By Shashwat Chauhan and Purvi Agarwal
(Reuters) – The S&P 500 and the Nasdaq gained on Monday, with the benchmark index briefly hitting a record high boosted by technology stocks, while investor focus remained on a slew of economic data this week.
The week’s centerpiece would be the November nonfarm payrolls report due on Friday, a key metric in also gauging the state of the labor market.
An October jobs opening reading is slated to be released on Tuesday, while November private payrolls data is due on Wednesday.
The Institute for Supply Management (ISM) said its manufacturing PMI stood at 48.4 last month, showing activity improved in November, with orders growing for the first time in eight months.
Meanwhile, the final reading of the S&P manufacturing survey was revised upwards to 49.7, compared to a previous reading of 48.8.
At 10:08 a.m. ET, the Dow Jones Industrial Average fell 175.45 points, or 0.39%, to 44,735.20, the S&P 500 gained 7.54 points, or 0.12%, to 6,039.92 and the Nasdaq Composite gained 161.02 points, or 0.84%, to 19,379.19.
Most megacap and growth stocks were higher with Tesla (NASDAQ:TSLA) leading gains, up 2.6%, after Stifel raised its target price on the stock to $411 from $287. The consumer discretionary sector gained 1% to hit a record high.
Intel (NASDAQ:INTC) gained 2.5% after the chipmaker announced CEO Pat Gelsinger’s retirement. The broader semiconductor index was up 2%.
On the flip side, losses in healthcare stocks weighed on the Dow.
The benchmark S&P 500 and the blue-chip Dow recorded their best month in a year, capping off a stellar November for U.S. equities.
“Investors are questioning themselves if they (should) be adding to their exposure to the markets now because they have been so less bullish and if they should chase it at this point,” said Sam Stovall, chief investment strategist at CFRA Research.
Republican candidate Donald Trump recapturing the White House along with his party sweeping both houses of Congress has been the latest tailwind for equities.
Analysts expect Trump’s policies on tax cuts, tariffs and deregulation could spur greater corporate performance. However, concerns persisted that his policies could bump up inflation and cause the Fed to slow its rate easing cycle.
The week is also packed with data that could indicate how the economy is faring, including multiple surveys of economic activity for the last month.
Numerous Fed speakers will also make public appearances this week including Fed Chair Jerome Powell. Comments from Fed Governor Christopher Waller and New York Fed President John Williams would be on the radar later in the day.
Among other movers, Super Micro jumped 13.7% after the AI server maker begun its search for a new finance chief based on recommendations made by a special committee formed to look into the accounting practices.
Declining issues outnumbered advancers by a 1.92-to-1 ratio on the NYSE and by a 1.43-to-1 ratio on the Nasdaq.
The S&P 500 posted 11 new 52-week highs and one new low, while the Nasdaq Composite recorded 70 new highs and 33 new lows.