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US markets end mostly higher on Monday

19 Nov 2024 Evaluate

The US markets ended mostly higher on Monday as traders looked to pick up stocks at somewhat subdued levels following the steep drop seen last week.  Sentiments got boost as the National Association of Home Builders released a report showing homebuilder confidence has improved by much more than anticipated in the month of November. The report said the NAHB/Wells Fargo Housing Market Index climbed to 46 in November after rising to 43 in October. Street had expected the index to inch up to 44. With the much bigger than expected increase, the housing market index reached its highest level since hitting 51 in April. The advance by the housing market index reflected increases by all three sub-indices, with the component measuring sales expectations in the next six months surging to 64 in November from 57 in October. The gauge charting traffic of prospective buyers also climbed to 32 in November from 29 in October, while the index charting current sales conditions rose to 49 in November from 47 in October.

The NAHB said the latest HMI survey also revealed that 31 percent of homebuilders cut prices in November, with the share continuing to hover between 31 percent and 33 percent. However, buying interest was somewhat subdued as traders looked ahead to the release of quarterly results from AI darling Nvidia (NVDA). On the sectoral front, gold stocks moved sharply higher on the day, resulting in a 4.2 percent spike by the NYSE Arca Gold Bugs Index. The rally by gold stocks comes amid a substantial increase by the price of the precious metal. Considerable strength was also visible among computer hardware stocks, as reflected by the 2.8 percent surge by the NYSE Arca Computer Hardware Index. Super Micro Computer (SMCI) led the sector higher after a report from Barron's said the company is expected to file a plan to avoid being delisted from the Nasdaq.

Nasdaq rose 111.68 points or 0.6 percent to 18,791.81 and S&P 500 was up by 23 points or 0.39 percent to 5,893.62, while Dow Jones Industrial Average lost 55.39 points or 0.13 percent to 43,389.6. 

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