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  3. US markets end lower on Monday

US markets end lower on Monday

28 Nov 2023 Evaluate

The US markets ended lower on Monday after the Commerce Department released a report showing new home sales in U.S. pulled back sharply in the month of October after soaring in September. The report said new home sales plunged by 5.6 percent to an annual rate of 679,000 in October after spiking by 8.6 percent to a downwardly revised rate of 719,000 in September. Street had expected new home sales to tumble by 4.5 percent to a rate of 725,000 from the 759,000 originally reported for the previous month. Further, traders seemed reluctant to make significant moves ahead of the release of some key economic data in the coming days. The Commerce Department’s report on personal income and spending may be in the spotlight, as it includes readings on inflation said to be preferred by the Federal Reserve. 

Street currently expect the report to show the annual rate of consumer price growth slowed to 3.1 percent in October from 3.4 percent in September. Core price growth is expected to slow to 3.5 percent from 3.7 percent. Traders were also keep an eye on reports on consumer confidence, weekly jobless claims, pending home sales and manufacturing activity. On the sectorial front, reflecting the lackluster performance by the broader markets, most of the major sectors ended the day showing only modest moves. Transportation stocks saw considerable weakness, however, with the Dow Jones Transportation Average falling by 1.3 percent after ending last Friday's trading at its best closing level in a month. Notable weakness was also visible among networking stocks, as reflected by the 1.2 percent loss posted by the NYSE Arca Networking Index. 

Dow Jones Industrial Average fell 56.68 points or 0.16 percent to 35,333.47, Nasdaq lost 9.83 points or 0.07 percent to 14,241.02 and S&P 500 was down by 8.91 points 0.2 percent to 4,550.43. 


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