S&P 500 edges up 0.15% at midday as Nasdaq 100 stays flat
The S&P 500 stood at 7630.54 at 12:30 New York time on November 12, while the Nasdaq 100 was little changed. October existing home sales came in at 3.75 million against a 3.85 million estimate.
- 01S&P 500 at 7630.54 at 12:30 ET, up 11.16 points or 0.15% from the previous close of 7619.38
- 02Nasdaq 100 little changed at 28373.92, against a previous close of 28374.25
- 03October existing home sales of 3.75 million, against a 3.85 million estimate and 3.97 million previously
- 04Existing home sales fell 5.5% month on month, against a 0.3% estimate; the previous reading was 1%
The S&P 500 traded at 7630.54 at 12:30 New York time on November 12, up 0.15% from the previous close. The Nasdaq 100 was little changed at the same time.
What happened
The S&P 500 gained 11.16 points to 7630.54 at midday. The previous close was 7619.38, so the benchmark held a modest advance through the first three hours of the session.
The Nasdaq 100 stood at 28373.92 at 12:30, against a previous close of 28374.25. The change of -0.33 points was flat, well under a tenth of a percent.
At 15:00 UTC, the same day, the housing calendar delivered two high-impact releases. Existing home sales for October came in at 3.75 million, against a 3.85 million estimate. The previous reading was 3.97 million.
On a monthly basis, existing home sales fell 5.5%, against an estimate of a 0.3% rise. The previous month showed a gain of 1%.
Why it matters
The two equity gauges moved differently at midday. The S&P 500 rose 0.15%, while the Nasdaq 100 barely moved from its previous close. The gap shows the broader index doing slightly better than the technology-heavy one in this snapshot.
The housing figures show a clear change in direction. Sales of 3.75 million compare with 3.97 million in the previous reading, a lower level. The monthly change moved from a 1% gain to a 5.5% decline.
For investors, the data show a broad index with a small gain, a flat Nasdaq 100 and a weaker housing release at the same time.
What to watch next
The pack schedules no further releases for the rest of the session. The New York Stock Exchange trades until 16:00 New York time, so the midday levels are not final.
The closing levels will show whether the S&P 500 holds its 0.15% advance from the previous close of 7619.38. They will also show whether the Nasdaq 100 stays near its previous close of 28374.25.
Market participants will also have the October housing figures to compare with the next release in the series. The next reading will be set against the 3.75 million level and the 5.5% monthly decline published on November 12.
Sources:UCapital Markets (ucapital.com)
UCapital24 S.p.A. or group companies may have commercial relationships with the companies mentioned. This content is not financial advice.
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