In a notable turn of events, US benchmark equity indexes experienced a decline on the last trading day of the year, yet they posted impressive double-digit gains as the year unfolded in 2024. As markets prepare to close for the New Year on Wednesday, attention turns towards recent housing data and the oil market.
Home prices across the United States have surged to record levels in October, although the rate of annual appreciation has started to decelerate. Insights provided by S&P Global, specifically from its division S&P Dow Jones Indices, highlight these shifting dynamics. Brian Luke, the head of commodities, real and digital assets at S&P Dow Jones Indices, remarked, "With the latest data covering the period prior to the presidential election, our national index has shown continued improvement.
By alleviating the political uncertainty risk, we have witnessed a subsequent rally in the equity market. It will be crucial to observe if a similar positive sentiment takes hold among homeowners moving forward." However, the housing industry is expected to kick off 2025 facing the same challenges that emerged this year, notably including mortgage rate fluctuations and a tendency for seasonal trade performance to underwhelm, according to Wedbush Securities. In energy markets, February West Texas Intermediate crude oil prices closed at $71.81 per barrel after an increase of $0.82, while March Brent crude, serving as the global benchmark, saw a slight uptick to $74.83, rising by $0.84.
These movements reflect ongoing dynamics in the oil sector that could influence economic outlooks. Amidst these market fluctuations, Sangamo Therapeutics faced a dramatic drop of 56% in its shares, occurring just one day after the genomic medicine company announced that its partner, Pfizer, had opted not to advance further with the development of a new gene therapy targeting hemophilia A.
This news sent ripples through the biotechnology community, affecting investor sentiments significantly. In the backdrop of these developments, Japan's Nippon Steel has positioned itself strategically by offering the US government the ultimate authority in any decisions related to reductions in US Steel's production capacity as part of its bid for acquisition approval.
This maneuver indicates the complexities and negotiations involved in international business transactions, particularly in the steel sector..