Wall Street's Top Stories For Christmas Weekend

Stocks opened mixed as they tried to bounce following a week of daily selloffs. The market pared its gains and turned negative as investors remain concerned about a government shutdown and slowing global growth. The market received a boost during the morning hours when NY Fed President John Williams said the FOMC statement this week was not a promise to raise rates again and that the Fed was "listening" to the markets. The averages' gains were short-lived as markets turned lower again as President Trump warned that he was prepared for "a very long shutdown" if funding for a border wall was not part of any funding resolution. As the potential shut down nears, the market was unable to rally and put the finishing touches on a large weekly decline ahead of the upcoming holiday shortened week. 


  • the estimate of third quarter GDP growth was nudged down to 3.4% in the third look on the economy, versus the 3.5% clip the advance and second readings
  • Durable goods orders bounced 0.8% in November, which was weaker than expected
  • Personal income rose 0.2%, while spending increased 0.4% in November
  • Consumer confidence rose 0.8 points to 98.3 in the final December reading from the University of Michigan survey, which was up from the prior month's reading and the 97.5 preliminary look for this month

In energy news, Baker Hughes reported that the U.S. rig count is up 9 rigs from last week to 1,080

In central bank news, John Williams, President of the Federal Reserve Bank of New York, stressed during an interview on CNBC that data dependence also means listening to the markets. The Fed is open to reassessing and reevaluating its forecasts as data indicate, Williams said, adding that the Fed indicated in its June 2017 statement that it would reconsider the balance sheet normalization path if the outlook changed materially.

COMPANY NEWS: Shares of Nike (NKE) rose over 7% after the sneaker making giant reported better than expected sales and earnings and raised its constant currency sales and gross margin guidance for the fiscal year.

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