Investing.com -- The Dow closed lower Monday in muted trade as investors were reluctant to make big bets on stocks ahead of further catalysts including key economic data due later this week.
Energy stocks follow oil prices lower ahead of OPEC+ meeting
Energy stocks were the biggest drag on the broader market, weighed down by falling oil prices ahead of the OPEC+ meeting later in the week.
Oil prices snapped a four-week losing streak last week, but sentiment remains cautious even as uncertainty eased about whether the Organization of Petroleum Exporting Countries and allies, a group known as OPEC+, deeper oil production cuts.
Saudi Arabia and Russia are reportedly set to extend their current output cuts through at least the first quarter of next year looking likely, according to media reports.
Fresh inflation data to headline slew of economic reports this week
A slew of economic data will likely set the tone for trading this week, with the Fed’s preferred inflation gauge, the personal consumption expenditures price index , due Thursday, likely to be closely watched for further signs of slowing price pressures ahead of the Fed's Dec. 13-14 meeting.
Economists expect headline PCE to have risen just 0.1% on the month in November, a drop from 0.4% in September. The core reading , which strips out food and fuel costs and is considered a better gauge of underlying inflation, is expected to have risen 3.5% on a year-over-year basis, a drop from 3.7% the prior month, and the lowest since mid-2021.
Amazon, Shopify shine as consumers spend big on Black Friday
E-commerce stocks including Amazon.com Inc (NASDAQ: AMZN ), Etsy (NASDAQ: ETSY ), and Shopify Inc (NYSE: SHOP ) ended higher as investors cheered data showing that consumers ramped up spending on Black Friday. Black Friday sales rose 7.5% to a record $9.8 billion from the same period a year ago, according to a report from Adobe (NASDAQ: ADBE ) Analytics.
Signs that consumers remain willing to spend followed recent quarterly earnings from several retailers warning that consumer spending is weakening with shoppers facing financial pressure.
Crown Caste attracts activist attention; Footlocker downgraded
Crown Castle International (NYSE: CCI ) stock rose 3.5% with activist investor Elliott Investment Management pushing for change at the wireless tower owner, after disclosing a $2 billion stake.
Foot Locker Inc (NYSE: FL ), meanwhile, fell nearly 1% after Citi downgraded the sportswear apparel retailer to sell from neutral on worries the negative macroeconomic backdrop would force the company to scale up promotional activity to clear inventory, denting margins.
(Peter Nurse and Oliver Gray contributed to this item.)
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.