Stocks fell the day before Thanksgiving, breaking a seven-day winning streak.

From Nasdaq: 2024-11-27 16:25:11

Stocks fell the day before Thanksgiving, with the Dow and Nasdaq tumbling triple digits. The latest PCE reading rose on the month and annually, leading to profit-taking in technology stocks. The S&P 500 also logged a drop, breaking a seven-day winning streak. Investors will return to work on Black Friday, with the market closing early at 1 p.m. ET.

Mortgage applications to buy a home surged 12% last week, up 52% year-over-year. Israel and Hezbollah have officially agreed to a ceasefire, but recovery efforts are ongoing. Ambarella stock hit 12-month highs on a beat-and-raise, while Urban Outfitters stock soared on positive earnings. Two software stocks faced pressure from dismal forecasts.

Oil prices slipped slightly as focus shifted to OPEC+ following the Middle East ceasefire. US inventory data showed a smaller-than-expected weekly decline in crude inventories, leading to a slight decrease in oil futures. Gold prices rebounded from a one-week low, with December delivery gold up 0.7% near $2,644.00 an ounce.



Read more at Nasdaq: Stocks Snap Win Streaks on Thanksgiving Eve