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US stocks edge lower as market rally pauses after 5 straight weeks of gains

US stocks edge lower as market rally pauses after 5 straight weeks of gains
NYSE Trader Blur
Timothy Clary/AFP/Getty Images
  • US stocks edged lower on Monday after major indexed notched five straight weeks of gains.

  • With corporate earnings in the rear view mirror, investors are awaiting the upcoming November jobs report.

  • Geopolitical risks were on full display over the weekend after the Israel-Hamas ceasefire ended.


US stocks edged lower on Monday, with the major indexes taking a pause after notching five straight weeks of gains.

With corporate earnings in the rear-view mirror, investors set their attention on upcoming economic data, which will inform the future path of interest rates.

The November jobs report is set to be released on Friday, and will be followed by the Federal Reserve's last FOMC meeting of the year on December 13. The Fed is expects to keep interest rates unchanged next week, though expectations of interest rate cuts in early 2024 are starting to increase.

Geopolitical risks were back on investors' minds over the weekend after a ceasefire between Israel and Hamas ended. The fighting escalated as Israel set its focus on attacking the southern territory of Gaza. Meanwhile, a US warship deflected drone attacks by Houthi rebels in the Red Sea.

Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Monday: 

Here's what else is going on today: 

In commodities, bonds, and crypto: 

  • West Texas Intermediate crude oil dipped 0.69% to $73.56 a barrel. Brent crude, the international benchmark, fell 0.65% to $78.37 a barrel.

  • Gold fell 1.31% to $2,062.40 per ounce.

  • The 10-year Treasury yield jumped 6 basis points to 4.26%.

  • Bitcoin surged 3.81% to $41,503.

Read the original article on Business Insider