Stock market news: December 23, 2019 - Yahoo Finance

Stock futures added to record highs Monday morning after China announced it will be cutting tariffs on hundreds of products just weeks before the planned signing of an interim trade deal with the U.S.

Here were the main moves in markets, as of 8:36 a.m. ET:

• S&P 500 futures (ES=F): +0.2%, or 6.5 points

• Dow futures (YM=F): +0.21%, or 59 points

• Nasdaq futures (NQ=F): +0.29%, or 25 points

• 10-year Treasury yield (^TNX): +0.0 bps to 1.917%

• Gold (GC=F): +0.35% to $1,486.10 per ounce

China’s Ministry of Commerce on Monday published a list of 859 products that will be subject to temporary import tariffs, which are lower than the country’s most-favored nations rate. These lowered tariffs will take effect Jan. 1, and reduce the levies on products from frozen pork to semiconductor components and pharmaceuticals.

Contracts on each of the three major stock indices gained following the announcement, with the tech-heavy Nasdaq leading advances. The Philadelphia Semiconductor Index (SOXX) looked to open at a record high.

China had also announced a similar tariff reduction about 12 months ago, covering 706 products.

The Macy's Santa Claus waves to traders on the floor at the New York Stock Exchange (NYSE) in New York, U.S., November 27, 2019. REUTERS/Brendan McDermid

The most recent move serves both as a signal that Beijing is making good on its promise to open up its borders to the rest of the world, and as an apparent effort to support the Chinese consumer in the midst of a pork shortage and anemic domestic economic growth.

It also comes just weeks before the U.S. and China plan to sign a phase one trade agreement in early January, with China having repeatedly called for a reciprocal reduction of tariffs as part of a path to a more lasting deal.

Meanwhile, trading volume remained light Monday amid the holiday-shortened week. On Tuesday, U.S. equity markets will close early at 1 p.m. ET, while credit markets will close at 2 p.m. ET. Both markets will be closed Wednesday in observance of the Christmas holiday.

No major corporate earnings announcements are slated for Monday. Government data scheduled for release include new-home sales at 10 a.m. ET.

ECONOMY: Durable goods orders unexpectedly drop in November

Orders for durable goods, or products intended to last at least three years, unexpectedly fell in November by the most since May, the Census Bureau said Monday in its preliminary monthly report.

Durable goods orders fell by 2.0% during the month, well below the 1.5% gain expected by consensus economists, according to Bloomberg data. October’s durable goods orders were downwardly revised to a 0.2% increase, from a 0.5% advance previously.

Excluding transportation, durable goods orders were flat in November after a downwardly revised 0.3% gain in October. This was also short of estimates for a 0.2% uptick.

Core capital goods orders, or non-defense orders excluding aircraft, were up 0.1% in November, matching expectations and slowing from the prior month’s 1.1% increase. This measure is closely watched as a proxy for business investment. Core capital goods shipments, however, unexpectedly fell 0.3% in November versus a 0.0% reading expected, with this measure factoring into the calculation for equipment spending in GDP.

—

Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck

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