Technology stocks led the performance on Wall Street on Monday, even as the broader market exhibited some lethargy. Investors were keenly anticipating several upcoming economic releases, such as the private and non-farm payroll reports, JOLTS statistics, and data on manufacturing activity scheduled throughout the week.
In terms of the key indices, the Dow Jones Industrial Average dipped by 128.65 points, representing a 0.29% decline, closing at 44,782.00. Conversely, the S&P 500 and the Nasdaq both reached record highs, closing at 6,047.15 and 19,403.95, respectively. The S&P 500 saw an increase of 14.77 points, or 0.24%, while the Nasdaq surged by 185.78 points, marking a 0.97% rise.
Tesla's stock experienced a gain exceeding 3% after receiving a rating upgrade. This followed the company's announcement regarding the release of an update for its "Full Self-Driving" driver-assistance software.
Intel's shares advanced as well, following the company's announcement that CEO Pat Gelsinger would retire effective December 1. Reports suggest his departure is due to perceived shortcomings in responding to Nvidia's competitive advances and doubts about his turnaround strategies for Intel.
Shares of Advanced Micro Devices Inc increased by approximately 3%, while Meta Platforms, Apple Inc., Microsoft Corporation, Amazon, and Alphabet all concluded the day with higher stock prices.
In contrast, stocks of Amgen, JPMorgan Chase, Honeywell, McDonald's, Verizon, and Merck fell by 1% to 2%.
On the economic front, the Institute for Supply Management released data on Monday revealing an unexpected rise in its U.S. manufacturing index for November, despite continued contraction. The ISM's manufacturing PMI increased to 48.4 from October's 46.5, although any reading below 50 signifies contraction. Economists had projected a modest increase to 47.5.
Moreover, a report from the Commerce Department indicated that U.S. construction spending grew more than anticipated in October, climbing by 0.4% to an annual rate of $2.174 trillion, following a slight 0.1% rise to $2.165 trillion in September. Economists had forecast a 0.2% increase.
Internationally, Asian stocks were broadly higher on Monday following strong Chinese manufacturing data. Nonetheless, regional advancements were moderated by concerns about a potential trade war expansion after U.S. President-elect Donald Trump urged BRICS nations to affirm their commitment to the dollar, cautioning against the creation or endorsement of any alternative currency.
Meanwhile, European stocks concluded mostly higher on Monday after early fluctuations, as investors processed the latest economic reports concerning Eurozone and UK manufacturing activity and monitored political developments in France.
