© Reuters. FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. REUTERS/Brendan McDermid/File Photo
By Stephen Culp
NEW YORK (Reuters) -U.S. stocks edged lower on Monday, with investors taking a post-Thanksgiving pause as the holiday shopping season kicked in to high gear and retailers lured bargain hunters with Cyber Monday deals.
All three major U.S. stock indexes ended the session modestly in the red.
“Markets are taking a breather to digest these gains we’ve seen in November,” said Tom Hainlin, national investment strategist at U.S. Bank Wealth Management in Minneapolis. “We’re at the higher end of a trading range we’ve been in for some time.”
Online shopping deals as part of Cyber Monday are expected to entice shoppers to spend a record $12 billion, according to Adobe (NASDAQ:) Analytics, in the latest upbeat sign regarding the health of the American consumer, whose spending is responsible for about 70% of the U.S. GDP.
“Coming off four weeks of very strong and positive market activity we’re seeing investors take a bit of a breather and focus on data,” said Greg Bassuk, chief executive…
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