US benchmark equity indexes ended higher Tuesday as markets parsed the latest economic data. US consumer confidence dropped to 98.7 in September from 105.6 last month, as stated by the Conference Board. This drop in September marks the largest decrease since August 2021, according to Conference Board Chief Economist Dana Peterson.
Consumers are becoming more pessimistic regarding future labor market conditions and are also less optimistic about future business conditions, Peterson noted. In a related trend, US home prices increased in July, marking a 14th consecutive monthly record. However, the pace of annual growth has decelerated to the slowest level recorded in 2024, according to S&P Global (SPGI) division S&P Dow Jones Indices.
Additionally, the Federal Housing Finance Agency revealed that home prices edged up by 0.1% on a seasonally adjusted basis in July. In contrast, June's 0.1% decrease was revised up to a flat level. The consensus estimate was for a 0.2% rise based on a survey compiled by Bloomberg. Meanwhile, November West Texas Intermediate crude oil closed up $1.19, settling at $71.56 per barrel.
Similarly, November Brent crude, the global benchmark, was last noted up $1.09 to $74.99. This increase came as China announced a package of stimulus measures aimed at supporting a faltering economy, while supply tightened due to Gulf of Mexico producers beginning to evacuate platforms in anticipation of an approaching storm in the region. Novo Nordisk ($NOV) shares rose by 1.3%, even in the face of tough questioning directed at the company's chief executive by Senator Bernie Sanders regarding the pricing strategies for the drugmaker's weight-loss drugs, Ozempic and Wegovy, during a hearing on Tuesday. Lastly, the US Justice Department has filed a lawsuit against Visa ($V), alleging that the company had illegally monopolized the debit card market within the US.
Consequently, Visa shares experienced a decline of 5.4%. Overall, the financial landscape remains complex as various economic indicators present a mixed bag of optimism and concern..