U.S. Shares Lower on Cyber Monday
U.S. shares opened in the red Monday morning after reaching historic highs last week. The Dow and S&P 500 were down 0.34% and 0.42%, respectively. The Nasdaq was down by 0.41%.
Cyber Monday is likely to be the biggest online shopping day in history, as per data from Adobe Systems (ADBE). Adobe forecast online sales to top $3.36 billion this year and is expecting the overall holiday sales to increase by about 11% compared with last year.
Gold prices were up by about 0.91% after reaching a nine-month low. Other metals like silver, platinum, and palladium also gained as the U.S. dollar declined. The ICE U.S. Dollar Index, a measure of the dollar against six other currencies was down on Monday.
Stocks on the Move
Samsung will consider splitting itself into two as proposed by activist hedge fund Elliott Management, which owns 0.6% of the world’s major smartphone manufacturer. This proposal comes at a tumultuous time for Samsung, which is entangled in a political scandal that has caused some serious headaches for South Korean President Park Geun-hye.
The Asian markets were mostly up on Monday. the Shanghai and Hang Seng indexes gained 0.46% and 0.47%, respectively. India’s Sensex was up 0.13%. Singapore was up 0.54%. Japan’s Nikkei 225 was down 0.13%.
European stocks shed some gains from last week as oil stocks lowered. The CAC 40, a capitalization-weighted index that is the benchmark French stock market index, fell by 0.69% amid political worries. The DAX was down 0.91%, while the FTSE 100 was down by 0.59%. Italian banking stocks dropped to drag the indexes down as the country faces a crucial referendum on constitutional reforms. The lack of political stability has caused the country’s banking index to lose about half of its value in 2016.