Monday's Markets Update (December 4, 2023)

04 Dec 2023 by rate3

On Monday, the Nasdaq closed barely in the green as investors paused to assess the interest rate outlook after the previous week's strong gains. Microsoft, Nvidia, Amazon, Alphabet, and Meta all declined by over 1%. However, crypto-exposed stocks like Coinbase surged as Bitcoin reached a 20-month high.

Details

In October, factory orders fell 3.6% month-over-month, the largest decrease since April 2020. This decline signals the industrial sector's struggle with high interest rates. Transportation equipment orders, particularly nondefense aircraft and parts, dropped significantly. Orders also decreased for electrical equipment, machinery, and primary metals. In contrast, orders rose for fabricated metal products and computers and electronic products. Excluding transportation, factory orders were down 1.2%, and excluding defense, orders fell 4.2%.