After a four-week rally, the S&P 500 fell on Monday as traders returned from the Thanksgiving holiday to trade cautiously, and shares of many companies were in deeper declines.
The S&P 500 fell 0.1%, the Dow Jones Industrial Average fell 0.3%, or 97 points, while the Nasdaq Composite rose 0.2%.
Despite the recent decline, Wall Street posted its fourth straight positive week last week, with stocks rising after the 10-year Treasury yield retreated from levels above 5% briefly in late October. Notably, the S&P 500 rose 8.6% this month, the Dow Jones rose nearly 7%, and the Nasdaq rose about 11%.
The steady rise continues despite some US retailers expressing concerns about weak consumer spending. However, Black Friday e-commerce spending saw a strong year-over-year increase of 7.5%. Some e-commerce stocks posted gains on Cyber Monday, with Amazon and Shopify rising about 1.3% and 5%, respectively. Overall weaker spending data could indicate that the Fed’s interest rate hikes are starting to impact the broader economy despite positive e-commerce trends.
