U.S. stocks closed lower on Thanksgiving Eve, with tech stocks leading the decline

From Nasdaq: 2024-11-29 09:33:00

U.S. stocks closed lower as tech stocks led the decline on Thanksgiving Eve. The Dow Jones fell 0.3%, the S&P 500 dropped 0.4%, and the Nasdaq shed 0.6%. Inflation data showed rises in PCE and core PCE, raising concerns about future rate cuts by the Federal Reserve. Stocks pulled back on the news.

Economic data released included a 2.8% annual GDP growth rate for the U.S. in Q3, unchanged from the initial estimate. Consumer spending increased by 3.5% year over year in Q3. Personal income rose by 0.6% in October, with disposable income up by 0.4%. Durable goods orders rose by 0.2% in October, missing expectations.

Pending home sales rose by 2% in October, beating economists’ expectations of a decline. Jobless claims for the week ending Nov 23 totaled 213,000, with continuing claims at 1,907,000. The 4-week moving average for jobless claims was 217,000. The National Association of Realtors reported the increase in pending home sales.



Read more at Nasdaq: Stock Market News for Nov 29, 2024