US benchmark stock indexes are experiencing declines in midday trading on Tuesday, adding to overall losses from previous sessions. The Nasdaq index slipped by 0.3%, settling at 19,440. Meanwhile, the S&P 500 recorded a slight loss of 0.1%, finishing at 5,899.8, and the Dow Jones Industrial Average fell marginally, down less than 0.1% to 42,565. In the sector performance, energy and real estate emerged as the top gainers, whereas technology has led as the primary decliner during this intraday session. Significant updates from the housing market indicate that the Case-Shiller National Home Price Index experienced a decrease of 0.2% in October before seasonal adjustments were applied, succeeding a 0.1% decrease noted in September.
Yet, on a year-over-year basis, national home prices have risen by 3.6%, showing a slower pace compared to a 3.9% gain in September. Furthermore, adjusting for seasonal factors, home prices grew by 0.4% month-over-month in October. The Federal Housing Finance Agency's measure of home prices has demonstrated resilience, with an increase of 0.4% observed in October following an unrevised increase of 0.7% in the preceding month; this aligns with expectations detailed in a Bloomberg survey.
Year-on-year, home prices reflected a robust growth of 4.5% as of October. Notably, the West South-Central region recorded the largest gain, succeeded by the East North-Central region. In individual stock news, Affinity Bancshares ($AFBI) saw a dramatic decline of 20% amidst recent trading activity.
This drop follows the company's announcement that it and the Atlanta Postal Credit Union will terminate their proposed merger. The decision stemmed from discussions held between the Atlanta Postal Credit Union and regulatory authorities. Conversely, Verastem ($VSTM) was in the spotlight for favorable reasons, with its stock soaring by more than 40% after the US Food and Drug Administration accepted and granted priority review for its new drug application concerning a treatment for ovarian cancer.
An action date for this review has been signaled for June 30. In terms of bond markets, the US 10-year Treasury yield increased to 4.57%, while the yield on the two-year note decreased slightly to 4.25%. Currency markets showed the US Dollar Index ascending by 0.4%, reaching 108.53. On the commodities front, West Texas Intermediate crude oil rose by 1.1% to $71.79 per barrel.
Gold also gained, rising by 0.8% to $2,640 per ounce. However, silver saw a slight dip, with a decrease of 0.5% down to $29.26 per ounce. Finally, it’s important to note that the markets will be closed on Wednesday in observation of New Year's Day..