Here are the most important news items that investors need to start their trading day:
1. Holiday hangover
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.
2. E-boost
The Etsy website displayed on a laptop.
Gabby Jones | Bloomberg | Getty Images
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.
3. Not so fast
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 | Getty Images
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.
4. India investment
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 | Getty Images
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.
5. Shein IPO
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 | Getty Images
— Tech Zone Daily’s Pia Singh, Annie Palmer, Rohan Goswami and Gabrielle Fonrouge contributed to this report.
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