US open: Stocks mixed early on Cyber Monday

(Sharecast News) - Wall Street stocks were mostly in the red early on Monday as major indices come off their fourth-straight winning week. As of 1550 GMT, the Dow Jones Industrial Average was down 0.16% at 35,335.04, while the S&P 500 lost 0.11% to 4,554.30 and the Nasdaq Composite came out the gate 0.07% higher at 14,260.43.

The Dow closed 55.11 points lower on Monday, taking a bite out of gains recorded in Friday's holiday-shortened session as stocks continued their rally, fuelled by the benchmark 10-year Treasury yield's retreat from the 5% mark it briefly hit last month.

On the macro front, new home sales fell 5.6% to 679,000 in October, according to the Census Bureau, well below forecasts for a print of 723,000, as mortgage rates hit their highest level in twenty years, weighing on buyers' affordability. The drop follows a downwardly revised reading of 719,000 in September. The median price of new houses sold was $409,300, while the average sales price was $487,000 - compared to $496,800 and $543,300 a year ago, respectively.

Elsewhere, the Dallas Federal Reserve's general business activity index for manufacturing deteriorated for the third straight month in November, reaching -19.9, its lowest since July. The production index moved into negative territory, falling to -7.2 in November, from +5.2 in the prior month, while the new orders index, which has been negative for 18 months, dropped to -20.5 in November, down from -8.8. The capacity utilisation index returned to negative territory, falling from 5.4 to -10.1, while the shipments index slipped eight points to -9.5.

In the corporate space, retailers warned that consumer spending appears to be weakening, although Black Friday e-commerce spending shot up 7.5% year-on-year, sending shares in the likes of Amazon and Shopify higher on Cyber Monday after Friday marked the beginning of the all-important holiday shopping season. Weak spending could go a long way to indicate that the central bank's aggressive interest rate hikes have finally started to take hold in the economy.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Walmart Inc. (WMT) $157.33 0.81% 3M Co. (MMM) $96.58 0.66% Salesforce.Com Inc. (CRM) $225.33 0.42% International Business Machines Corporation (CDI) (IBM) $155.59 0.26% Intel Corp. (INTC) $44.06 0.22% Caterpillar Inc. (CAT) $247.82 0.18% Home Depot Inc. (HD) $311.07 0.12% Microsoft Corp. (MSFT) $377.70 0.07% Nike Inc. (NKE) $107.65 0.01% Coca-Cola Co. (KO) $58.58 0.01%

Dow Jones - Fallers

Walgreens Boots Alliance, Inc. (WBA) $20.63 -1.06% Chevron Corp. (CVX) $143.46 -0.99% Walt Disney Co. (DIS) $95.11 -0.99% Johnson & Johnson (JNJ) $151.46 -0.68% Amgen Inc. (AMGN) $263.66 -0.68% Cisco Systems Inc. (CSCO) $48.13 -0.48% Apple Inc. (AAPL) $189.15 -0.43% Boeing Co. (BA) $219.21 -0.36% Dow Chemical Co. (DOW) $51.49 -0.35% JP Morgan Chase & Co. (JPM) $153.02 -0.34%

S&P 500 - Risers

Crown Castle International (CCI) $108.51 4.76% Seagate Technology Plc (STX) $78.02 2.55% Nucor Corp. (NUE) $160.96 2.41% CenturyLink Inc. (LUMN) $1.29 2.38% Nordstrom Inc. (JWN) $15.37 2.13% Newmont Corporation (NEM) $38.34 2.00% Under Armour Inc. Class A (UAA) $7.82 1.76% Western Digital Corp. (WDC) $47.40 1.72% Carnival Corp. (CCL) $14.65 1.63% Paypal Holdings Inc (PYPL) $56.66 1.61%

S&P 500 - Fallers

Nektar Therapeutics (NKTR) $0.46 -6.26% Albemarle Corp. (ALB) $122.78 -4.73% Kohls Corp. (KSS) $22.41 -3.20% Foot Locker Inc. (FL) $22.75 -2.44% General Mills Inc. (GIS) $63.65 -2.35% Keycorp (KEY) $11.78 -2.12% Macy's Inc. (M) $14.57 -2.02% Microchip Technology Inc. (MCHP) $81.69 -1.89% Kellanova (K) $52.53 -1.76% Coterra Energy Inc. (CTRA) $26.30 -1.76%

Nasdaq 100 - Risers

Qurate Retail Inc. (QRTEA) $0.86 11.60% Mercadolibre Inc. (MELI) $1,591.26 3.63% Seagate Technology Plc (STX) $78.02 2.55% Baidu Inc. (BIDU) $125.66 1.83% Western Digital Corp. (WDC) $47.40 1.72% Paypal Holdings Inc (PYPL) $56.66 1.61% Amazon.Com Inc. (AMZN) $148.98 1.53% Costco Wholesale Corp. (COST) $599.35 1.35% Micron Technology Inc. (MU) $77.68 1.05% Nvidia Corp. (NVDA) $482.19 0.93%

Nasdaq 100 - Fallers

Microchip Technology Inc. (MCHP) $81.69 -1.89% Liberty Global plc Series A (LBTYA) $15.89 -1.88% Liberty Global plc Series C (LBTYK) $16.73 -1.73% Illumina Inc. (ILMN) $96.79 -1.58% NetEase Inc. Ads (NTES) $113.63 -1.54% J.B. Hunt Transport Services Inc. (JBHT) $180.29 -1.51% Vodafone Group Plc ADS (VOD) $9.00 -1.42% Wynn Resorts Ltd. (WYNN) $87.09 -1.38% Hasbro Inc (HAS) $45.53 -1.34% Biogen Inc (BIIB) $229.12 -1.22%