NEW YORK, Dec. 2 (Xinhua) -- U.S. stocks ended mixed on Monday, as investors are gearing up for a week packed with labor market data, culminating in Friday's November jobs report, which could shape the Fed's monetary policy decisions.
The Dow Jones Industrial Average fell 128.65 points, or 0.29 percent, to 44,782.0. The S&P 500 added 14.77 points, or 0.24 percent, to 6,047.15. The Nasdaq Composite Index increased 185.78 points, or 0.97 percent, to 19,403.95.
Eight of the 11 primary S&P 500 sectors ended in red, with utilities and real estate leading the laggards by losing 2.08 percent and 1.44 percent, respectively. Meanwhile, communication services and consumer discretionary led the gainers by going up 1.45 percent and 1.06 percent, respectively.
Among Monday's standout performers was Super Micro Computer, whose shares surged 28.68 percent. The rally followed news that an independent investigation cleared the server maker of any financial misconduct, restoring investor confidence in the embattled company. Major tech stocks also boosted the market, with Tesla climbing 3.46 percent, Meta Platforms adding 3.22 percent, and gains across the board for Nvidia, Apple, Microsoft, Amazon, and Alphabet.
November 2024 delivered strong gains for U.S. equity markets, with the Dow Jones Industrial Average and the S&P 500 posting their best monthly performances this year. The Dow surged 7.5 percent, while the S&P 500 climbed 5.7 percent, driven largely by a robust postelection rally following Donald Trump's victory in the presidential election.
The U.S. manufacturing sector showed signs of improvement in November, according to data released by the Institute for Supply Management (ISM) on Monday. The ISM's Manufacturing Index rose to 48.4, up from 47.9 in October and exceeding the Dow Jones estimate of 47.5. While the index remains below the critical 50-point threshold-indicating contraction, it marks a positive step forward, signaling that fewer companies reported declines in activity.
On monetary policy, Fed Governor Christopher Waller signaled support for a potential rate cut at the upcoming Federal Open Market Committee (FOMC) meeting but cautioned that his decision could change if inflation data surprises to the upside. "Based on the economic data in hand today and forecasts that show that inflation will continue on its downward path to 2 percent over the medium term, at present I lean toward supporting a cut to the policy rate at our December meeting," Waller said Monday.
Investors are watching closely as labor market data released this week, including Friday's jobs report, will be critical in determining the Fed's next move. The calendar for corporate earnings and economic reports will also pick up in the days ahead. The FOMC is expected to meet on Dec. 17 and 18. ■
