Economic News
Key Highlights:- US Services Sector Growth:
- The services sector expanded faster than expected in December, with the Institute for Supply Management's PMI showing robust business activity.
- Jefferies noted the data is "encouraging" amid weaker trends in other economic indicators.
- Job Market:
- November job openings increased to a six-month high, while layoffs rose slightly, according to government data.
- Trade Deficit:
- The US trade deficit widened in November as imports outpaced exports, per the Census Bureau and Bureau of Economic Analysis.
- Holiday Season E-commerce:
- Online shopping reached a record high during the 2024 holiday season, with most e-commerce transactions occurring on mobile devices.
- Artificial intelligence significantly powered click-through rates to retail websites, Adobe Analytics reported.
Market Statistics
- US Treasury Yields:
- 10-Year Yield: +7.1 basis points to 4.69%
- 2-Year Yield: +2.3 basis points to 4.29%
- Commodities:
- Crude Oil: WTI rose 1% to $74.27 per barrel.
- Precious Metals:
- Gold: +0.7% to $2,664.80 per troy ounce.
- Silver: +0.2% to $30.65 per ounce.
Economic indicators painted a mixed picture, with positive signs in the services sector and job market offset by a widening trade deficit.