Wall Street Opens Flat: Three Major Index’s Set to End Month on High - from TRUNEWS

Wall Street opened little changed but looked set to end the month on a positive note as investors braced for a week of heavy economic data culminating in the November jobs report.

The three major indexes were set to end the month higher for the second straight month.

Investors are awaiting Friday’s non-farm payrolls report ahead of a mid-December meeting of the Federal Reserve.

While the U.S. central bank is likely to raise interest rates for the first time since June 2006, the European Central Bank is expected to unveil fresh monetary easing measures on Thursday.

Other U.S. data expected during the week includes manufacturing and auto sales data for November.

Investors will also look for clues regarding the Fed’s decision when Chair Janet Yellen speaks on the economic outlook on Wednesday and gives her testimony on the economy before the congressional Joint Economic Committee on Thursday.

“We’re coming off a quiet holiday week and we have a lot of hurdles to cross this week with all the data that we’re expecting,” said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida.

“I think a December rate hike has already been priced in unless we get some drastic, off-the-wall number.”

At 9:41 a.m. ET (1341 GMT) the Dow Jones industrial average .DJI was down 10.72 points, or 0.06 percent, at 17,787.77, the S&P 500 .SPX was down 0.84 points, or 0.04 percent, at 2,089.27 and the Nasdaq Composite .IXIC was up 6.63 points, or 0.13 percent, at 5,134.15.

Microsoft’s (MSFT.O) 1.3 percent rise boosted the Nasdaq and was the second biggest boost on the Dow index. Raymond James upgraded the stock to “strong buy” from “market perform.”

Five of the 10 major S&P sectors were higher with the technology sector’s .SPLRCT 0.30 percent rise leading the advancers.

U.S. stock indexes ended little changed in light volume on Friday, with consumer stocks falling as investors fretted over early reports on the U.S. holiday shopping season and Disney’s subscriber losses.

Retail stocks will continue to be in focus on Cyber Monday, the biggest online shopping day of the year. Amazon (AMZN.O) was up about 1 percent at $679.29 and was one of the biggest boost to the S&P and the Nasdaq.

The dollar edged to a fresh 8-1/2-month high against a basket of major currencies.

Chinese stocks, which fell as much as 5 percent on Friday, added to their losses earlier on Monday before closing marginally higher. China’s currency was also in the spotlight, with the International Monetary Fund expected to grant it reserve status.

Shares of Fitbit (FIT.N) were up 3.7 percent at $28.85 after Barclays raised its rating on the stock to “overweight” from “equal weight”.

Lululemon Athletica (LULU.O) was down 6.7 percent to $49.08 after FBR & Co cut its rating on the Canadian yogawear retailer’s shares to “underperform” from “market perform”, citing concerns about its ability to boost comparable growth.

Computer Sciences (CSC.N) slumped 55.6 percent to $30.21, at the start of trading after spinning off its North American Public Sector business.

Advancing issues outnumbered decliners on the NYSE by 1,391 to 1,300. On the Nasdaq, 1,281 issues rose and 1,078 fell.

The S&P 500 index showed 14 new 52-week highs and three new lows, while the Nasdaq recorded 49 new highs and 17 new lows.

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