The S&P snapped a seven-day win streak
Stocks fell the day before Thanksgiving, as traders took profits from technology stocks after the latest PCE reading rose on the month and an annual basis. The Dow and Nasdaq both tumbled triple digits, the former snapping a five-day losing streak. Meanwhile, the S&P 500 logged a drop for the first time in seven days. Investors will return to work on Black Friday, though the market will close at 1 p.m. ET.
Continue reading for more on today's market, including:
5 Things to Know Today
- Applications for a mortgage to buy a home jumped 12% over the last week, now up 52% year-over-year. (CNBC)
- The ceasefire between Israel and Hezbollah is official, but there's still a long road to recovery. (Reuters)
- Beat-and-raise pushed Ambarella stock to 12-month highs.
- What helped Urban Outfitters stock surge higher.
- Dismal forecasts pressured two software stocks.
Oil Prices Slip as Investors Shift Focus
Oil futures went back and forth before settling slightly lower, as the ceasefire in the Middle East pushed trader focus to the Organization of the Petroleum Exporting Countries and its allies (OPEC+). In addition, US. inventory data showed a smaller-than-expected weekly fall in domestic crude inventories. For the session, January-dated West Texas Intermediate (WTI) crude slid 5 cents, or under 0.1%, to settle at $68.72 per barrel.
Today's inflation data helped bullion rebound from a more than one-week low. Gold for December delivery was last seen 0.7% higher near $2,644.00 an ounce.