The Nasdaq and S&P 500 ended higher on Monday, boosted by tech-related shares after the market posted a strong November, with investors awaiting this week’s economic data including the key monthly jobs report on Friday.
The Dow was down slightly on the day. Both the Dow and S&P 500 recorded their biggest monthly percentage gains in a year on Friday.
The technology .SPLRCT, communication services .SPLRCL and consumer discretionary .SPLRCD sectors each rose roughly 1% on Monday, while other segments were lower. Tesla TSLA.O shares advanced, with Stifel raising its price target on the stock.
“We’re seeing a market that’s in a seasonably strong period just creep higher,” said Rick Meckler, partner at Cherry Lane Investments, a family investment office in New Vernon, New Jersey.
“It’s a tough time for people to bail out, but by the same token, I don’t see an explosive finish to the year. There’s just too much uncertainty to where we’re headed. … No one is quite sure what the plan is economically with the new administration.”
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Former U.S. President Donald Trump recaptured the White House in last month’s election and his Republican Party swept both houses of Congress, boosting stocks in November.
The Dow Jones Industrial Average .DJI fell 128.65 points, or 0.29%, to 44,782.00, the S&P 500 .SPX gained 14.74 points, or 0.24%, to 6,047.12 and the Nasdaq Composite .IXIC gained 185.78 points, or 0.97%, to 19,403.95.
Trump’s potential plans for tax cuts and deregulation are seen as likely to lift the market while tariffs would be negative.
Earlier, data from the Institute for Supply Management showed U.S. manufacturing activity improved in November, while the final reading of the S&P manufacturing survey was revised upwards to 49.7, compared to a previous reading of 48.8.
Super Micro Computer SMCI.O surged after the artificial intelligence server maker began its search for a new finance chief based on recommendations made by a special committee formed to review the company’s accounting practices.
Reporting by Caroline Valetkevitch; Additional reporting by Shashwat Chauhan and Purvi Agarwal in Bengaluru; Editing by Maju Samuel and Richard Chang
