NEW YORK (AP) — U.S. stocks are kicking off December by drifting around their record heights. The S&P 500 was up 0.2% in early trading Monday after closing its best month of the year at an all-time high. The Dow Jones Industrial Average was up 55 points and the Nasdaq composite was up 0.6%. Intel rose after saying CEO Pat Gelsinger has retired. Stellantis skidded following the announcement of its CEO’s departure. The U.S.-traded stock of the world’s fourth-largest automaker fell. Retailers were mixed coming off Black Friday and heading into what’s expected to be the best Cyber Monday on record.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
Markets on Wall Street inched modestly lower before the opening bell on Monday as they kicked off the final month of 2024 hoping to match November's robust gains.
Futures for the S&P 500 and the Dow Jones Industrial Average were each down less than 0.1% before markets opened. On Friday, the two biggest and most closely-watched indexes closed out November with their best months of the year.
In overnight trading, shares of Stellantis fell 8.6% after the automaker announced that CEO Carlos Tavares is stepping down after nearly four years as the company's top executive.
Last month, Stellantis — which was formed by the 2021 merger of PSA Peugeot and Fiat Chrysler Automobiles — said it was laying off about 1,100 workers at its Jeep factory in Toledo, Ohio, early next year. The world's fourth-largest automaker, which counts Jeep, Citroën and Ram among its brands, has struggled with slumping sales and an inventory backlog at dealerships.
Companies reporting earnings this week include Salesforce, Dollar Tree, Foot Locker, Dollar General and Lululemon.
Markets will also get a trove of labor market data this week, including the October job openings report, weekly unemployment benefits data and the all-important November jobs report.
Elsewhere, China led gains worldwide as monthly surveys showed improving conditions for manufacturing, partly driven by a surge in orders ahead of President-elect Donald Trump's inauguration next month.
Both official and private sector surveys of factory managers showed strong new orders and export orders, possibly partly linked to efforts by importers in the U.S. to beat potential tariff hikes by Trump once he takes office.
On Saturday, Trump threatened 100% tariffs against the so-called BRIC bloc of nine nations if they act to undermine the U.S. dollar. The BRICs include Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran and the United Arab Emirates. Trump said he wants the bloc to promise it won't create a new currency or otherwise try to undercut the U.S. dollar.
“Asia’s markets are riding a wave of optimism, catching a significant tailwind from Wall Street’s record-setting day on Friday and buoyed further by emerging signs that China’s economic funk might be easing,” Stephen Innes of SPI Asset Management said in a commentary.
In Europe at midday, Germany's DAX surged 1.2%, the CAC 40 in Paris inched up 0.2% and Britain's FTSE 100 rose 0.3%.
Innes noted that investors are also anticipating further moves by authorities in China to boost the economy ahead of Trump's inauguration next month. China's leaders usually convene an economic planning meeting in December, setting policy for the coming year.
Hong Kong's Hang Seng gained 0.7% to 19,550.29, while the Shanghai Composite index jumped 1.1% to 3,363.98. Taiwan’s Taiex surged 2.1%.
In Tokyo, the Nikkei 225 index advanced 0.8% to 38,513.02, as the U.S. dollar regained some strength against the Japanese yen, boosting exporters. Toyota Motor Corp. gained 2.3%.
In South Korea, the Kospi slipped less than 0.1% to 2,454.48, while Australia's S&P/ASX 200 edged 0.1% higher to 8,447.90.
In Bangkok, the SET jumped 0.7%.
Bitcoin, which has been nudging toward $100,000, was down about 1.7% at $95,186.69 early Monday, according to Coin Desk.
In other dealings early Monday, U.S. benchmark crude oil gained 88 cents to $68.88 per barrel. Brent crude, the international standard, picked up 93 cents to $72.577per barrel.
The U.S. dollar rose to 150.06 Japanese yen from 149.70 yen. The euro slipped to $1.0523 from $1.0589.
Elaine Kurtenbach And Matt Ott, The Associated Press
