Last updated: 4:07PM EST
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Stock indices finished today’s trading session in the red, as the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) fell 0.99%, 0.54%, and 0.11%, respectively.
The Technology sector (XLK) was the session’s laggard, as it lost 1.21%. Conversely, the Real Estate sector (XLRE) was the session’s leader, with a gain of 0.58%.
Furthermore, the U.S. 10-Year Treasury yield increased to 4.26%. Similarly, the Two-Year Treasury yield also jumped, as it hovers around 4.63%.
Earlier today, the Commerce Department’s Census Bureau disclosed that the U.S. Factory Orders Index fell 3.6% in October after a 2.3% gain in September. The current reading is the lowest level since April 2020 and lower than expectations of a 2.8% decline. However, Orders advanced 0.5% on an annual basis in October.
Meanwhile, new orders for U.S.-made products fell more than expected in October, hampered by declining demand as rising interest rates began to eat into consumer spending.
Last updated: 4:04am EST
U.S. Futures are inching lower on Monday morning after last week’s strong gains. The S&P 500 (SPX) hit a fresh 2023 high on Friday after the market was fueled with optimism that the Federal Reserve is done with the rate hike spree. Futures on the Nasdaq 100 (NDX) are down by 0.4%, while those on the S&P 500 and the Dow Jones Industrial Average (DJIA) are trending lower by 0.29% and 0.18%, respectively, at 3:46 a.m. EST, December 4.
In major news today, Alaska Air (ALK) announced a deal to acquire its rival airline company Hawaiian Holdings in an all-cash deal worth $1.9 billion. With this deal, ALK aims to fortify its standing as the United States’ fifth-largest airline.
Moving on to key earnings releases this week, Broadcom (AVGO), Lululemon Athletica (LULU), Autozone (AZO), C3.ai (AI), Nio (NIO), GameStop (GME), DocuSign (DOCU), and Dollar General (DG) are scheduled to release their financials.
With key economic releases lined up this week, October’s Factory Orders report is set to be released later today, and November’s ISM Services Purchasing Managers’ Index (PMI) is expected on Tuesday. Additionally, November’s Nonfarm Payrolls and Unemployment Rate, and December’s Michigan Consumer Sentiment Index reports are scheduled to be released on Friday.
Meanwhile, oil prices were trending down at the time of writing due to the growing uncertainty over global demand and OPEC’s decision to cut supply. The WTI crude oil futures were down, hovering near $73.20 per barrel as of the last check.
Elsewhere, European indices started the week on a mixed note as investors weighed potential rate cuts from major central banks in the next year.
Asia-Pacific Markets Ended Lower on Monday
Asia-Pacific indices ended Monday in negative territory as investors await the release of several economic data sets, including Tokyo’s key inflation figures due for release on Tuesday.
Hong Kong’s Hang Seng index closed lower by 1.09%, and China’s Shanghai Composite and Shenzhen Component indexes ended down by 0.29% and 0.62%, respectively.
Japan’s Nikkei and Topix indices finished lower by 0.6% and 0.83%, respectively.
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