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Stock Market News Today, Dec. 2: U.S. stocks are trading lower today despite positive momentum in online sales and positive manufacturing data.
In today's trading climate, good news is often absorbed with caution, as optimistic economic indicators can cause the U.S. Federal Reserve to scale back its $85 billion per month bond-buying stimulus. So, while today's manufacturing Institute for Supply Management reading was impressive, stocks are soft.
The ISM index rose to 57.3% in November from 56.4% in October to the highest level in more than two years. It was more than the 55% economists expected.
This is also a crucial week for economic data, as Friday's monthly jobs report is expected to dominate this week's trade. November payroll report and the Q3 gross domestic product review are due out this week.
As stock futures sag today, gold prices – which tend to trade counter to stock trends – are dropping along with the stock market today. Gold shed 5.5% last month, its largest monthly drop since June, when gold lost 12.2%. Today, gold is down more than $20 per ounce to about $1,226.90. And the U.S. dollar is up today against several other currencies, including the yen.
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And energy futures are climbing. Light sweet crude oil for January delivery is up about 1.1% at $93.80 per barrel today, while heating oil is up 0.04% at $3.09 per gallon.
In energy stocks news, Petroleo Brasileiro Petrobras (NYSE: PBR) is down more than 11% after the Brazilian energy giant said it's eliminating fuel subsidies as part of its new pricing strategy. The company did not explain how this would impact it. PBR is trading with a 52-week range of $12.03 to $20.63.
Cyber Monday Keeps eBay, Amazon in the Green
Meanwhile, today, this Cyber Monday is boding well for online retailers like eBay Inc. (Nasdaq: EBAY), which has shares up about 5% today after it reported strong Black Friday sales. eBay's Black Friday sales reportedly increased 35% until noon on Black Friday versus the year prior. eBay was also upgraded today to a Buy from Neutral at SunTrust.
Also, Amazon.com Inc. (Nasdaq: AMZN) sales rose 25%. Amazon was up about 1% this morning and has since been trading with volatility, losing about 8 points before gaining 5 to around $393 per share.