Shopify Jumps 4.4% After Setting Black Friday Record

Major indexes drifted lower after 4-week winning streak
By Newser Editors and Wire Services
Posted Nov 27, 2023 3:47 PM CST
Stocks Drift Lower After 4-Week Winning Streak
People huddle outside the New York Stock Exchange on Tuesday, Nov. 21, 2023 in New York.   (AP Photo/Peter Morgan, File)

Stocks edged lower on Wall Street as markets looked ahead to updates on inflation and how American consumers are feeling about the economy.

  • The S&P 500 fell 8.91 points, or 0.2%, to 4,550.43 on Monday. The index is coming off a holiday-shortened week and its fourth straight winning week.
  • The Dow Jones Industrial Average fell 56.68 points, or 0.2%, to 35,333.47.
  • The Nasdaq composite fell 9.83 points, or 0.1%, to 14,241.02. .
Shopify rose 4.4% after announcing a Black Friday record for worldwide sales of $4.1 billion from its merchants.

Health care, banks, and industrial stocks were among the biggest drags on the market. Eli Lilly & Co. fell 1.6%, Morgan Stanley slid 0.9% and Union Pacific was 2% lower. Technology companies and retailers were bright spots. Chipmaker Nvidia and Amazon.com each rose 1%. Crude oil prices fell slightly but remain mostly stable ahead of OPEC's meeting on Thursday. The cartel has maintained tight supplies, though prices have been falling over the last month. Lower energy prices could further ease inflation's squeeze on consumers and help fuel economic growth.

Investors have grown cautiously optimistic that inflation has cooled enough for the Federal Reserve to put a definitive end to its aggressive interest rate hikes. Meanwhile, the broader economy has remained strong enough in the face of rising interest rates and inflation to avoid a recession. Markets have been rallying on that sentiment and the S&P 500 remains on track to close out November as its best month of the year. Investors will get more updates on the economy this week to help either confirm or soften that sentiment.

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On Tuesday the Conference Board issues its latest report on consumer confidence, which has remained solid throughout the year. Economists polled by FactSet expect another solid reading for the October report. On Thursday, Wall Street will be closely watching the government's October data on the Federal Reserve's preferred measure of inflation. Economists expect that measure to continue easing, as it has been since the middle of 2022. (More stock market stories.)

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