U.S. equity markets fell Monday, but the Dow Jones Industrial Average managed to escape November with its largest monthly gain in nearly 34 years.
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|I:DJI||DOW JONES AVERAGES||30814.26||-177.26||-0.57%|
|I:COMP||NASDAQ COMPOSITE INDEX||12998.502287||-114.14||-0.87%|
The blue-chip Dow lost 266 points, or 0.89%, avoiding the 472.23-point drop that would have prevented the index from posting its best month since January 1987. For November, the Dow gained 11.8%.
Meanwhile, the S&P 500 and the Nasdaq Composite slipped off their record peaks, falling 0.45% and 0.06%, respectively. The tech-heavy Nasdaq early on Monday touched an intraday record peak.
|XLE||ENERGY SELECT SECTOR SPDR ETF||42.75||-1.73||-3.89%|
|XLY||CONSUMER DISCRETIONARY SELECT SECTOR SPDR ETF||165.80||-1.29||-0.77%|
|VTWO||VANGUARD SCOTTSDALE FDS VANGUARD RISS200IDX FD ETF||169.98||-2.61||-1.51%|
On the final trading day of the month, investors took profits in energy stocks, which booked their own record month. Consumer discretionary names also fell.
However, American focused small-cap stocks via the Russell 2000 posted the best month on record.
Looking at stocks, e-commerce marketplaces Amazon Inc. and Shopify Inc. ended mixed as traders looked ahead to Cyber Monday results, which were expected to show the biggest online shopping day in U.S. history. The COVID-19 pandemic is expected to fuel as much as $12.7 billion of sales, according to Adobe Digital Insights, up from last year’s record $9.4 billion.
Elsewhere, drugmaker Moderna Inc. announced that the Phase 3 trial of its experimental COVID-19 vaccine displayed a 94.1% efficacy rate and is filing for emergency-use authorization on Monday.
Moderna CEO Stephane Bancel told FOX Business the vaccine could become available within 24 hours after FDA approval.
Nikola Corp. shares were sharply lower after the company announced General Motors will not be taking an equity stake as previously planned nor will it be an original equipment manufacturer for the Badger electric pickup truck. GM will instead integrate its fuel cell technology into Nikola's zero-emission semi-trucks.
|GM||GENERAL MOTORS COMPANY||49.97||-1.56||-3.03%|
Looking at mergers, S&P Global will buy IHS Markit in a $44 billion deal, including debt. The deal, which is the largest of 2020, will pay IHS Markit shareholders 0.2838 S&P Global shares for each IHS Markit share they own.
|INFO||IHS MARKIT LTD||85.51||+1.61||+1.92%|
Looking at commodities, West Texas Intermediate crude oil on Monday slipped 19 cents to $45.34 per barrel as OPEC members and their allies weighed an extension of production cuts. The energy component gained 27% for the month of November.
Gold, meanwhile, fell $6.20, extending its monthly decline to $101.70 per ounce. The yellow metal finished November at $1,775.70 per ounce.
The Chicago purchasing managers’ index printed at 58.2, missing the 59.0 that was expected by analysts surveyed by Reinfitiv. Meanwhile, pending home sales slipped 1.1%, falling short of the 1% increase that was anticipated.
In Europe, Germany’s DAX 30 slid 0.33% while Britain’s FTSE 100 and France’s CAC 40 were lower by 1.59% and 1.42%, respectively.
Asian markets closed lower across the board with Hong Kong’s Hang Seng index down 2.06%, Japan’s Nikkei weaker by 0.79% and China’s Shanghai Composite index declining 0.48%.