Bloomberg Money Minute: Wall Street Gains, Record Home Prices, Nike's China Woes

Wall Street and Housing Market Update

• 📈 Wall Street stocks are trading higher, continuing gains from the prior session.
• 🏠 Sales of previously owned homes saw a slight increase of 0.5% in November, despite a dip in supply.
• 💰 The median home price reached a record high of just over $409,000 for the month of November.

Pharmaceutical Deals and Nike's Performance

• 🤝 President Trump has reached an agreement with nine pharmaceutical companies to lower drug prices for some Americans.
• ⚖️ In exchange for lower prices, the companies will receive a three-year reprieve from threatened tariffs.
• 📉 Nike shares experienced a decline after the company projected a drop in sales for the current quarter.
• 🇨🇳 This downturn is attributed to persistent weakness in China sales, which fell by 17%.
• 🇺🇸 In contrast, Nike's North American revenue saw a 9% increase.