic era. New home construction fell 9.8% to 1.26 million starts in […] The post Live Nasdaq Composite: Markets Hold Steady on Fed Day as Mideast Tensions Boil appeared first on 24/7 Wall St..
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Housing Market Weakness
Housing starts, which reflect the level of new home construction activity, sank by close to 10% last month to their worst level since the pandemic era. New home construction fell 9.8% to 1.26 million starts in response to waning demand from homebuyers. In a sign of things to come, building permits almost moved lower, falling 2% vs. April levels to a pace of 1.39 million.
The Nasdaq Composite remains in the green, rising 0.14%.
This article will be updated throughout the day, so check back often for more daily updates.
The markets continue to put on a brave face even as Middle East tensions escalate and the net widens to potentially involve the U.S. Stocks are holding their own ahead of the Fed’s decision on interest rates. The major stock market averages, including the Nasdaq Composite, are showing little direction amid an uncertain backdrop. While President Trump is strategizing his next move, the price of oil has soared to multi-month highs to hover above $73 per barrel. Most sectors of the economy are trading higher this morning.
Despite the market volatility and geopolitical headwinds, the broader market (S&P 500 index) is within a stone’s throw – 2.6% – of fresh all-time high levels. The Fed’s decision on interest rates is imminent, and the markets appear to have priced in the likelihood that rates will remain unchanged. A decision is expected by mid-afternoon.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Up 54.67 (+0.13%)
Nasdaq Composite: Up 8.08 (+0.04%)
S&P 500: Up 4.68 (+0.08%)
Market Movers
JPMorgan is bullish on fintech stocks, which incidentally serve as competition to traditional financial institutions. The analyst firm has added Q2 Holdings (NYSE: QTWO), nCino (Nasdaq: NCNO) and Alkami (Nasdaq: ALKT) to its list of stock that are poised to benefit from the digital banking era, calling the sector an “attractive investment arena.” All three of these stocks are rising higher today.
Solar Stocks like Enphase Energy (Nasdaq: ENPH) and First Solar (Nasdaq: FSLR) are under pressure due to a push in Washington, D.C. to remove a renewable energy tax credit in the new tax bill.
The post Live Nasdaq Composite: Markets Hold Steady on Fed Day as Mideast Tensions Boil appeared first on 24/7 Wall St..
