Stocks were mostly Monday as market participants looked to build on November's gains. The S&P 500 Index and Nasdaq Composite rose about 0.2% and 1%, respectively, while the Dow Jones Industrial Average fell over 100 points after briefly trading about 45,000.
Here's how the market settled on Monday:
S&P 500 Index (NYSE: SPY): +0.24% or +14.77 points to 6,047.15
Dow Jones Industrial Average (NYSE: DIA): -0.29% or -128.65 points to 44,782.00
Nasdaq Composite Index (NASDAQ: QQQ): +0.97% or +185.78 points to 19,403.95
Holiday Spending:
U.S. retail sales, excluding autos, rose 3.4% year-over-year on Black Friday, according to data from Mastercard, with the majority of Americans shopping online -- rising with sales increasing 14.69% annually.
Adobe Analytics estimated that online sales are anticipated to top records on Cyber Monday, with consumers expected to spend $13.2 billion during the discount shopping event, increasing over 6% annually. These sales projects follow Black Friday's total of $10.8 billion and Thanksgiving's sales of $6.1 billion, up 10.2% and 8.8%, respectively, year-over-year.
"Discounts have exceeded expectations beginning on Thanksgiving, and Cyber Monday has essentially become 'last call' for shoppers looking to get the beat deals this season," said Vivek Pandya, lead analyst at Adobe Digital Insights, in a statement.
In the News:
Super Micro Computer (NASDAQ: SMCI) shares popped Monday after an independent special committee found "no evidence of miscoundte," in their review and the artificial intelligence company appointed a new chief accounting officer, Kenneth Cheung, who previously served as the Vice President of Operations at SMCI.
Intel (NASDAQ: INTC) shares rose higher Monday after the chipmaker announced CEO Pat Gelsinger retired from the company effective Dec. 1, with CFO David Zinsner and products lead MJ Holthaus named interim co-CEOs. Intel's longest-serving board member, Frank Yeary, will serve as interim executive chair, saying the the company is "working to create a leaner, simpler, more agile Intel," in a statement.
"It has been a challenging year for all of us as we have made tough but necessary decisions to position Intel for the current market dynamics," Gelsinger said in a press release.
Stellantis (NYSE: STLA) shares fell after CEO Carlos Tavares announced his resignation from the automaker, effective immediately, citing "different views," between the executive the the board of directors. The company said it is in the process of appointing a new CEO and expected to conclude its search during the first half of 2025. In the meantime, the company will establish a new interim executive committee led by Chairman John Elkann.
"Stellantis' success since its creation has been rooted in a perfect alignment between the reference shareholders, the Board and the CEO. However, in recent weeks different views have emerged which have resulted in the Board and the CEO coming to today's decision," Henri de Castries, Stellantis' senior independent director, said in a release.
Stifel analyst Stephen Gengaro raised Tesla's (NASDAQ: TSLA) price target on Monday to $411 from $287, implying a roughly 19% upside from the stock's Friday close, citing that the electric vehicle company should be viewed more as a technology company. The analyst also reaffirmed the firm's Buy rating on the stock.
"TSLA is clearly not just an automaker, as evidenced by its current market cap surpassing the aggregate value of the top 10 global automakers," Gengaro wrote in a Sunday note. "While we have confidence in TSLA's Auto business, the significant value creation potential from its AI-based full self-driving capabilities and Cybercab (Robotaxi) underpin our positive outlook."
For Tuesday:
Market participants will turn their attention towards job openings data for October on Tuesday, alongside earnings reports from companies including Zscaler (NASDAQ: ZS).