© Reuters.
Investing.com — U.S. stocks were mostly lower Monday, as energy fell but tech stocks remained above the flatline though investors were reluctant to make big bets ahead of further catalysts including key inflation data due later this week.
By 13:53 ET (18:53 GMT), the fell 55 points, or 0.2%, the was 0.1% lower, and the gained 0.2%.
The main Wall Street indices closed last week higher, the fourth-straight winning week for the three major averages, fuelled by falling Treasury yields and cooling inflation readings that could signal the end of Federal Reserve rate hikes. The has rallied 12% so far in November, the has advanced more than 9%, and the is up almost 11%.
Energy stocks follow oil prices lower ahead of OPEC+ meeting
Energy stocks were the biggest drag on the broader market, weighed down by falling ahead of the OPEC+ meeting later in the week.
Oil prices snapped a four-week losing streak last week, but sentiment remains cautious even as uncertainty eased about whether the Organization of Petroleum Exporting Countries and allies, a group known as OPEC+, deeper oil production cuts.
Saudi Arabia and Russia are reportedly set to extend their current output cuts through at least the first quarter of next year looking likely, according to media reports.
Fresh inflation data in spotlight
A slew of economic data will likely set the tone for trading this week, with the Fed’s preferred inflation gauge, the , due Thursday, likely to be closely watched for further signs of slowing price pressures ahead of the Fed’s Dec. 13-14 meeting.
Economists expect headline PCE to have risen just 0.1% on the month in November, a drop from 0.4% in September. The , which strips out food and fuel costs and is considered a better gauge of underlying inflation, is expected to have risen 3.5% on a year-over-year basis, a drop from 3.7% the prior month, and the lowest since mid-2021.
The first revision of third quarter , the weekly report on and the Fed’s will also round up the key economic this week.
Amazon, Shopify shine as consumers spend big on Black Friday
E-commerce stocks including Amazon.com Inc (NASDAQ:) and Shopify Inc (NYSE:) were sharply higher as investors cheered data showing that consumers ramped up spending on Black Friday. Black Friday sales rose 7.5% to a record $9.8 billion from the same period a year ago, according to a report from Adobe (NASDAQ:) Analytics.
The signs of a consumers still willing to spend followed recent quarterly earnings from several retailers warning that consumer spending is weakening with shoppers facing financial pressure.
Crown Caste attracts activist attention; Footlocker downgraded
Crown Castle International (NYSE:) stock rose 5.5% with activist investor Elliott Investment Management pushing for change at the wireless tower owner, after disclosing a $2 billion stake.
Foot Locker Inc (NYSE:), meanwhile, fell more than 2% after Citi downgraded the sportswear apparel retailer to sell from neutral on worries the negative macroeconomic backdrop would force the company to scale up promotional activity to clear inventory, denting margins.
(Peter Nurse, Oliver Gray contributed to this item.)