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The major market averages opened trading mixed on Tuesday for the holiday-shortened week.
The Dow (DJI) picked up 0.4% and the S&P 500 (SP500) traded lower by 0.1%, while the Nasdaq Composite (COMP.IND) slid 0.7%.
Friday’s rally helped with consolidation for the S&P between 3,800 and 3,900 and a avoided a drop that would have opened the door for a move down to 3,700, according to BTIG.
Rates were up early on. The 10-year Treasury yield (US10Y) rose 6 basis points to 3.80% and the 2-year yield (US2Y) rose 5 basis points to 4.38%.
On the economic calendar, retail inventories were up +0.1% in November to $738.7B and wholesale inventories came in at +1.0% M/M to $933.6B compared to the +0.4% consensus.
Furthermore, trade in goods narrowed more than expected in November to -$83.53B versus the forecasted -$97.0B.
Additionally, the S&P Case-Shiller home price index for October came in at +8.6% Y/Y, higher than the expected 8.2% consensus.
Among active stocks, Southwest was lower following a spate of canceled flights due to the epic storm.
