U.S. stocks ended the session mixed after investors welcomed President Biden's re-nomination of Federal Reserve Chair Jerome Powell for a second term.
The Dow Jones Industrial Average tacked on over 17 points or 0.05% while the S&P 500 and Nasdaq Composite slipped 0.32% and 1.26%, respectively after touching fresh record highs early on in the session.
|I:DJI||DOW JONES AVERAGES||34639.79||+617.75||+1.82%|
|I:COMP||NASDAQ COMPOSITE INDEX||15381.319749||+127.27||+0.83%|
Large-cap tech stocks weighed on the Nasdaq including Amazon, Microsoft and Google, while Apple maintained modest gains.
With Powell at the helm for a second term, Biden also tapped Fed governor Lael Brainard as vice-chair. Investors took their nominations in stride as their prior working experience will likely represent continuity with monetary policy amid an ongoing effort to tackle inflation.
Oil rose 1.07% to $76.75-per-barrel level as reports suggested countries including China and perhaps the U.S. may tap the Strategic Petroleum Reserves with a decision expected as soon as Tuesday. The White House, telling FOX Business, "no decision has been made…The conversations are ongoing and we consider a range of tools for if and when action is needed."
|USO||UNITED STATES OIL FUND L.P.||48.29||+1.25||+2.66%|
Existing home sales increased 0.8% in October to a seasonally adjusted annual rate of 6.34 million, the fastest pace since January, and the Chicago Fed's national activity index rose to 0.76, up from -0.18 in September. Durable goods, GDP and inflation are among the reports slated for release on Tuesday and Wednesday.
|VG||VONAGE HOLDINGS CORP.||20.66||0.00||0.00%|
In deal news, Swedish telecom equipment maker Ericsson is buying U.S. cloud communications company Vonage in a $6.2 billion deal that will help it expand wireless services for business customers.
|RIVN||RIVIAN AUTOMOTIVE INC.||110.77||-4.92||-4.25%|
|F||FORD MOTOR CO.||19.87||+0.29||+1.48%|
In auto news, shares of Rivian fell following news that the company has abandoned plans with Ford to develop electric vehicles together. Amazon remains a backer in the newly public electric vehicle maker. Meanwhile, shares of Tesla rose after CEO Elon Musk indicated the Model S Plaid could go on sale in China around March. The vehicle retails for around $129,000.
Retailers are also in focus with many Black Friday holiday sales already underway.
In earnings news, Zoom and retailer Urban Outfitters will report results after the bell.
|ZM||ZOOM VIDEO COMMUNICATIONS, INC.||191.75||-5.96||-3.01%|
|URBN||URBAN OUTFITTERS, INC.||31.55||+0.93||+3.04%|