CNBC Business News Update - Market Close: Record Closes For S&P 500 and Nasdaq, Record Spending On Cyber Monday, New Labor Market Data Ahead

Episode Date: December 2, 2024

The latest in business, financial, and market news and how it impacts your money, reported by CNBC's Peter Schacknow

I'm Peter Schach, now CNBC. points. Both the S&P 500 and Nasdaq closed at record highs, the 54th record high of the year for the S&P. Jeremy Siegel, chief economist at Wisdom Tree and professor emeritus at Wharton Business School, is encouraged by the fact that attention is starting to shift away from the so- called Magnificent Seven stocks. The Mag Seven is a little bit lagging the rest of the market. Are we seeing the beginning of the rotation? I think this month might begin to tell us, you know, maybe the MAG-7 will do nothing next year, and those small and mid-sized caps, which are, you know, really so undervalued compared to the others, are finally going to have their day in the sun. Americans spent a record amount on Cyber Monday, about 6% more than last year,

following a 10% jump on Black Friday. Michelle Meyer, chief economist at MasterCard Economics Institute, says shoppers are being motivated by bargain hunting. That's a theme that we've seen from this consumer for some time. Once we started to see this relief on inflation, starting to see prices decline and promotions come back in, consumers have been really geared to find prices decline and promotions come back in, consumers have been really geared to find those deals and that best value. So I think that's another big

motivating factor that drove considerably strong spending on e-commerce on Black Friday. We will get a fresh read on the labor market Tuesday morning when the government issues the so-called jilts report for October, a measure of job openings and worker departures. We'll also get a handful of notable earnings reports before the opening bell, with Hormel, Foot Locker, Campbell Soup, Chewy, and Dollar Tree set to report quarterly results. Peter Schach now, CNBC. CNBC. Live ambitiously.