The S&P 500 began December slightly higher as investors took a breather following big November gains.
The S&P 500 was higher by 0.18%. The Dow Jones Industrial Average was up 0.15%. The Nasdaq Composite added 0.29%.
Super Micro Computer Inc. said an external review of its business by a special committee of its board and external counsel found no evidence of wrongdoing and that the company will appoint new top financial leadership. Shares surged 14%.
Intel jumped 5% after CEO Pat Gelsinger retired after four years of underperformance at the chipmaker. Shares of Tesla gained 2% following an upgrade to buy from neutral at Roth MKM, with the firm citing as a catalyst Musk’s close relationship with President-elect Donald Trump.
November marked the best month of 2024 for both the Dow and S&P 500, with the two gaining 7.5% and 5.7% respectively for the period. Most of the gains came in a postelection rally after President-elect Donald Trump emerged as the winner.
Both of the indexes also notched new all-time intraday and closing highs in Friday’s shortened trading session. The Dow briefly traded above 45,000 for the first time ever in Friday’s session.
Bitcoin, which traded near $99,000 on Friday following a 38% surge in November, retreated to around $95,000 on Monday as investors were in a bit of a risk-off mood to start the month.
Small-cap stocks were also a winner in November as investors saw the group benefiting from Trump’s potential tax cuts. The Russell 2000 surged more than 10% in the month, also notching its biggest monthly gain of the year.
Investors will watch on Monday for economic data on manufacturing and construction spending. That comes ahead of a series of closely watched labor data due later in the week.
They’ll also monitor speeches expected from Federal Reserve Governor Christopher Waller and New York Fed President John Williams.
Comments