Dow books best month since 1987

Cyber Monday on pace to generate record $12.7B in sales

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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TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES30814.26-177.26-0.57%
SP500S&P 5003768.25-27.29-0.72%
I:COMPNASDAQ COMPOSITE INDEX12998.502287-114.14-0.87%

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.

TickerSecurityLastChangeChange %
XLEENERGY SELECT SECTOR SPDR ETF42.75-1.73-3.89%
XLYCONSUMER DISCRETIONARY SELECT SECTOR SPDR ETF165.80-1.29-0.77%
VTWOVANGUARD SCOTTSDALE FDS VANGUARD RISS200IDX FD ETF169.98-2.61-1.51%

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.

STOCKS HAVE NOVEMBER TO REMEMBER

However, American focused small-cap stocks via the Russell 2000 posted the best month on record.

S&P GLOBAL TO BUY IHS MARKIT IN DEAL VALUED AT $44B

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.

TickerSecurityLastChangeChange %
AMZNAMAZON.COM INC.3,104.25-23.22-0.74%
SHOPSHOPIFY INC1,170.47-8.39-0.71%

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.

MODERNA TO REQUEST EMERGENCY COVID-19 VACCINE APPROVAL

TickerSecurityLastChangeChange %
MRNAMODERNA INC.129.65-0.07-0.05%

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 AND NIKOLA REVAMP DEAL AND INVESTORS DISAPPOINTED

TickerSecurityLastChangeChange %
NKLANIKOLA CORPORATION19.74-1.57-7.37%
GMGENERAL MOTORS COMPANY49.97-1.56-3.03%

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.

TickerSecurityLastChangeChange %
INFOIHS MARKIT LTD85.51+1.61+1.92%

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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.

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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%.