We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
U.S. stocks ended marginally lower on Monday, with investors taking a pause after major indexes recorded four straight weeks of gains as they awaited a busy week of economic data. All three major indexes ended in negative territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) slid 0.2% or 56.68 points to close at 35,333.47 points.
The S&P 500 fell 0.2% or 8.91 points, to finish at 4,550.43 points. Industrial and communication services stocks were the biggest losers.
The Industrials Select Sector SPDR (XLI) and the Communication Services Select Sector SPDR (XLC) each declined 0.6%. Eight of the 11 sectors of the benchmark index ended in negative territory.
The tech-heavy Nasdaq slipped 0.1% or 9.83 points to end at 14,241.02 points.
The fear-gauge CBOE Volatility Index (VIX) was up 1.85% to 12.69. A total of 9.25 billion shares were traded on Monday, lower than the last 20-session average of 10.42 billion. Decliners outnumbered advancers on the NYSE by a 1.25-to-1 ratio. On the Nasdaq, a 1.63-to-1 ratio favored declining issues.
Stocks Struggle for Momentum
Stocks struggled to gain momentum on Monday after a holiday-shortened week that saw all three major indexes recording their fourth straight week of gains. Stocks have been on a rally in since the 10-year Treasury yield retreated from the 5% mark after it a 16-year high in October.
Investors are also hopeful that the Federal Reserve might not go for another interest rate hike in its December policy meeting as they believe that central bank officials may be done with their monetary tightening campaign as inflation has been declining steadily over the past year.
However, on Monday, soft economic data from Asia briefly raised concerns of a slowing global economy. The concerns grew following news that profits of industrial companies in China rose a meager 2.7% in the first 10 months of the year. These escalated fears of the world’s second-biggest economy slipping into deflation.
However, economists still believe that the Wall Street rally will continue till the year-end on the existing positive momentum.
Black Friday Sales Grow
Data over the weekend show that online spending hit a record high on Black Friday, suggesting that the economy is still on solid ground and consumers are aggressively spending despite high prices and interest rates.
Investors are now awaiting the all-important personal consumption expenditures (PCE) reading for October, which will be out on Thursday. The report is likely to set the tone for bonds and stocks for the near term and also give a clearer picture of the Fed’s interest rate hike path.
Economic Data
In economic data released on Monday, new home sales declined 5.6% in October to a seasonally adjusted annual rate of 679,000 units from September’s revised numbers of 719,000.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Shutterstock
Stock Market News for Nov 28, 2023
U.S. stocks ended marginally lower on Monday, with investors taking a pause after major indexes recorded four straight weeks of gains as they awaited a busy week of economic data. All three major indexes ended in negative territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) slid 0.2% or 56.68 points to close at 35,333.47 points.
The S&P 500 fell 0.2% or 8.91 points, to finish at 4,550.43 points. Industrial and communication services stocks were the biggest losers.
The Industrials Select Sector SPDR (XLI) and the Communication Services Select Sector SPDR (XLC) each declined 0.6%. Eight of the 11 sectors of the benchmark index ended in negative territory.
The tech-heavy Nasdaq slipped 0.1% or 9.83 points to end at 14,241.02 points.
The fear-gauge CBOE Volatility Index (VIX) was up 1.85% to 12.69. A total of 9.25 billion shares were traded on Monday, lower than the last 20-session average of 10.42 billion. Decliners outnumbered advancers on the NYSE by a 1.25-to-1 ratio. On the Nasdaq, a 1.63-to-1 ratio favored declining issues.
Stocks Struggle for Momentum
Stocks struggled to gain momentum on Monday after a holiday-shortened week that saw all three major indexes recording their fourth straight week of gains. Stocks have been on a rally in since the 10-year Treasury yield retreated from the 5% mark after it a 16-year high in October.
Investors are also hopeful that the Federal Reserve might not go for another interest rate hike in its December policy meeting as they believe that central bank officials may be done with their monetary tightening campaign as inflation has been declining steadily over the past year.
However, on Monday, soft economic data from Asia briefly raised concerns of a slowing global economy. The concerns grew following news that profits of industrial companies in China rose a meager 2.7% in the first 10 months of the year. These escalated fears of the world’s second-biggest economy slipping into deflation.
However, economists still believe that the Wall Street rally will continue till the year-end on the existing positive momentum.
Black Friday Sales Grow
Data over the weekend show that online spending hit a record high on Black Friday, suggesting that the economy is still on solid ground and consumers are aggressively spending despite high prices and interest rates.
Retailers once again gained on Monday. Shares of Shopify Inc. ((SHOP - Free Report) ) jumped 4.9%, while Amazon.com, Inc. ((AMZN - Free Report) ) rose 0.7%. Amazon.com carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
Investors are now awaiting the all-important personal consumption expenditures (PCE) reading for October, which will be out on Thursday. The report is likely to set the tone for bonds and stocks for the near term and also give a clearer picture of the Fed’s interest rate hike path.
Economic Data
In economic data released on Monday, new home sales declined 5.6% in October to a seasonally adjusted annual rate of 679,000 units from September’s revised numbers of 719,000.