- E-commerce stocks got a boost.
- Apple supplier Foxconn is making another investment in India.
- Shen made a confidential request to make the matter public.
Here are the most important news investors need to start their trading day:
Markets took a breather on Monday after posting a four-week winning streak. Stocks rose in the weeks after the 10-year Treasury yield fell from the 5% mark it briefly reached in late October. But the Dow Jones, S&P 500 and Nasdaq Composite all fell to start the week. Maybe it’s a vacation hangover. Bespoke Investment said the S&P 500 has performed poorly in the trading week following the Thanksgiving holiday since 1945. Next, investors will watch the consumer confidence report scheduled for Tuesday. Follow live market updates.
The Etsy website is displayed on a laptop.
Gabe Jones | Bloomberg | Getty Images
E-commerce stocks got a boost in Monday trading after record Black Friday sales and strong expectations for Cyber Monday. Etsy and Wayfair shares closed up about 3% and 7%, respectively. Software companies that profit from online shopping also got a boost. Shopify, which provides technology to online retailers, saw its shares close nearly 5% higher after the company He said Merchants generated a record $4.1 billion in sales. Meanwhile, Adobe Analytics said buy now, pay later services like Affirm, Klarna and Afterpay drove $5.9 billion in online spending between November 1 and November 23, up 13.4% from a year ago. Affirm shares closed up about 12% on Monday.
A Roomba robot vacuum made by iRobot is displayed on a shelf at a Target store on August 05, 2022 in San Rafael, California.
Justin Sullivan | Getty Images
The dust hasn’t settled yet on your big robot vacuum purchase from Amazon. Shares of Roomba maker iRobot fell 17% on Monday after the European Union’s antitrust watchdog warned that Amazon’s planned acquisition of the company raises competition concerns. The European Commission – which is conducting an ongoing investigation into the $1.7 billion purchase – said it found that Amazon may have the ability to block or limit iRobot’s competitors’ access to its website. iRobot shares had previously risen 39% on Friday after Reuters reported that sources said the deal would receive EU approval.
A factory at the mobile phone factory of Rising Stars Mobile India, a unit of Foxconn in Tamil Nadu, India, on July 12, 2019.
Bloomberg | Bloomberg | Getty Images
Apple’s supplier Foxconn Technology is increasing its investments in India. It said in a securities filing that it would invest more than $1.5 billion in an unspecified Indian construction project to meet “operational needs.” Foxconn’s factories are an important part of Apple’s iPhone manufacturing, but it is seeking to diversify away from important operations in mainland China, especially after Covid-19 lockdowns there significantly slowed production. Foxconn already has several projects underway in India, including factories in the states of Karnataka and Telangana.
A line of shoppers gets their first chance to shop on opening day of fast-fashion e-commerce giant Shein, which is hosting a pop-up inside Forever 21 at Ontario Mills Mall in Ontario Thursday, October 19, 2023.
Allen J. Two guys | Los Angeles Times | Getty Images
Fast-fashion company Shein has secretly filed for an IPO in the United States. The retail company was last valued at $66 billion and could be ready to start trading on the public markets as soon as next year, CNBC’s Gabrielle Vonroghe reported. The China-founded company has seen a meteoric rise but has come under scrutiny ahead of its long-rumored initial public offering, facing accusations of using forced labor in its supply chain, violating labor laws, damaging the environment, and stealing designs from independent artists. .
— CNBC’s Piya Singh, Annie Palmer, Rohan Goswami and Gabrielle Vonroge She contributed to this report.
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