AMJ (Alerian MLP Index tracking fund

US new home sales unexpectedly increase for second straight month

Confidence among US consumers improved in Dec, recovering the losses registered in Nov, as concerns over inflation & the state of the economy eased at year-end.  The University of Michigan said that its consumer sentiment index rose to 59.7 in Dec from 56.8 in Nov, slightly up from the 59.1 preliminary mid-month reading.  The forecast expected the index to come in at 59.1, unchanged from the preliminary data.  Despite Dec's gain, sentiment among American consumers remains very subdued as high inflation throughout the year has weighed on moods.  The University of Michigan sentiment index closed 2021 at 70.6 & was as high as 101.0 in Feb 2020, before the Covid-19 pandemic hit.  Moderating price growth supported Dec's rise in confidence, said Joanne Hsu, the survey's director. "Sentiment remains relatively downbeat at 15% below a year ago, but consumers' extremely negative attitudes have softened this month on the basis of easing pressures from inflation," she said.  Consumer prices rose 7.1% in Nov compared with the same month a year earlier, easing from a 7.7% increase in Oct & marking the lowest inflation rate since Dec 2021.  Consumer inflation expectations declined in Dec.  For the next year, Americans expect prices to rise 4.4%, less than the 4.9% anticipated in Nov.  Inflation expectations for the next 5 years--a closely watched indicator for Federal Reserve officials--fell to 2.9% from 3%.  Views on business conditions for the next year improved sharply in Dec, while consumers also were more optimistic over the long-term outlook.  The index measuring current economic conditions rose to 59.4 in Dec from 58.8 in Nov, but fell slightly from the preliminary early-month reading of 60.2.  The index of consumer expectations--which reflects the balance of respondents anticipating improved business conditions in the next 6 months--increased to 59.9 from 55.6 in Nov, up from its preliminary reading of 58.4.

U.S. Consumer Sentiment Recovered in December

DEFENSE DEMAND: Omnibus contains $11.9B for Pentagon to replenish weapons sent to Ukraine

Gold futures rose for the first time in 4 sessions ahead of the Christmas holiday as a weaker $ attracted investors to the precious metal, while bond yields narrowed.  Gold for Feb closed up $8 to $1804 per ounce.  The rise comes on a weaker &, which makes the metal more affordable for intl buyers.  The ICE $ index was last seen down 0.04 points to 104.4.  However rising bond yields are checking gains, raising the opportunity cost of owning gold.  The yield on the US 10-year note was last seen down 0.8 basis points to 3.673%.

Gold Closes Higher on a Weaker Dollar and Lower Yields

US oil prices rose amid investors' concern over supply.  West Texas Intermediate (WTI) for Feb increased $2.07 to settle at $79.56 a barrel.

WTI Crude Futures Settle Higher

There was limited trading today with many already began a long weekend holiday.  Dow was in the black for most of the session while NAZ stayed near break even.  YTD Dow is down a very big 3130.  In Dec it lost about 1400 but eked out a gain of almost 300 this week.  Not very impressive.  Try to have an enjoyable & happy holiday.  😀   

Dow Jones Industrials