On Monday, U.S. stock markets presented a varied picture as investors proceeded with caution, awaiting significant economic indicators. These include updates on private sector and non-farm payroll employment, the service sector's performance, and consumer sentiment evaluations.
Among the main indices, the technology-heavy Nasdaq reached a new record, gaining 170.53 points or 0.89% to close at 19,388.70. Conversely, the Dow Jones Industrial Average dipped into negative territory, descending by 139.44 points or 0.31% to 44,771.21. The S&P 500, meanwhile, edged up by 12.70 points or 0.21% to settle at 6,045.08.
Tesla's shares increased by 3.6% following a favorable rating upgrade after announcing the release of an update for its "Full Self-Driving" driver-assistance technology. Intel rose by 3.7% subsequent to news that its CEO, Pat Gelsinger, would be retiring effective December 1. Gelsinger's departure is attributed to his inadequate response to Nvidia's competitive lead and a waning confidence in his plans for company revival.
Advanced Micro Devices Inc. saw a rise of approximately 3.25%, while Meta Platforms advanced by 3%. Large-cap technology firms like Apple Inc., Microsoft Corporation, Alphabet, and Intel experienced increases ranging from 1% to 2.5%.
Economically, the Institute for Supply Management (ISM) released data showing an unexpected rise in U.S. manufacturing for November, although the figures still signaled contraction. The ISM’s manufacturing PMI increased to 48.4 from the previous 46.5 in October, surpassing economist projections of a slight rise to 47.5, yet remaining below the contraction indicator level of 50.
The Commerce Department reported a more substantial than anticipated increase in U.S. construction spending for October. Spending climbed by 0.4% to an annual sum of $2.174 trillion, up from 0.1% or $2.165 trillion in September, against expectations of a 0.2% rise.
In international markets, Asian stocks generally advanced on Monday, buoyed by strong Chinese manufacturing data. Nonetheless, regional gains were limited by concerns over broader trade conflicts, particularly in light of U.S. President-elect Donald Trump's insistence on the BRICS nations maintaining commitments to the dollar and not seeking an alternative or replacement currency.
European stocks, after wavering early in the session, concluded mostly higher on Monday. This came as investors assessed recent economic reports on manufacturing activities in the Eurozone and the UK, while continuing to monitor the political situation in France.
