5 things to know before the stock market opens Tuesday
Here are the most important news items that investors need to start their trading day:
Markets took a breather Monday after posting a four-week winning streak. Stocks have rallied in the weeks since the 10-year Treasury yield retreated from the 5% mark it briefly topped in late October. But the Dow, S&P 500 and Nasdaq Composite all slipped lower to start this week. Maybe it's a holiday hangover. Bespoke Investment said the S&P 500 has underperformed in the trading week following the Thanksgiving holiday since 1945. Next up, investors will be watching the consumer confidence report due out Tuesday. Follow live market updates .
The Etsy website displayed on a laptop. Gabby Jones | Bloomberg |E-commerce stocks got a boost in Monday's trading after record Black Friday sales and strong projections for Cyber Monday. Shares of Etsy and Wayfair closed up about 3% and 7%, respectively. Software companies that benefit from online shopping also got a boost. Shopify , which provides technology for online retailers, saw its shares close nearly 5% higher after the company said merchants notched a record $4.1 billion in sales. Meanwhile, Adobe Analytics said buy-now-pay-later services such as Affirm, Klarna and Afterpay drove $5.9 billion in online spending between Nov. 1 and Nov. 23, up 13.4% from last year. Shares of Affirm closed almost 12% higher Monday.
A Roomba robot vacuum made by iRobot is displayed on a shelf at a Target store on August 05, 2022 in San Rafael, California. Justin Sullivan |The dust hasn't settled yet on Amazon 's big robot vacuum buy. Shares of Roomba maker iRobot dropped 17% Monday after the European Union's antitrust watchdog warned that Amazon's planned acquisition of the company raises competition concerns. The European Commission — which is conducting an ongoing probe into the $1.7 billion purchase — said it found that Amazon may have the ability to prevent or degrade iRobot rivals' access to its online site. iRobot shares had previously surged 39% on Friday after Reuters reported that sources said the deal would win EU approval.
A factory at the mobile phone plant of Rising Stars Mobile India, a unit of Foxconn in Tamil Nadu, India, on July 12, 2019. Bloomberg | Bloomberg |Apple supplier Foxconn Technology is increasing its investments in India . It said in a securities filing that it will invest more than $1.5 billion in an unspecified Indian construction project to fulfill "operational needs." Foxconn's factories are a critical part of Apple's iPhone manufacturing, but it's seeking to diversify away from significant operations in mainland China, especially after Covid-19 lockdowns there slowed production dramatically. Foxconn already has several projects in the works in India, including factories in Karnataka and Telangana states.
A line of shoppers get the first opportunity to shop on the opening day of fast fashion e-commerce giant Shein, which is hosting a brick-and-mortar pop up inside Forever 21 at the Ontario Mills Mall in Ontario Thursday, Oct. 19, 2023. Allen J. Schaben | Los Angeles Times |Fast-fashion company Shein has confidentially filed to go public in the United States. CNBC's Gabrielle Fonrouge reported that the retailer was last valued at $66 billion and could be ready to start trading on the public markets as soon as next year. The Chinese-founded company has been on a meteoric rise but has come under scrutiny ahead of its long-rumored initial public offering, facing accusations of using forced labor in its supply chain , violating labor laws, harming the environment and stealing designs from independent artists.
— CNBC's Pia Singh, Annie Palmer, Rohan Goswami and Gabrielle Fonrouge contributed to this report.
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