LIVE MARKET NEWS: Stocks waffle in holiday week, housing headwinds persist

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incoming update…Breaking News Investors kick off shortened holiday weekStocks struggled to find direction in the shortened holiday trading week as the Nasdaq Composite led declines for all three of the major averages. Shares of Southwest Airlines tumbled as cancellations mount for the discount carrier. In commodities, oil stabilized at the $80 per barrel level.

Nasdaq Composite Index.$10383.893051

Posted by FOX Business Team SharePeloton to offer refurbished bikes at discounted pricesPeloton Interactive Inc.$8.89

Peloton exercise bike is seen after the ringing of the opening bell for the company’s IPO at the Nasdaq Market site in New York City, Sept. 26, 2019. (Reuters/Shannon Stapleton)

SymbolPriceChange%ChangePTON$8.89-0.32-3.47

Peloton Interactive Inc is offering refurbished bikes across the continental U.S. and Canada at a discount of up to $500 over new bikes, the company said on Monday.

The program, called Peloton Certified Refurbished, will provide models priced at $1,145 and $1,995 with the same 12 month warranty provided with new bikes.

The fitness equipment maker was all the rage among fitness enthusiasts during COVID-19 lockdowns, with the company hitting a peak market valuation of nearly $50 billion in early 2021.

However with people returning to gyms the company saw demand for its fitness equipment dwindle and saw its market cap slump to $3.02 billion currently.

The company earlier this year expanded its rental program in the U.S., giving consumers a month-to-month option on its Peloton Bike and Bike+ models.Posted by Reuters ShareCrypto edges lower heading into Tuesday morningBitcoin, Ethereum and Dogecoin were all lower heading into Tuesday morning. (Getty Images)

Cryptocurrency prices were lower early Tuesday.

At approximately 4:45 a.m. ET, Bitcoin was trading at nearly $16,861 (-0.17%), or lower by $28.

For the week, Bitcoin was trading higher by nearly 2.8%. For the month, the cryptocurrency was lower by nearly 2.6%.

Ethereum was trading at approximately $1,219.3 (-0.49%), or lower by about $6.1.

For the week, Ethereum was trading higher by slightly more than 4.9%. For the month, it was trading higher by approximately 1.65%.

Dogecoin was trading at $0.074897 (-0.96%), or lower by approximately $0.000728. 

For the week, Dogecoin was lower by almost 6%. For the month, the crypto was lower by nearly 15%.Posted by FOX Business Team ShareGasoline prices nationwide up incrementally, diesel prices fallGasoline prices were higher on Tuesday nationwide, while diesel prices moved lower. (gasprices.aaa.com)

The nationwide price for a gallon of gasoline rose slightly Tuesday to $3.104. On Sunday and Monday, the price was unchanged at $3.102, according to AAA. 

One week ago, a gallon of gasoline cost $3.123. A month ago, that same gallon of gasoline cost $3.555. A year ago, the price for a gallon of regular gasoline was $3.286.

Gas hit an all-time high of $5.016 on June 14.

Diesel has slipped below $5.00 per gallon to $4.671, but that is still a far cry from the $3.569 of a year ago.

On Monday, a gallon of diesel nationwide cost $4.684.A week ago, a gallon of diesel cost $4.745, while a month ago, that same gallon of diesel cost $5.228, AAA reported.Posted by FOX Business Team ShareHousing headwinds continueS&P CoreLogic Case-Shiller reported housing prices for October dropped 0.8% from September, less than the 1.1% estimate.

Spdr Series Trust Spdr S P Homebuilders Etf.$60.44

Annually, prices rose 8.6% cooling from September’s 10.4% jump and the lowest read since October 2020.

Home price figures data will be released by S&P CoreLogic Case-Shiller on Tuesday morning. (Getty Images)

This weeks other housing report — pending homes sales for November — will be out on Wednesday morning.Posted by FOX Business Team ShareUS stock futures edge higher on hopes of late year-end rallyStock futures were higher in the US early Tuesday as investors are hoping for a late year-end rally. (Associated Press)

SymbolPriceChange%ChangeI:DJI$33,203.93176.440.53SP500$3,844.8222.430.59I:COMP$10,497.8621.740.21

U.S. stock futures rose Tuesday morning as investors hope a late year-end rally will lift a market that has been weighed down by recession fears. 

Markets in the U.S. and Europe were closed Monday for holidays. 

Indexes started Friday lower after Commerce Department figures showed that prices for services continued to climb faster than hoped last month. But stocks edged into positive territory after the midmorning release of the University of Michigan’s consumer survey painted households as optimistic about the economy. 

Stocks markets were choppy with the S&P gaining 22.43, or 0.6%, to 3844.82, while the tech-focused Nasdaq Composite rose 21.74, or 0.2%, to 10497.86. The Dow Jones Industrial Average rose 176.44, or 0.5%, to end at 33203.93. 

Still, a three-week string of losses for the S&P and the Nasdaq have set markets up to end 2022 with a down month. The S&P has given up 5.8% in December, while the Nasdaq has lost 8.5% and the Dow industrials 4%. 

“Equities are left with a pretty difficult backdrop, and also one that’s going to be pretty unlikely to result in much multiple expansion,” said Ed Perks, chief investment officer at Franklin Templeton’s Franklin Income Investors.

Perks’s team has put about 60% of its flagship portfolio into bonds, a flip from a 70% allocation to stocks to start 2022. Given how closely corporate earnings are tied to consumer behavior, traders are sensitive to any evidence of how well American wallets are navigating inflation and slowing growth.

Jobless claims remain historically low, yet layoffs are mounting. Friday’s data indicated consumer-spending growth slowed in November versus October, so the morning’s strong Michigan survey came as a small relief. 

“What you’re willing to pay at the pump, what you’re willing to pay at the grocery store, that’s what’s going to guide markets and the Fed next year,” said Matthew Bartolini, head of SPDR Americas research at State Street Global Advisors. 

Bonds fell on Friday as traders guessed that signs of persistent inflation increased the likelihood the Fed will keep interest rates high for longer into the future. Friday’s personal-consumption expenditures data — the Fed’s preferred gauge of inflation — showed that prices for services rose by 0.4% in November, a troublesome pace when annualized. Persistent climbs in services prices have been spooking investors in recent months. 

Meanwhile, Asian shares advanced Tuesday after China announced it would relax more of its pandemic restrictions despite widespread outbreaks of COVID-19 that are straining its medical systems and disrupting business. 

The Shanghai Composite index jumped 0.8% to 3,089.39. Hong Kong’s markets were closed for a holiday, as were those in Australia. Tokyo’s Nikkei 225 added 0.2% to 26,447.87 and the Kospi in Seoul gained 0.7%, to 2,332.79. In Bangkok, the SET index rose 0.8%, while the Sensex in Mumbai surged 1.2%. 

China’s National Health Commission said Monday that passengers arriving from abroad will no longer have to observe a quarantine, starting Jan. 8. They will still need a negative virus test within 48 hours of their departure and to wear masks on their flights.Posted by Associated Press ShareOil rises to three-week highs after China eases COVID restrictionsOil prices rise to three-week highs after China eased COVID-19 restrictions, which fueled demand hopes. (Getty Images)

SymbolPriceChange%ChangeUSO$69.321.622.39CVX$177.405.323.09XOM$108.682.802.64

Oil prices rose to three-week highs on Tuesday as China’s latest easing of COVID-19 restrictions spurred fuel demand hopes, while concerns that winter storms across the United States are affecting energy production continued to support prices. 

Brent crude was up 52 cents, or 0.6%, at $84.44 a barrel by 0712 GMT, while U.S. West Texas Intermediate crude was at $80.04 a barrel, up 48 cent, or 0.6%. They hit their highest since Dec. 5 earlier in the session. 

On Friday, Brent rose 3.6%, while WTI gained 2.7%, as they recorded their biggest weekly gains since October. 

China will end its quarantine requirements for inbound travellers starting on Jan. 8, the National Health Commission said on Monday, dropping a rule in place since the start of the pandemic three years ago.

That raised optimism of higher demand from the top crude oil importer. 

“Oil demand recovery is in sight for China, which is great news for the refining sector,” said Serena Huang, head of APAC analysis at Vortexa. 

Oil prices are also drawing support from worries about supply disruption due to winter storms in the United States, said Kazuhiko Saito, chief analyst at Fujitomi Securities Co Ltd.

The concerns “prompted buying, though trade was thin as many market participants were away on holiday,” Saito added. 

Concerns over a possible production cut by Russia also contributed to oil price gains. Russia may cut oil output by 5% to 7% in early 2023 as it responds to price caps, the RIA news agency cited Deputy Prime Minister Alexander Novak as saying on Friday.Posted by Reuters Share

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