Washington: Black Friday sales topped a whopping $9.8 billion across the country, edging US stocks to slide slightly lower on Monday as investors digested the retail sales results, which were mostly online.
An extended cyber sales on Monday could have further impact as spending by consumers rises.
Consumers spent a record $9.8 billion online during the sales event, according to Adobe Analytics. The wave of consumer holiday spending is set to continue with Cyber Monday deals.
US stocks edged slightly lower on Monday as investors sized up a solid holiday sales results from Black Friday. Online spending hit a record $9.8 billion, representing year-over-year growth of 7.5 per cent.
Black Friday is now mostly an online shopping event as retailers extend their deals beyond brick-and-mortar stores.
According to data from MasterCard, in-store sales increased 1.1 per cent year-over-year, while e-commerce sales jumped 8.5 per cent. Overall, MasterCard said Black Friday sales rose 2.5 per cent. The holiday consumer spending is set to continue as retailers launch a slate of Cyber Monday deals.
Fundstrat’s Tom Lee said that the spending data isn’t strong enough to motivate the Federal Reserve into a tightening mode to raise interest rates.
“I would not look at strong Black Friday numbers as something the Fed has to panic about,” Business Insider quoted him as saying. .
Here’s where US stock indices stood shortly after the 9:30 a.m. (local time) opening bell on Monday:
S&P 500: 4,550.80, down 0.19 per cent
Dow Jones Industrial Average: 35,374.66, down 0.04 per cent (15.49 points)
Nasdaq Composite: 14,226.69, down 0.17 per cent
Meanwhile, the US dollar is apace for its worst month of 2023, dragged down by bets that the Fed is done raising interest rates.
The S&P 500 will jump to a new record high of 5,000 next year, RBC said, endorsing investors outlook of bullish outlooks for 2024.
In commodities, West Texas Intermediate crude oil dipped 0.46 per cent to $75.19 a barrel. Brent crude, the international benchmark, fell 0.47 per cent to $80.20 a barrel.
Gold climbed 0.44 per cent to $2,011.90 per ounce, while the 10-year US Treasury bond paper yield dropped 2 basis points to 4.44 per cent.
Bitcoin fell 1.68 per cent to $36,831.
(IANS)
