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Stocks Step Tentatively into Afternoon Session

The S&P 500 fell slightly on Monday, as traders took a breather after the major averages posted a four-week winning streak.

The Dow Jones Industrials slid 51.65 points Monday noon at 35,338.50.

The S&P 500 dished off 5.18 points to 4,554.16.

The NASDAQ fought doggedly ahead 0.25 points to 14,251.10.

The S&P 500 is up 8.6% so far this month, while the Dow has added nearly 7% and the NASDAQ has jumped roughly 11%.

Wall Street is coming off the fourth straight winning week for all three major averages, as stocks have rallied since the 10-year Treasury yield retreated from the 5% mark it briefly topped in late October.

The rally occurred despite warnings from some U.S. retailers that consumer spending is weakening, although Black Friday e-commerce spending jumped 7.5% from a year earlier. Some e-commerce stocks rose on Cyber Monday, with shares of Amazon progressing 1.3%, and Shopify jumping 4%.

New homes sold at a slower than expected pace in October while still showing improvement from a year ago, the Commerce Department reported Monday.

Sales of new single-family homes totaled a seasonally adjusted annual rate of 679,000, a 5.6% decline from September and below the Dow Jones forecast for 725,000. The September level saw a sharp downward revision to 719,000, some 40,000 lower than the initial estimate. October’s total represented a 17.7% increase from the same period in 2022.

Prices for the 10-year Treasury grew, lowering yields to 4.44% from Friday’s 4.48%. Treasury prices and yields move in opposite directions.

Oil prices dipped 29 cents to $75.25 U.S. a barrel.

Gold prices captured $5.70 to $2,008.70.

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