Tech Stocks Outperform on Cyber Monday - Barron's

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The stock market was suffering from a post-Thanksgiving hangover on Monday.

The Dow Jones Industrial Average was down 74 points, or 0.2%, in Monday trading. The S&P 500 was down 0.1%. The tech-heavy Nasdaq Composite was up 0.1%, a fitting dynamic given shoppers were scouring online shopping sites for Cyber Monday deals.

“Bulls made the most of the holiday-shortened week, pushing the S&P 500 to its highest level since the end of July,” writes Chris Larkin, managing director, trading and investing at E*TRADE from Morgan Stanley. “The market appears to have embraced the idea that slowing economic data will hasten the arrival of market-friendly rate cuts, even though the Fed has continued to telegraph otherwise.”

This month’s rally will face its share of tests this week, most notably the personal consumption expenditures price index on Thursday. Federal Reserve Chair Jerome Powell will speak on Friday.

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