Investors pulled stocks in both directions Monday afternoon even as the major indexes remained on track to book their best month in over a year as an upbeat Wall Street kept rally hopes alive.
The Dow Jones Industrial Average (^DJI) dipped about 0.3% or almost 100 points, while the benchmark S&P 500 (^GSPC) lost 0.07%. The tech-heavy Nasdaq Composite (^IXIC) ticked up 0.2%. The mixed trading session comes after the averages booked their fourth straight weekly win on Friday.
High optimism for an end to US interest rate hikes has buoyed November's rally in stocks, setting the Dow up for its strongest month since October of last year — and since July 2022 for the Nasdaq and S&P 500.
In a sign those upbeat spirits aren't fading, the VIX — known as Wall Street's "fear gauge" — closed on Friday at its lowest level since January 2020. On Monday, the mood was muted as Wall Street got back to work after the long Thanksgiving holiday weekend.
Read more: 6 ways to save money on your Black Friday shopping list
But a fresh reading on PCE inflation due Thursday could put the rally to the test, given it's the Federal Reserve's preferred gauge of consumer price pressures.
In the meantime, investors will monitor Cyber Monday updates for insight into whether Americans will splash out on holiday purchases even as purse strings tighten. Black Friday online sales rose 7.5% year over year to a record $9.8 billion while in-store totals also jumped.
In commodities, oil prices slid as traders increasingly braced for more output cuts at the delayed OPEC+ meeting this week. Brent crude futures (BZ=F) dropped below $80 a barrel, down 1%, while West Texas Intermediate (WTI) futures were 1.4% lower but held above $74.
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AGold rises on 'soft landing' optimism
Gold (GC=F) moved higher on Monday, up about 0.4%, to trade above $2,010 a troy ounce, on pace to settle at its highest level since May.
The moves come as investors embrace a more risk-off outlook as optimism grows that the US economy can successfully navigate a "soft landing." Gold prices are up more than 2% since the latest inflation report, which showed core inflation rose at its slowest pace since September 2021 last month.
The Federal Reserve has been working to bring inflation back down to its 2% target — without sending the economy into a recession. Thursday's PCE reading should provide investors yet another data point to determine if that's a possibility.
Wall Street has already been betting the central bank is done raising rates. The major indexes are on track to notch their best month in over a year amid the rally.
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Stocks mixed in afternoon trading
Wall Street didn't find clear direction on Monday afternoon as the major indexes split coming off another winning week.
The S&P 500 (^GSPC) edged lower by about 0.09%, while the Dow Jones Industrial Average (^DJI) sank about 0.3% or nearly 100 points The tech-heavy Nasdaq Composite (^IXIC) gained 0.2%.
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'Magnificent 7' dominance draws comparisons to dot-com bubble
The divergence between the biggest tech stocks on Wall Street and the rest of the S&P 500 (^GSPC) continues to grow, drawing comparisons to the inflated valuations of tech companies in the earlier dot-com era.
The "Magnificent Seven" tech stocks — Apple (AAPL), Alphabet (GOOGL, GOOG), Microsoft (MSFT), Amazon (AMZN), Meta (META), Tesla (TSLA), and Nvidia (NVDA) — make up roughly one-third of the S&P 500's market cap. Collectively they are up 80% this year. And when the S&P's growth is measured without them, the S&P493 is basically flat, according to an analysis by Apollo Global Management’s chief economist Torsten Slok.
"AI is the latest shiny new toy," is how Slok characterises the massive growth of the Magnificent Seven. "In fact, S&P7 valuations are beginning to look similar to the...tech bubble in March 2000," he said, noting that the seven companies have an average P/E ratio above 50.
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Coinbase CEO says Binance settlement will 'turn the page' on crypto
Brian Armstrong, the chief executive of the cryptocurrency exchange Coinbase, is among the industry's leaders breathing a sigh of relief after the major Binance settlement with US authorities. In his view, the enforcement action will allow the industry to move on from the uncertainty that has long plagued the crypto world.
"The enforcement action against Binance, that’s allowing us to kind of turn the page on that and hopefully close that chapter of history,” Armstrong said in an interview with CNBC Monday.
Last week Binance agreed to pay fines and restitution of $4.3 billion and also plead guilty to criminal charges relating to money laundering, conducting an unlicensed money transmitting business, and sanctions violations.
“There are many crypto companies that are helping build the crypto economy and change our financial system globally. But many of them are still small startups," he said. “I think that regulatory clarity is going to help bring in more investment, especially from institutions.”
The settlement drew similar remarks from analysts and industry players, who highlighted the benefits that could come from an end to the Binance investigation.
The settlement, JPMorgan Chase analysts added in a note, ends "potential systemic risk emanating from a hypothetical Binance collapse."
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Stocks trending in morning trading
Here are some of the stocks leading Yahoo Finance’s trending tickers page during morning trading on Monday:
Shopify (SHOP): Shares rose more than 4% after the e-commerce platform said that merchants recorded $4.1 billion in sales on Black Friday, an increase of more than 20% from last year.
Amazon (AMZN): The tech giant rose more than 1% Monday morning alongside a host of retailers that kicked off their cyber Monday deals after an initial strong showing from Holiday season shoppers. Retail sales in the US on Black Friday rose 2.5% from last year, according to Mastercard SpendingPulse.
Foot Locker (FL): Shares of the retailer fell by more than 2% Monday morning after Citigroup analysts downgraded the stock a Sell rating, forecasting that the footwear company could end its year in a weakened position.
Snowflake (SNOW): Snowflake traded higher in morning trading Monday as investors brace for the company's third quarter results scheduled on Wednesday The cloud-computing data management company is expected to post earnings of $0.16 per share on revenue of $713 million
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Stocks open little changed
The mood on Wall Street was muted Monday morning as the indexes stayed close to the flatline after notching their fourth straight weekly win.
The S&P 500 (^GSPC) edged higher by about 0.07%, while the Dow Jones Industrial Average (^DJI) was flat. The tech-heavy Nasdaq Composite (^IXIC) lost nearly 0.2%.
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Stock futures tread water as Wall Street returns
US futures fell slightly on Monday, but stocks stayed on track for their strongest showing in more than a year as investors picked up the reins after the long Thanksgiving weekend.
Futures on the Dow Jones Industrial Average (^DJI) dropped 0.15%, or 50 points, while S&P 500 (^GSPC) futures dipped 0.10%. Contracts on the tech-heavy Nasdaq 100 (^NDX) ticked 0.03% lower.
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