Market Indexes Flatline, E-commerce Stocks In Focus

Barry Adams
28 Nov, 2023
New York City

Stocks rested as investors mulled over recent economic data and the Fed's monetary policy stance after strong gains in the previous four weeks in a row.

Benchmark indexes edged slightly lower in Monday's trading, and investors weighed recent market gains against the earnings outlook, economic growth projections, and holiday sales.

E-commerce-linked stocks advanced after Black Friday sales jumped 7.5% to $9.8 billion from a year ago to a record high, according to the data released by Adobe Analytics.

Sales between Black Friday and Cyber Monday soared 7.7% to $10.3 billion, and sales are expected to cross $12 billion on the busiest shopping day of the year.

The S&P 500 index has jumped 19.2%, and the Nasdaq Composite has advanced 37.2% in the year so far, after the Federal Reserve paused rate hikes at the conclusion of the last two meetings.

Investors are awaiting the release of the PCE Price Index, an alternative measure of inflation, and the recent decline in inflation has bolstered the case for the third rate pause in a row at the end of the policy meeting in December.

 

U.S. Indexes and Yields

The S&P 500 index edged down 0.2% to 4,550.21, and the Nasdaq Composite decreased 0.1% to 14,235.71.

The yield on 2-year Treasury notes increased to 4.88%, 10-year Treasury notes inched higher to 4.40%, and 30-year Treasury bonds edged higher to 4.54%.

Crude oil increased $0.72 to $75.57 a barrel, and natural gas prices rose 1 cent to $2.95 a thermal unit.

Gold increased $1.10 to $2,014.66 an ounce after the U.S. dollar eased.

The dollar index, which weighs the U.S. dollar against a basket of foreign currencies, edged lower to 103.23.

 

U.S. Stock Movers

Zscaler decreased 5.2% to $182.0 after the cybersecurity company reported strong gains in quarterly sales and operating earnings.

Stock fell after the company reiterated its fiscal year revenue outlook between $2.09 billion and $2.10 billion.

E-commerce-related stocks advanced following a surge in online shopping during the Thanksgiving holiday.

In Monday's trading, Shopify jumped as much as 4%, Amazon gained 1%, Etsy advanced 5%, and Wayfair edged slightly higher.