Markets News, Nov. 27, 2023: Stock Rally Wavers and Treasury ... - Investopedia

S&P 500 Gains and Losses Today

18 hr 22 min ago

Here are the stocks in the S&P 500 that gained and lost the most today, and the stories behind the market movers.

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Dow Dips, Walgreens Hits Fresh 25-Year Low as Stock Rally Pauses

19 hours ago

The Dow Jones Industrial Average lost 57 points, or nearly 0.2%, Monday after clinching its fourth consecutive winning week last Friday.

3M (MMM) was the best performer in the Dow with its shares gaining 1.2%.

Travelers Companies (TRV) gained 0.6% to mark its eighth straight positive session. The insurance company has added nearly 7% in November. 

Shares of Walmart (WMT) gained 0.5% on what's expected to be a record-breaking Cyber Monday. Apparel maker Nike (NKE) moved up by 0.3%. 

Shares of Microsoft (MSFT), Intel (INTC), and IBM (IBM) each also gained about 0.3%.

Salesforce (CRM) shares inched up 0.2% as Amazon (AMZN) announced it would sell Salesforce apps on its Amazon Web Services (AWS) platform. Salesforce is scheduled to report quarterly earnings on Thursday. 

Walgreens Boots Alliance (WBA) shares fell 3.5% to close at a 25-year low of $20.11. Shares of Dow Inc (DOW) declined about 1.1%. 

Walt Disney Company (DIS) shares dropped about 0.9% after its film "Wish" underperformed box office expectations over the Thanksgiving weekend. 

Health care stocks performed poorly, with Johnson & Johnson (JNJ) losing 0.8%, UnitedHealth Group (UNH) dropping 0.6%, and Amgen (AMGN) falling about 0.5%.

-Terry Lane

Gold Approaches 6-Month High on Rate Cut Optimism

20 hr 12 min ago

Gold futures rose Monday to nearly their highest since May as investors ramped up bets inflation will continue to moderate in the coming months, encouraging the Federal Reserve to begin cutting interest rates next year.

Gold continuous futures contracts rose to $2,014, their highest in a month and just shy of a 6-month high. 

Gold has risen steadily since a report earlier this month showed inflation fell more than expected in October, raising hopes the Federal Reserve could engineer a soft landing. The more optimistic outlook has investors betting interest rates will fall next year, making bonds less competitive as an investment relative to gold.

The prospect of rate cuts has also reduced the value of the U.S. dollar, boosting demand for dollar-denominated gold among international buyers. 

Salesforce, Amazon Gain on Tie-Up

21 hr 8 min ago

Amazon.com Inc. (AMZN) will sell Salesforce Inc. (CRM) products on its Amazon Web Services platform (AWS) through an expanded partnership between the two companies.

The companies said on Monday they struck the deal to enable customers to seamlessly manage their data across Salesforce and AWS, and to allow users to integrate artificial intelligence (AI) technologies into their applications and workflows.

Both companies are major players in the AI race. Salesforce offers clients generative AI tools for marketing and client services, and Amazon offers its large language model, Amazon Bedrock, through AWS.

Amazon shares were up about 1.5% in intraday trading on Monday, while Salesforce rose more than 0.5%.

-Naomi Buchanan

Midday Movers

22 hr 10 min ago

Domino's Pizza (DPZ): Shares of the pizza chain gained more than 4% after analysts at TD Cowen lifted their price target to $430 from $410 and reiterated their outperform rating, citing the company's upcoming investor day as a possible turning point for the stock. 

Etsy Inc. (ETSY): Shares of the e-retailer gained over 4% after data showed U.S. consumers spent record amounts online on Black Friday, suggesting Cyber Monday could be another blowout day for digital sellers.

Tesla Inc. (TSLA): Shares of the electric vehicle maker rose about 1% ahead of the first deliveries of its long-awaited electric pickup truck, the Cybertruck, scheduled for Thursday. 

Albemarle Corp. (ALB): Shares of the world's largest lithium miner fell more than 5%, continuing a sell-off that took the stock to a 3-year intraday low of $112 earlier this month. The stock has been pressured by tumbling lithium prices amid wavering electric vehicle demand and oversupply. 

United Parcel Service Inc. (UPS): Shares fell more than 1% after a report that Amazon (AMZN) had surpassed UPS as the largest delivery company in the U.S. Amazon overcame competitor FedEx (FDX) in 2020. Amazon stock gained 1.5% Monday, while FedEx fell nearly 2%.

Elliott Investment Management Calls for Shake-Up at Wireless Infrastructure Owner

22 hr 49 min ago

Crown Castle Inc. (CCI) was one of the S&P 500's best-performing stocks Monday morning after activist investor Elliott Investment Management LP made another attempt to shake up the provider of wireless towers and fiber-optic cables.

Elliott wrote a letter to the board calling for "significant changes," including bringing in a new executive and board leadership. The activist hedge fund, which indicated it had a $2 billion stake in the firm, explained that Crown Castle disregarded its 2020 demands for "enhanced governance and fiber-strategy improvements."

Along with upending top management, Elliott wants a strategic and operating review of Crown Castle's fiber business, an optimized incentive plan for executives, and improved corporate governance.

Despite Monday's 3.6% intraday gain, shares of Crown Castle are down for the year.

-Bill McColl

2-Year Treasury Gains Amid $54 Billion Auction

23 hr 30 min ago

The yield on the 2-year Treasury note fell to about 4.91% Monday morning, slightly above its pre-Thanksgiving yield but down from nearly 5% Sunday evening. 

The Treasury auctioned off $54 billion in notes Monday morning. The highest yield at that auction was 4.89%, suggesting competitive auction participants were willing to pay a higher price for the notes than those trading on secondary markets. Buyers put in offers totaling nearly $137 billion, 2.5 times the debt being auctioned. 

Treasury auctions, once sleepy events, have become potential market movers this year amid concern about rising government deficits, swelling Treasury supply, and waning demand among major international buyers like the Japanese and Chinese central banks. 

Black Friday Boosts E-commerce Stocks

November 27, 2023 10:42 AM EST

Shares of e-commerce companies led markets as shoppers logged on for Cyber Monday sales after last week's record-breaking Black Friday.

U.S. retailers recorded $9.8 billion in online sales last Friday, a 7.5% increase from a year ago according to Adobe Analytics. E-commerce platform provider Shopify (SHOP) said on Saturday that merchants on its network sold $4.1 billion worth of goods, a 22% increase from last year's Black Friday.

Mastercard estimated e-commerce sales were 8.5% higher than the same day a year ago. That figure was not adjusted for inflation but was well above the 12-month inflation rate of 3.2% in October, suggesting shoppers bought more online this Black Friday. Meanwhile, overall Black Friday sales were a more modest 2.5% higher than last year. Brick-and-mortar sales increased 1.1% year-over-year.

Shares of buy now, pay later provider Affirm Holdings (AFRM) jumped 14% Monday morning, while e-commerce platforms Etsy (ETSY) and MercadoLibre (MELI) gained 4% and 3%, respectively. Shopify shares rose 4% and Amazon (AMZN), the undisputed leader in e-commerce, added about 1%.

Stocks Making the Biggest Moves Premarket

November 27, 2023 09:15 AM EST

Gains: 

• Crown Castle Inc. (CCI): Shares of the wireless infrastructure real estate investment trust gained 6% after activist investor Elliott Investment Management said it is pushing for leadership changes and a strategic review of the company's fiber business.
• Shopify Inc. (SHOP): Shares jumped about 4% after the e-commerce platform provider said its customers posted record sales of $4.1 billion this past Black Friday, a 22% increase from last year's event.
• Amazon.com Inc. (AMZN): Shares rose about 1% after reports indicated the e-commerce giant had surpassed United Parcel Service (UPS) as the largest delivery business in the U.S.

Losses: 

• Roivant Sciences Ltd. (ROIV): Shares of the biopharmaceutical company fell more than 5% after it said its experimental lupus treatment, brepocitinib, failed to meet its goal of reducing symptoms in a mid-stage trial. 
• Coinbase Global Inc. (COIN): Shares of the cryptocurrency exchange fell about 2% alongside the price of Bitcoin as crypto investors took profits after a major rally in recent weeks. Coinbase shares have risen more than 60% in the last month, while Bitcoin is up about 40% since mid-October. 
• GE Healthcare Technologies Inc. (GEHC): Shares of the medical device maker fell more than 2% after analysts at UBS downgraded the stock to sell from neutral, warning of slowing orders and tough comparables head.

Stock Futures Lower To Start the Week

November 27, 2023 08:33 AM EST

Futures contracts connected to the Dow Jones Industrial Average were 0.1% lower in premarket trading Monday.

S&P 500 futures were also about 0.1% lower.

Nasdaq 100 futures were nearly flat about an hour before markets opened.