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Stock Market Today: Dow ends lower in muted trade as investors await economic data

Published Nov 26, 2023 06:42PM ET Updated Nov 27, 2023 04:11PM ET
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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.

By 16:00 ET (21:00 GMT), the Dow Jones Industrial Average fell 56 points, or 0.2%, the S&P 500 was 0.2% lower, and the NASDAQ Composite slipped 0.1%.

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.

Ahead of the meeting later this week, Reuters reported, citing an unnamed source that OPEC+ was mulling a "collective further reduction" in output cuts.    

An OPEC+ cut in output would help offset the increase in supply growth from non-OPEC sources that has helped to keep a lid on oil prices. 

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.

The first revision of third quarter GDP, the weekly report on jobless claims and the Fed’s Beige Book will also round up the key economic this week. 

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.)

Stock Market Today: Dow ends lower in muted trade as investors await economic data
 

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Comments (11)
abu muawiyah
abu muawiyah Nov 27, 2023 9:07PM ET
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bullish bull market... go go go....
Mitchel Pioneer
Mitchel Pioneer Nov 27, 2023 4:13PM ET
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Another "late trade" magic show in the biggest investment JOKE in the world.
Don Vo
Don Vo Nov 27, 2023 3:39PM ET
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Alot of penny stocks will file bankruptcy early next year
First Last
First Last Nov 27, 2023 3:39PM ET
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A lot of penny stocks companies file bankruptcy every year.
Ronald Warren
Ronald Warren Nov 27, 2023 3:15PM ET
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I guess this rag can't discuss sad black Friday numbers as the reason for the flat market today. Such a farce. If we had solid sales reports, the DOW would be up $400 today. I guess we just wait for more good news to insight a rally. No dip this week.
Show previous replies (11)
First Last
First Last Nov 27, 2023 3:15PM ET
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Household Debt Service Payments as a Percent of Disposable Personal Income is around what it was from 2012-2019.
First Last
First Last Nov 27, 2023 3:15PM ET
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Household Debt Service Payments as a Percent of Disposable Personal Income was higher in the decades before 2012.
Brent Phillips
Brent Phillips Nov 27, 2023 3:15PM ET
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First Last lol orange man bad.. 3 years later.. sing a new song man
First Last
First Last Nov 27, 2023 3:15PM ET
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Brent Phillips   I wasn't casting shade on Trump.  You're too easily triggered, or can't read.
First Last
First Last Nov 27, 2023 3:15PM ET
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"Retailers ... are signaling optimism for holiday season sales after stronger-than-expected figures during Black Friday and Cyber Monday ... Most retailers including Walmart, and clothing chains Abercrombie & Fitch and American Eagle Outfitters, have raised annual forecasts, putting them on track for a strong holiday quarter."  --  https://www.investing.com/news/economy/oncegloomy-us-retailers-now-signaling-more-holiday-cheer-after-solid-start-to-season-3248004
dylan mulvaney
dylan mulvaney Nov 27, 2023 3:08PM ET
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Revenue vs profit, very important difference when having hyper-inflation.
Tom Michaels
Tom Michaels Nov 27, 2023 12:39PM ET
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Excuse da jour. Losers
Casador Del Oso
Casador Del Oso Nov 27, 2023 12:29PM ET
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Markets still betting against the FED and see pivot early in 2024. LOL
dylan mulvaney
dylan mulvaney Nov 27, 2023 12:24PM ET
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The hedge funds thank you for the exit liquidity.
MD shaine Mirzza
MD shaine Mirzza Nov 27, 2023 11:53AM ET
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Barry Nickerson
Subbuilder Nov 27, 2023 6:57AM ET
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Ahh, the long weekend is over.  I've been talking (typing) to myself these last four days.
 
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