In a dynamic market landscape, key financial indicators and stocks drew significant attention on Monday, paving the way for what investors can expect on Tuesday.
Among the most searched tickers on CNBC.com were gold, bitcoin, and ether. Gold has remained relatively flat over the past month but has experienced a notable 10% increase in the last two months. In contrast, bitcoin has faced a downturn, losing 20% in the past month and 22% over the last two months. Ether has also struggled, recording a 25% decline in the past month and a 30% drop in the two-month period. This volatility in cryptocurrency values continues to capture the interest of traders and analysts alike.
On a more positive note, Ross Stores, the off-price retailer, marked an impressive milestone by reaching an all-time high in its stock price on Monday. Since its initial public offering in August 1985, Ross Stores has enjoyed significant growth, with a 10% rise this November alone and an impressive 27% increase over the past six months. This performance comes in stark contrast to the State Street SPDR S&P Retail ETF (XRT), which has fallen by 1.8% in November and is down 6% over the past month.
In notable financial news, Michael Burry, famed for his role in “The Big Short,” has made headlines by launching a Substack newsletter. This initiative is aimed at expressing his increasingly bearish outlook on artificial intelligence stocks, coinciding with his decision to deregister his hedge fund that had previously focused on perceived overvaluations in the AI sector. CNBC plans to delve deeper into the AI trade during the 5 a.m. ET segment of “Worldwide Exchange” with Frank Holland.
Alphabet’s shares surged more than 6% on Monday, buoyed by the revelation of its latest AI platform, which has garnered praise for its capabilities—some suggest it may surpass rivals such as ChatGPT and Anthropic’s Claude. This momentum has contributed to Alphabet’s 13% gain in November. Conversely, other tech giants experienced dips: Amazon has declined by 7%, Nvidia is down approximately 10%, and Meta has lost over 5%. Microsoft and Apple have also seen contrasting performances, with Microsoft down 8.5% while Apple has eked out a 2% gain.
The health care sector also garnered attention, particularly during the “Squawk Box” segment featuring Becky Quick, Joe Kernen, and Andrew Ross Sorkin. A boost in several prominent health care stocks can be attributed to comments from Treasury Secretary Scott Bessent, who indicated potential plans to reduce healthcare costs in the coming week. As a result, stocks like Centene increased by 4.6% on Monday and are up 8% this November. Universal Health and HCA Holdings also saw gains, rising 2.2% and 2%, respectively, with both stocks reflecting a 9% increase in November.
As the market gears up for Tuesday’s session, investors will be watching these developments closely, particularly in the realms of cryptocurrency, retail, technology, and healthcare.
