Market News
Wall Street closed lower on Monday, pressured by a drop in Bitcoin, and investors remained cautious ahead of key economic reports and Federal Reserve announcements. The Nasdaq Composite, the S&P 500 and the Dow all ended in negative territory.
How Did the Benchmarks Perform?
The Dow Jones Industrial Average (DJI) fell 0.9%, or 427.09 points, to close at 47,289.33. Twenty-one components of the 30-stock index ended in negative territory, and nine ended in the positive.
The tech-heavy Nasdaq Composite declined 0.4% or 89.76 points, to close at 23,275.92.
The S&P 500 lost 0.5% to end at 6,812.63. Out of the 11 broad sectors of the broad-market index, eight ended in negative territory, while three were in positive territory. The Health Care Select Sector SPDR (XLV), the Industrials Select Sector SPDR (XLI) and the Utilities Select Sector SPDR (XLU) declined 1.5%, 1.5% and 2.4% respectively, while the Energy Select Sector SPDR (XLE) rose 0.9%.
The fear gauge, the CBOE Volatility Index (VIX), increased by 5.4% to 17.24. A total of 15.64 billion shares were traded on Monday, higher than the last 20-session average of 18.64 billion. The S&P 500 posted 17 new 52-week highs and one new low, and the Nasdaq Composite recorded 76 new highs and 78 new lows.
Bitcoin Dips as Markets Eye Fed Moves
The Bitcoin price dropped 6% during Monday trading to reach $85,800 while continuing its November decline, which reached $18,000 as its biggest monthly drop since 2021.
The market focuses on upcoming economic data releases, which include Wednesday's November ADP employment report and the delayed September Personal Consumption Expenditures Price Index release on Friday before the Fed meets from Dec. 9-10.
Consequently, shares of Coinbase Global, Inc. COIN and Strategy Inc. MSTR fell 4.8% and 3.3%, respectively. The companies currently carry a Zacks Rank #3 (Hold) each. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Economic Data
Per the Institute for Supply Management, the ISM Manufacturing Index for November came in at 48.2, against the consensus of 49.1. In October, the reported number was 48.7.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Strategy Inc (MSTR): Free Stock Analysis Report Coinbase Global, Inc. (COIN): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
