IANS | 28 Nov, 2023
Black Friday sales topped a whopping $9.8 billion across the country,
edging US stocks to slide slightly lower on Monday as investors
digested the retail sales results, which were mostly online.
An extended cyber sales on Monday could have further impact as spending by consumers rises.
Consumers
spent a record $9.8 billion online during the sales event, according to
Adobe Analytics. The wave of consumer holiday spending is set to
continue with Cyber Monday deals.
US stocks edged slightly lower
on Monday as investors sized up a solid holiday sales results from Black
Friday. Online spending hit a record $9.8 billion, representing
year-over-year growth of 7.5 per cent.
Black Friday is now mostly an online shopping event as retailers extend their deals beyond brick-and-mortar stores.
According
to data from MasterCard, in-store sales increased 1.1 per cent
year-over-year, while e-commerce sales jumped 8.5 per cent. Overall,
MasterCard said Black Friday sales rose 2.5 per cent. The holiday
consumer spending is set to continue as retailers launch a slate of
Cyber Monday deals.
Fundstrat's Tom Lee said that the spending
data isn't strong enough to motivate the Federal Reserve into a
tightening mode to raise interest rates.
"I would not look at
strong Black Friday numbers as something the Fed has to panic about,"
Business Insider quoted him as saying. .
Here's where US stock indices stood shortly after the 9:30 a.m. (local time) opening bell on Monday:
S&P 500: 4,550.80, down 0.19 per cent
Dow Jones Industrial Average: 35,374.66, down 0.04 per cent (15.49 points)
Nasdaq Composite: 14,226.69, down 0.17 per cent
Meanwhile,
the US dollar is apace for its worst month of 2023, dragged down by
bets that the Fed is done raising interest rates.
The S&P 500
will jump to a new record high of 5,000 next year, RBC said, endorsing
investors outlook of bullish outlooks for 2024.
In commodities,
West Texas Intermediate crude oil dipped 0.46 per cent to $75.19 a
barrel. Brent crude, the international benchmark, fell 0.47 per cent to
$80.20 a barrel.
Gold climbed 0.44 per cent to $2,011.90 per
ounce, while the 10-year US Treasury bond paper yield dropped 2 basis
points to 4.44 per cent.
Bitcoin fell 1.68 per cent to $36,831.
