The S&P 500 hit a record high in early trading on Monday, as December trading began, following the big gains the markets saw in November.
The S&P 500 rose 0.2%, hitting a new intraday record, while the Nasdaq Composite added 1% to also hit a new intraday high. The Dow Jones Industrial Average fell 0.3% after briefly surpassing 45,000, a level it touched several times in the past week.
Meanwhile, global gold prices fell as the US dollar index rose after President-elect Donald Trump warned BRICS countries of 100% tariffs if they abandoned the US currency.
November saw the best monthly performance of 2024 for both the Dow Jones and S&P 500, rising 7.5% and 5.7%, respectively, during the period, with most of the gains coming after Donald Trump’s election victory. Both indexes closed at record highs on Friday.
Small-cap stocks also made strong gains in November, as investors anticipated potential tax cuts from Trump. The Russell 2000 rose more than 10% during the month, its biggest monthly gain this year.
Meanwhile, new economic data released just a short while ago showed that the US manufacturing sector improved in November, although it remains in contraction. Important data on the US labor market is due later this week, which is a major focus.
Investors will also be paying attention to two expected speeches from Federal Reserve Board member Christopher Waller and New York Fed President John Williams.
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Stock movements
Intel (NASDAQ:INTC) shares rose 3% after CEO Pat Gelsinger announced his retirement following four years of poor performance at the chipmaker. Tesla Inc (NASDAQ:TSLA) shares rose 3% after receiving a buy recommendation from Roth MKM, which cited Elon Musk’s close relationship with President-elect Donald Trump as a motivating factor. Super Micro Computer Inc (NASDAQ:SMCI) shares jumped 19% after an external audit panel said there was “no evidence of wrongdoing” and that the company’s financial statements were “accurate.”
Lucid Motors (NASDAQ:LCID) shares are down about 2% at $2.13 at this point in today’s trading. According to InvestingPro’s analysis, the stock is trading at oversold levels near a key area with high volume, offering an encouraging risk-to-reward ratio.
Canon (OTC:CAJPY) is up 0.3%, while NIO (NYSE:NIO) is down 0.8%.