Bonds & Stocks
Stocks drifted sideways, with traders awaiting remarks from a slew of Federal Reserve speakers while wading through the latest readings on the economy. The S&P 500 was little changed after the benchmark hit “overbought” levels in a rally that put the market on pace for one of its biggest November gains on record. Treasury 10-year yields advanced two basis points to 4.4%, while the dollar retreated.
Economy
Home prices in the US extended their climb, reaching a fresh record high. A national gauge of prices rose 0.7% in September from August, according to seasonally adjusted data from S&P CoreLogic Case-Shiller. It was the eighth straight month of gains for the index, which doesn’t provide a specific dollar figure for homes. Mortgage rates above 7% have chilled the housing market, keeping both would-be buyers and sellers on the sidelines.
World
The Israeli military said Tuesday three separate explosions targeting its troops in northern Gaza and subsequent shootings have violated a truce with Hamas. A number of soldiers were lightly injured during the attacks, Israel Defense Forces said in statement. The troops were positioned in areas that were in line with the cease-fire reached with Hamas last week, the military said.