10-year Treasury yield hits lowest since July

The December consumer confidence survey came in stronger than expected, rising to 110.7 from the downwardly revised 101 a month earlier, the Conference Board said. That’s above the 104.5 expected by economists polled by Dow Jones.

November existing home sales was greater than expected. Home sales rose 0.8% last month from the prior month to a seasonally adjusted annualized rate of 3.82 million units, according to the National Association of Realtors. Economists polled by Dow Jones were expecting a fall of 0.8% to 3.76 million units.

Treasury yields have come off their highs after the Fed last week indicated three likely interest rate cuts in 2024. The unexpectedly dovish pivot prompted a steep fall in the 10-year yield as investors increased bets on a quicker loosening of monetary policy.

— CNBC’s Gina Francolla contributed to this report.