The major U.S. stock indices kick started the new week in the red, as markets responded to various economic and geopolitical factors. The S&P 500 ended the day down by 0.61%, the Dow Jones Industrials Average gave up 0.54%, the Nasdaq 100 Index closed with a loss of 0.84%, and the small cap Russell 2000 index shed 0.67%.
An element of profit-taking is certainly likely with markets having run hot through 2024, and with U.S. inflation data on deck, potentially some rebalancing. The expectation of a slight increase in November’s consumer price index, projected to rise to 2.7% year-on-year from 2.6% in October, played a role in the cautious market environment and a pullback in market cap leader Nvidia (down 2.55%) on a China antitrust investigation set the scene for tech’s larger than average retracement on the day.
Additionally, geopolitical risks heightened following the toppling of Bashar Al-Assad’s government in Syria by rebels, contributing to the market unease.
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October wholesale trade sales showed an unexpected decline of 0.1% month-on-month, indicating possible economic headwinds. In contrast, Chinese monetary policy suggested a supportive stance for global equity markets with plans for a “moderately loose” strategy for the upcoming year.
There were some notable winners on the day, with the S&P 500’s newly minted addition Workday (WDAY) up 5.06%, and C3 ai (NYSE:AI) posting a strong after hours gain of more than 5% as earnings beat expectations. Other after hours movers include Oracle (ORCL), down 7.80% after an earnings miss, and MongoDB (MDB) having earlier gained 11% on the earnings beat found itself down 1.82% by the close of the session, with some leadership changes coming in early 2025.
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