SEA:CC - Rally Pauses Dow Down Nearly 60
Stocks fell on Monday, as traders took a breather after the major averages posted a four-week winning streak.
The Dow Jones Industrials slid 57.27 points Monday to close at 35,332.88.
The S&P 500 declined 8.93 points to 4,550.41.
The NASDAQ shed 9.83 points to 14,241.02.
Wall Street is coming off the fourth straight winning week for all three major averages, as stocks have rallied since the 10-year Treasury yield retreated from the 5% mark it briefly topped in late October.
The rally occurred despite warnings from some U.S. retailers that consumer spending is weakening, although Black Friday e-commerce spending jumped 7.5% from a year earlier. Some e-commerce stocks rose on Cyber Monday, with shares of Amazon progressing 1.1%, and Shopify jumping 4.5%.
New homes sold at a slower than expected pace in October while still showing improvement from a year ago, the Commerce Department reported Monday.
Sales of new single-family homes totaled a seasonally adjusted annual rate of 679,000, a 5.6% decline from September and below the Dow Jones forecast for 725,000. The September level saw a sharp downward revision to 719,000, some 40,000 lower than the initial estimate. October's total represented a 17.7% increase from the same period in 2022.
Prices for the 10-year Treasury grew, lowering yields to 4.39% from Friday's 4.48%. Treasury prices and yields move in opposite directions.
Oil prices dipped 53 cents to $75.01 U.S. a barrel.
Gold prices captured 11 dollars to $2,014.