SHOP - Stocks Little Changed After 4 Days of Gains
Stocks were little changed Monday as Wall Street looks to build on four straight positive weeks for the equity market.
The Dow Jones Industrials slid 48 points to begin Monday at 35,342.15.
The S&P 500 dished off 7.16 points to 4,552.18.
The NASDAQ skidded 7.39 points to 14,243.47.
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 has come 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 hiking 1.3% and Shopify jumping 4%.
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 faded, raising yields to 4.43% from Friday's 4.48%. Treasury prices and yields move in opposite directions.
Oil prices dipped eight cents to $75.46 U.S. a barrel.
Gold prices hiked $9.30 to $2,012.30.