Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Wall Street retreats, S&P 500 still set for best November ever

11/30/2020 | 12:13pm EST
A Wall St. sign is seen near the NYSE in the financial district in New York

(Reuters) - Wall Street's main indexes dipped on Monday as investors paused following a sharp rally that has put the S&P 500 on course for its best November ever.

All of the 11 major S&P 500 sectors were trading lower, with energy leading losses, tracking a decline in crude prices. [O/R]

IHS Markit topped gains on the benchmark S&P 500 after data giant S&P Global agreed to buy the financial information provider in a $44 billion deal, which will be the biggest corporate acquisition of 2020.

Month-end rebalancing of portfolios played into Monday's weakness, analysts said, as investors cash in on gains after a strong month marked by updates of COVID-19 vaccines making headway and hopes of a swift economic rebound next year.

A rotation into sectors deemed to provide better returns coming out of a recession such as energy, industrials and financials have driven gains of more than 11% for the S&P 500 and put the Dow is on track for its biggest monthly gain since 1987.

"It is a sell-off that is warranted after such strong gains. We have a lot of macro news this week and the non-farm payrolls may not be too friendly to the market," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

After an explosion in infections and business restrictions this month that stalled the U.S. labor market recovery, focus will be on the monthly jobs report and the Fed's Beige Book, as well as an address by Fed Chair Jerome Powell before the Senate Banking Committee.

At 11:44 a.m. ET, the Dow Jones Industrial Average fell 398.95 points, or 1.31% to 29,510.22 and the S&P 500 lost 33.92 points, or 0.93% to 3,604.57. The Nasdaq Composite lost 79.00 points, or 0.66% to 12,125.13 after hitting an all-time early in the session.

U.S. Health Secretary Alex Azar on Monday said the first two vaccines against the novel coronavirus could be available to Americans before Christmas.

Moderna unveiled plans to apply for U.S. and European emergency authorization for its COVID-19 vaccine after full results from a late-stage study showed it was 94.1% effective, sending its shares up 16%.

"Until the actual vaccination begins, I don't know if news on the same company is going to move the needle," said Robert Pavlik, senior portfolio manager, Dakota Wealth, New York.

Macy's Inc and Kohl's Corp slipped between 2.5% and 5% as masked shoppers turned up in smaller numbers at major U.S. retailers on Black Friday as early online deals and concerns about a spike in COVID-19 cases dulled enthusiasm for mall trips.

Nikola Corp sank 23% as the company and General Motors announced a reworked deal on a fuel-cell partnership that eliminates an equity stake in the startup for the Detroit automaker and plans for building its electric pickup truck.

Declining issues outnumbered advancers ones by 3-to-1 ratio on the NYSE and on Nasdaq a 0.5-to-1 ratio favored decliners.

The S&P 500 posted eight new 52-week highs and no new lows; the Nasdaq Composite recorded 243 new highs and six new lows.

(Reporting by Shriya Ramakrishnan and Medha Singh in Bengaluru; Editing by Saumyadeb Chakrabarty and Arun Koyyur)

By Shriya Ramakrishnan and Medha Singh

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL -0.57% 30814.26 Delayed Quote.1.26%
NASDAQ 100 -0.73% 12803.932503 Delayed Quote.-0.65%
NASDAQ COMP. -0.87% 12998.502287 Delayed Quote.0.86%
S&P 500 -0.72% 3768.25 Delayed Quote.0.32%
Latest news "Economy & Forex"
05:58pCENTRAL PEOPLE GOVERNMENT OF PEOPLE RE : China's postal industry sees business volume surge in 2020
05:52pJanet Yellen to say U.S. does not seek weaker dollar, Wall Street Journal reports
05:44pTreasury nominee Janet Yellen to say U.S. does not seek weaker dollar - WSJ
04:39pINTEL : Exclusive-Trump admin slams China's Huawei, halting shipments from Intel, others -sources
03:35pGitHub apologizes for firing Jewish employee who warned of Nazis in U.S. Capitol -TechCrunch
03:35pSome users report broadcasting problems with CBS, other television service providers
03:26pMSC MEDITERRANEAN SHIPPING : New Zealand's Apple Exporting Season Returns – Get On Board with MSC
02:34pVeolia says that the 29.9% it owns in suez's capital is not and will not be for sale - statement
01:58pFrance reports 16,642 new confirmed covid-19 cases in past 24 hours, from 21,406 on saturday - public health authority
01:56pFrance reports 141 new coronavirus deaths on sunday - health authority
Latest news "Economy & Forex"