U.S. stocks closed lower on Monday, led by declines in the technology sector as the artificial intelligence-driven trade cooled. However, on the economic front, November’s pending sales data came in positive. The Nasdaq Composite, the S&P 500 and the Dow ended in negative territory.
How Did the Benchmarks Perform?
The Dow Jones Industrial Average (DJI) fell 0.5%, or 249.04 points, to close at 48,461.93. Twenty components of the 30-stock index ended in negative territory, nine ended in positive territory, and one remained unchanged.
The tech-heavy Nasdaq Composite declined 0.5% to close at 23,474.35. The major loser of the Nasdaq Composite was Tesla, Inc. (TSLA) after falling 3.3%. Tesla currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.
The S&P 500 lost 0.4%, or 24.20 points, to end at 6,905.74. Out of the 11 broad sectors of the broad-market index, seven ended in negative territory, while four were in positive territory. The Industrials Select Sector SPDR (XLI), the Consumer Discretionary Select Sector SPDR (XLY) and the Financials Select Sector SPDR (XLF) fell 0.2%, 1% and 0.5%, respectively, while the Energy Select Sector SPDR (XLE) rose 2%.
The fear gauge, the CBOE Volatility Index (VIX), increased by 4.4% to 14.20. A total of 13.08 billion shares were traded on Monday, lower than the last 20-session average of 16.2 billion. The S&P 500 posted 10 new 52-week highs and two new lows, and the Nasdaq Composite recorded 37 new highs and 249 new lows.
November Pending Sales Hit Highest Since 2023
The National Association of REALTORS reported that pending home sales increased 3.3% in November from the prior month and 2.6% year over year. All four major regions in the United States — Northeast, Midwest, South and West — achieved growth during this period, leading to the most significant seasonal increase since 2023.
NAR Chief Economist Lawrence Yun said, “Homebuyer momentum is building. The data shows the strongest performance of the year after accounting for seasonal factors, and the best performance in nearly three years, dating back to February 2023.”
This led to an increase in activity as buyers and sellers participated more actively because of better home affordability and expanded property choices.
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This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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