STOCK MARKET
Dow Jones ended at $36,430.42 (+0.04%)
S&P 500 ended at $4,550.58 (-0.09%)
Nasdaq Composite ended at $14,256.49 (-0.16%)
The stock market ended the month with mixed performances due to a combination of factors. On one hand, the Dow Jones Industrial Average rallied to a new high for the year, boosted by cooling inflation data and strong earnings from Salesforce. This led to the benchmark’s best month since October 2022, with the Dow gaining over 8.8% in November. Similarly, the S&P 500 and Nasdaq Composite also had their best monthly performances since July 2022, with gains of 8.9% and 10.7% respectively. However, there were also some concerns that led to a more cautious tone towards the end of the month as big tech stocks, which had been the major winners in November, experienced some selling pressure towards the end of the month. Companies like Nvidia, Tesla, Alphabet, and Meta saw their share prices decline, despite having made significant gains earlier in November. Nvidia, for example, shed more than 2.9% on Thursday but is still up 14.7% for the month. Similarly, Tesla shares were off by 2.1% following a roughly 19% comeback in November, while Alphabet and Meta each lost 2.3%. The profit-taking in these tech stocks contributed to the losses experienced by the Nasdaq. Additionally, data showed a slowdown in the personal consumption expenditures price index, indicating that inflation may not be as strong as previously expected. This prompted traders to conclude that the Federal Reserve may be done raising rates and could potentially even lower them in 2024.
CRYPTO MARKET
Bitcoin rose by 0.09% for the day, with a value of $37,753.97 as of 3:00 PM CST, as stated by Coin Metrics.
