The S&P 500 is falling from 4-month highs
US indices closed slightly lower yesterday, Monday, marking 4 weeks of gains, with investors awaiting several important economic data to determine whether the Federal Reserve has reached the peak of monetary tightening.
Investors are looking forward to the Commerce Department's second report on third-quarter GDP on Wednesday, as well as the broad personal consumption expenditures report on Friday.
Performance of major US indices:
The Dow Jones Index fell by about 0.16%, equivalent to 75 points, falling from its highest levels in more than 3 months.
The Nasdaq Composite Index also fell less than 0.1%, and the S&P 500 Index fell about 0.2% from its highest levels in 4 months.
Shopify Stocks
Shopify's stock rose about 5% in Monday's session to its highest levels in 15 months, with the company adding more than $4 billion to its market value in one day.
These gains for the e-commerce platform were supported by expectations that consumer spending on Cyber Monday would rise to a record level of $12 billion, according to Adobe Analytics,
This data is the latest optimistic sign about the health of the American consumer, whose spending is responsible for about 70% of the US gross domestic product.
Affirm Holdings shares
Affirm stock jumped about 12% to its highest levels in 15 months, supported by the payment platform's buy now, pay later option reaching an all-time high as the 2023 holiday shopping season gets underway.
According to the report from Adobe Analytics, buy now, pay later purchases accounted for $7.3 billion in online spending from November 1 through November 26, up 14% year over year.
