Dow closes 200 points higher on Monday, as Microsoft lifts indexes: Live updates

U.S. stocks ended Monday's session in the green.

The Dow Jones Industrial Average added 203.76 points, up 0.58%, to close at 35,151.04.

The S&P 500 gained 0.74% and closed at 4,547.38. The tech-heavy Nasdaq Composite added 1.13% to close at 14,284.53.

— Hakyung Kim

Monday has marked a relatively quiet start to the holiday-shortened trading week.

With less than an hour left in the session, about 43.3 million shares in the SPDR S&P 500 ETF Trust (SPY) have traded hands. By comparison, nearly 83.2 million shares were exchanged on Friday. (The ETF tracks the broad S&P 500 index.)

The low volumes kick off a shorter trading week than usual, with the market dark on Thursday for Thanksgiving and closing early on Friday. Still, trading has been choppy around Thanksgiving in recent years.

— Alex Harring

Oil prices rose more than 2% on Monday amid anticipation that the Organization of Petroleum Exporting Countries could implement another production cut this weekend.

The global benchmark Brent crude contract for January rose $1.71, or 2.12%, to settle at $82.32 a barrel, while the West Texas Intermediate contract for December increased $1.71, or 2.25%, to settle at $77.60 a barrel.

Oil has gained for two sessions in a row now after rapid selloff late last week on supply and demand concerns.

Traders are now eying whether OPEC and its allies will implement additional production cuts at a meeting Sunday in response to the drop in oil prices.

— Spencer Kimball

Treasury yields could reverse course higher before the end of 2023 thanks to forthcoming auctions, according to Wolfe Research.

"In our view, the Treasury's 4Q refunding plan only provides temporary relief for concerns about supply/demand imbalances," Wolfe Research chief investment strategist Chris Senyek wrote in a Monday note. "More episodes like the most recent 30-year treasury auction have the potential to push rates higher between now and year end."

— Brian Evans

U.S. drivers could see the cheapest prices for a gallon of gas on Thanksgiving since 2020.

The price for a gallon in the U.S. has fallen for nine weeks now and is on the longest downward streak since the summer of 2022, according to GasBuddy.

By Thursday, the price of gas could hit $3.25 which would be the lowest level on Thanksgiving since 2020 when the pandemic crushed demand.

There are already 11 states where gas is currently below $3 a gallon, according to AAA and GasBuddy.

Prices are falling due to softening demand which is normal this time of year, but also as a consequence of the decline in crude oil prices in recent weeks.

The meeting of the Organization of Petroleum Exporting Countries on Sunday could determine where gas prices go next. There is growing speculation that OPEC could implement further production cuts.

-- Spencer Kimball

Nvidia stock climbed more than 2% during Monday's session, trading at its most-expensive level ever.

Monday's record-breaking advance comes as investors prepare for the chip maker's earnings report expected Tuesday after the bell. Analysts polled by FactSet expect the company to report $16.19 billion in revenue and $3.37 in earnings per share for the third quarter.

The high comes amid a banner year for the stock, with shares up more than 240% since the start of 2023.

— Alex Harring

KeyBanc Capital Markets expects "continued spending volatility" this holiday season, holding a cautious near-term view on the consumer ahead of Black Friday.

"Broadly, we believe the consumer will likely show up for the Black Friday weekend and the pre-Christmas shopping period," analyst Bradley B. Thomas wrote in a Monday note. "However, we believe the consumer will increasingly shop sales events as they look for deals and bargains"

According to Thomas, spending volatility this holiday quarter will most notably occur in home furnishings, furniture, mattress and consumer electronics segments. Companies including Best Buy, Big Lots, RH and Wayfair could therefore see a slump, he said.

The firm said it has seen weakness in discretionary spending in recent months, particularly as consumers remain pressured by stubbornly high inflation, geopolitical uncertainty, the resumption of student loan payments this fall and tightening consumer credit markets, among other factors.

— Pia Singh

Microsoft is trading at record high levels since its IPO in March 1986, hitting an all-time high of $378.81 on Monday. Shares are up 2.3%.

The moves were fueled by Microsoft's announcement that former OpenAI CEO Sam Altman and president and board chair Greg Brockman will be joining the big tech giant to head a new artificial intelligence research team. Analysts and investors viewed this as a positive catalyst for Microsoft's AI story in the long term.

— Pia Singh

The stock market started Thanksgiving week off with a boom, with eight S&P 500 stocks reaching all-time highs during Monday's trading session.

These include:

• Chipotle Mexican Grill, since its IPO in 2006.
• Hilton Worldwide, since its IPO in 2013.
• Paccar, since its IPO in 1971.
• Broadcom, since going public in 2009.
• Fair Isaac, since listing on the New York Stock Exchange in 1986.
• KLA Corporation, since its IPO in 1980.
• Microsoft, since its IPO in 1986.
• Roper, since its IPO in 1992.

— Christopher Hayes, Lisa Kailai Han

Weaker-than-expected consumer spending on Black Friday and Cyber Monday could negatively impact the markets, according to LPL Financial's chief global strategist Quincy Krosby.

"As the market appears to be taking a rest and consolidating its $2.7 trillion rally leading up to the Thanksgiving holiday, the historical pattern over the last five years suggests the shortened holiday week typically enjoys modest gains," said Krosby.

"With concerns over the resiliency of consumer spending, however, the market can be affected by any indication that Black Friday doesn't witness the throngs of consumers out hunting for bargains, or indications that the start to Cyber Monday won't result in the billions of dollars that are spent online," she added.

— Hakyung Kim

Stocks and the economy prospered in 2023 despite persistent inflation and a host of other challenges, but they may not be so lucky in 2024, according to Bank of America.

The bank expects the year ahead to be more challenging, with markets underpricing risks that could make bonds and cash attractive and riskier assets such as stocks less so, investment strategist Michael Hartnett said in his look-ahead at the year to come.

More about his 2024 outlook can be found here.

— Hakyung Kim, Jeff Cox

Historically, the S&P 500 has gained around 5% over 100 days in the period between the last interest rate hike from the Federal Reserve, and the first rate cut, according to Strategas.

To be sure, the firm noted that the S&P 500 falls to a trough of more than 23% over 200 days after the first rate cut.

"We believe this has a lot to do with the blunt nature of the tools a central bank can use to slow an economy down. Historically, the odds of 'sticking the landing' with an immaculate contraction have not been high," CEO and chief investment strategist Jason De Sena Trennert wrote in a Monday note.

"Perhaps this time will be different. In the interim, a Santa Claus rally may be at hand," he added.

— Hakyung Kim

Some market observers expect the year-end rally we've been enjoying could get another lift as companies scoop up shares of their own stock.

"We mentioned the potential this has to add an additional bid to equities heading into year end and it appears that we may very well be in the midst of that now," Strategas' Ryan Grabinski wrote in a Thursday note.

CNBC Pro subscribers can read the full story here.

— Sarah Min

PENN Entertainment jumped more than 6% after Bank of America moved off the sidelines.

Analyst Shaun Kelley upgraded the gambling and entertainment stock to buy from neutral with a price target implying a 22% upside from Friday's close. He specifically said shares could get a boost from ESPN Bet, the company's new sportsbook.

"We think ESPN Bet creates an asymmetric risk-reward, with 1) initial download and app activity much stronger than anticipated, 2) initial offers showing promotional discipline, and 3) stable Q3 earnings being better than expected for PENN's core gaming business," he wrote.

CNBC Pro subscribers can read all of Monday's market-moving Wall Street chatter here.

— Alex Harring, Lisa Kailai Han

Oil prices rose more than 2% on Monday amid anticipation that the Organization of Petroleum Exporting Countries could cut production further at a meeting this weekend.

The Brent crude contract for January rose $2.12, or 2.63%, to $82.73 a barrel, while the West Texas Intermediate contract for December rose $1.89, or 2.49%, to $77.78 a barrel.

Oil prices have risen in the wake of a selloff last week that pushed U.S. crude into a bear market. WTI is currently down 18% from a September high.

Expectations are growing that OPEC and its allies could implement additional production cuts at a meeting slated for Nov. 26. Sources at OPEC+ told Reuters and the Financial Times that the group will discuss such action at its upcoming meeting.

In June, OPEC agreed to limit supply into 2024. Saudi Arabia recently reaffirmed its intention to maintain a voluntary cut of 1 million barrels per day through the end of 2023.

-- Spencer Kimball

The S&P 500 and Dow Jones Industrial Average are up 8.01% and 6.05% in November. The two major averages are on pace for their best monthly performance since Oct. 2022, when the broad market index jumped about 8%, while the 30-stock Dow surged 13.95%.

Meanwhile, the Nasdaq Composite is headed toward its best month since January, when it gained 1.67%.

— Hakyung Kim

A U.S.-traded fund tied to Argentina's equity market is rallying following libertarian Javier Milei's victory in the presidential election

The Global X MSCI Argentina ETF (ARGT) climbed nearly 10% in Monday morning trading. With the gain, the fund was trading at its highest level since September.

Monday's advance comes after the Latin American country elected Milei in the run-off election held on Sunday. Milei has garnered comparisons to former U.S. President Donald Trump and former Brazil President Jair Bolsonaro,

The ultra-right politician has promised shock therapy-like changes to the inflation-strapped economy, including dollarization and abolishing the central bank. He is also pro-bitcoin.

— Alex Harring

The Invesco QQQ Trust hit its highest level since Jan. 2022.

Microsoft had the largest positive-point impact on the Nasdaq-100, up 0.7%, followed by Apple, which is 0.5% higher.

The Nasdaq-100 is also within roughly 30 points of its 52-week high of 15,932.74.

— Hakyung Kim, Gina Francolla

Leading economic indicators again pointed to a contraction in the U.S. economy, though the series looks like it's bottoming out, The Conference Board reported Monday.

The board's LEI index registered a reading of -0.8% in October, a touch below the -0.7% in September and slightly worse than the Dow Jones estimate for -0.7%.

While the narrative indicated that the index was consistent with a "very short recession" ahead, the indicator "may have reached a bottom." The index combines 10 different metrics, including S&P 500 prices, bond yields and employment and manufacturing data points.

—Jeff Cox

Copper prices on Monday hit their highest level since September, bolstered by hopes of fresh China stimulus as well as a softer dollar.

Copper rose to 3.7645, its best level since Sept. 29 when copper traded as high as 3.7860. Meanwhile, the Global X Copper Miners ETF was higher in premarket trading. Notably, shares of Freeport-McMoRan gained more than 1% in premarket trading; the mining stock is already higher by 8.7% in the last five days.

Meanwhile, LME Aluminum hit a high of $2,241 per metric tonne, or the highest level since Nov. 14 when aluminum traded as high as $2,244.50

— Sarah Min, Gina Francolla

U.S. stocks opened flat on Monday.

The Dow Jones Industrial Average inched up just 9 points, or 0.03%. The S&P 500 and Nasdaq Composite added 0.1% and 0.3%, respectively.

— Hakyung Kim

Check out the companies making the biggest moves in premarket trading:

Boeing — The aerospace stock added 1.5% following an upgrade to buy from hold by Deutsche Bank. The bank noted Boeing's acceleration of aircraft deliveries and said it believes this improved performance can be sustained.

Microsoft — Shares added 0.5% after Microsoft announced former OpenAI CEO Sam Altman will be joining the tech giant to head a new artificial intelligence research team.

PENN Entertainment — The gambling stock popped 4.4% on the back of a Bank of America upgrade to buy from neutral. The firm said shares could be helped by the company's new sportsbook, which is called ESPN Bet.

The full list can be found here.

— Hakyung Kim

A year out into the U.S. presidential election, economic "fundamentals" have historically been a better indicator of results, according to Goldman Sachs.

"The real economy matters more than financial markets. Broad economic variables like income, employment, and consumption matter more than market-based measures like equity prices," chief economist Jan Hatzius wrote in a Monday note.

Hatzius added that growth and labor market variables have typically have been a better predictor of election results than inflation. Headline inflation, which includes food and gasoline prices, has a higher relationship with election results than core inflation, he added.

— Hakyung Kim

Microsoft shares were up more than 1% in the premarket after CEO Satya Nadella said Sam Altman, the ousted OpenAI chief, will lead a team within the tech giant to research artificial intelligence.

"We look forward to moving quickly to provide them with the resources needed for their success," Nadella said in post on social media platform X. "We remain committed to our partnership with OpenAI and have confidence in our product roadmap, our ability to continue to innovate with everything we announced at Microsoft Ignite, and in continuing to support our customers and partners."

— Fred Imbert

European stocks were mixed early Monday, with the Stoxx 600 down 0.09% at 8:33 a.m. in London.

The U.K.'s FTSE 100 and Germany's DAX were 0.3% and 0.2% lower, respectively, while France's CAC 40 was 0.2% higher.

Retail stocks led gains, up 0.75%, on a week in which strong sales are expected as consumers snap up Black Friday sales.

— Jenni Reid

China's central bank has held its one-year and five-year loan prime rates at 3.45% and 4.2% for November.

This is the third straight month that the People' Bank of China has held the one-year LPR after lowering it from 3.55% to 3.45% in August.

The five year LPR meanwhile, has been held at 4.2% for five consecutive months, having been last lowered in June from 4.3%.

— Lim Hui Jie

From major tech names to a slew of specialty retailers, here are the biggest names reporting earnings this week:

• Monday: Agilent Technologies, Zoom Video Communications, Keysight Technologies, Trip.com
• Tuesday: Nvidia, Lowe's, Medtronic, Analog Devices, Autodesk, HP, Best Buy, Dick's Sporting Goods, Burlington, Abercrombie & Fitch, American Eagle Outfitters, Urban Outfitters, Kohl's
• Wednesday: Deere & Company
• Thursday: Johnson Controls International, Aegon
• Friday: H World Group

— Pia Singh

Stock futures opened mostly flat on Sunday, with all of the major averages coming off of their third straight winning performance heading into a shortened trading week.

Dow and S&P 500 futures hovered near flat, while Nasdaq futures slipped 0.1%, or 19 points.

— Pia Singh