NEW YORK Dec 27 (Reuters) – The S&P 500 and the Nasdaq fell on Tuesday after the release of U.S. economic data at the start of a holiday-shortened week, while oil prices rose on demand hopes after China said it would scrap its COVID-19 quarantine rule for inbound travellers.
U.S. Treasury yields rose after data showed the advance goods trade deficit for November narrowed to $83.35 billion from the prior month’s $98.8 billion, while a separate report pointed to continued struggles for the housing market as home prices fell under rising mortgage rates.
While oil pared gains as some U.S. energy facilities shut by winter storms began to restart, the commodity had earlier hit a three-week high as China’s latest easing of COVID restrictions spurred hopes of a recovery in demand.
The rise in Treasury yields put pressure on growth stocks including the rate-sensitive technology sector, according to Michael O’Rourke, chief market strategist at…
