Stocks Slip as Bond Yields Rise

Market Overview - The S&P 500 Index is down -0.12%, the Dow Jones Industrials Index is down -0.25%, and the Nasdaq 100 Index is down -0.11% [1] - Stock indexes are slightly lower as the market struggles for direction in thin year-end trading, with higher bond yields negatively impacting stocks [2] Economic Indicators - The October S&P Case-Shiller composite-20 home price index rose +0.3% month-over-month and +1.3% year-over-year, exceeding expectations [3] - The December MNI Chicago PMI increased by +9.2 to 43.5, also stronger than anticipated [3] Seasonal Trends - Historical data indicates that the S&P 500 has risen 75% of the time in the last two weeks of December, with an average increase of 1.3% [4] Upcoming Economic Data - The minutes from the December 9-10 FOMC meeting will be released, and initial weekly unemployment claims are expected to rise by 1,000 to 215,000 [5] - The December S&P manufacturing PMI is anticipated to remain unchanged at 51.8 [5] - The markets are currently pricing in a 16% chance of a -25 basis point rate cut at the next FOMC meeting on January 27-28 [5] International Market Performance - The Euro Stoxx 50 index reached a 1.5-month high, up by +0.76%, while Japan's Nikkei Stock 225 fell to a 1-week low, down -0.37% [6]