Major U.S. indices finished mixed on Monday (Tuesday AEDT) with the Nasdaq Composite and S&P 500 closing at record highs, extending November’s impressive market rally while the Dow slipped.
The Dow Jones Industrial Average fell 128.7 points or 0.3% to 44,782.0, the S&P 500 gained 14.8 points or 0.2% to 6,047.2 and the Nasdaq Composite lifted 185.8 points or 1% to 19,404.
In company news, Tesla advanced 3% after Roth MKM upgraded its rating from neutral to buy, attributing the move to Elon Musk's perceived favourable ties with President-elect Donald Trump.
Super Micro Computer experienced a significant 29% jump after a special committee confirmed no evidence of misconduct and the accuracy of its financial statements.
Meanwhile, Amazon shares added 1% as Cyber Monday marked the beginning of the critical holiday shopping season.
November concluded as the best-performing month of 2024 for both the Dow and the S&P 500, which posted gains of 7.5% and 5.7%, respectively.
Small-cap stocks also thrived, with the Russell 2000 leaping over 10%, marking its strongest monthly performance of the year.
In economic updates, fresh data showed improvement in U.S. manufacturing activity in November, although the sector remained in contraction.
Market participants are awaiting upcoming data out this week, with employment releases including the Job Openings and Labor Turnover Survey (JOLTS), ADP employment change, and November's nonfarm payrolls report.
On the bond markets, 10-year and 2-year rates were steady at monthly lows of 4.196% and 4.186%, respectively.