Stocks rallied higher on Monday to kick-off the holiday-shortened week as tech stock gains led by Microsoft
Here's how the market settled on Monday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Making headlines, Microsoft shares reached a new 52-week high after CEO Satya Nadella said former OpenAI chief Sam Altman will be leading the tech giant's new Artificial Intelligence research team. This decision follows the technology start-up's board of director's decision to remove Altman, citing that he "we not consistently candid in his communications with the board," in a statement on Friday.
"We remain committed to our partnership with OpenAI and have confidence in our product roadmap, our ability to continue to innovate with everything we announced at Microsoft Ignite, and in continuing to support our customers and partners," Nadella said in a statement on Monday.
This week is expected to see low trading volumes as Wall Street's will be closed on Thursday for Thanksgiving and close early on Friday. However, trading has been choppy during the Thanksgiving week in recent years. Major data set for release this week includes minutes from the Federal Reserve's recent policy meeting on Tuesday, November's final consumer sentiment reading on Wednesday, and S&P's flash U.S. services and manufacturing PMI readings on Friday.
In single-stocks news, PENN Entertainment
"We think ESPN Bet creates an asymmetric risk-reward, with 1) initial download and app activity much stronger than anticipated, 2) initial offers showing promotional discipline, and 3) stable Q3 earnings being better than expected for PENN's core gaming business," Kelly wrote in a note.
For Tuesday, market participants will react to earnings reports from companies including Zoom Video Communications