S&P 500 opens slightly higher after big November; Nasdaq boosted by Intel and Tesla: Live updates

The S&P 500 ticked higher to a new record to began December trading as investors looked for stocks to add to big November gains.

The S&P 500 was higher by 0.18%, touching a new intraday record. The Dow Jones Industrial Average was down 0.2% after briefly trading above 45,000 after touching the milestone briefly a few times last week. The Nasdaq Composite added 0.6%.

Intel jumped 5% after CEO Pat Gelsinger retired after four years of underperformance at the chipmaker. Shares of Tesla gained 2% following an upgrade to buy from neutral at Roth MKM, with the firm citing as a catalyst Musk's close relationship with President-elect Donald Trump.

November marked the best month of 2024 for both the Dow and S&P 500, with the two gaining 7.5% and 5.7% respectively for the period. Most of the gains came in a postelection rally after President-elect Donald Trump emerged as the winner. Both of the indexes notched closing highs in Friday's shortened trading session.

Bitcoin, which traded near $99,000 on Friday following a 38% surge in November, retreated to around $95,000 on Monday as investors were in a bit of a risk-off mood to start the month.

Small-cap stocks were also a winner in November as investors saw the group benefiting from Trump's potential tax cuts. The Russell 2000 surged more than 10% in the month, also notching its biggest monthly gain of the year.

Investors will watch on Monday for economic data on manufacturing and construction spending. That comes ahead of a series of closely watched labor data due later in the week.

They'll also monitor speeches expected from Federal Reserve Governor Christopher Waller and New York Fed President John Williams.

Stocks open slightly higher

Stocks opened slightly higher to start the new trading month.

Both the S&P 500 and Dow Jones Jones Industrial Average added 0.2%. The tech-heavy Nasdaq Composite advanced 0.4%.

— Lisa Kailai Han

Gap, Tesla among stocks making biggest premarket moves

Check out the companies making headlines before the bell:

• Gap — The clothing retail stock jumped 4.7% after JPMorgan upgraded shares to overweight. The firm cited a strong start to the holiday shopping season and a multi-year growth outlook.
• Stellantis – Shares sank 9% after CEO Carlos Tavares stepped down from his role at the automaker, effective immediately. The company cited "different views" between Tavares and the board of directors as the reason for the departure.
• Tesla — Shares of the electric vehicle maker gained 2.2% after Tesla's vice president of AI software tweeted on Saturday night that version 13 of Tesla's "Full Self-Driving" driver-assistance software has started rolling out to some customers.

For the full list, read here.

— Pia Singh

Intel pops 6% amid CEO retirement

Intel shares popped 6% after the chipmaking company announced that CEO Pat Gelsinger has retired.

The company named David Zinsner and Michelle Johnston Holthaus interim co-CEOs.

— Samantha Subin

Black Friday spending up 3.4% from last year

U.S. retail sales, excluding automotive, increased 3.4% on Black Friday compared to last year's Black Friday, data from Mastercard show.

Most Americans shopped online, with sales rising 14.69% versus last year. In-store sales were up 0.7%. Apparel, jewelry and electronics remained the top gifts.

Shoppers made the most of seasonal deals, Mastercard senior advisor Steve Sadove said in a statement.

"They're more strategic in their shopping… prioritizing promotions that they believe hold the greatest value — opening their wallets, but with more intentional distribution," said Sadove, former Saks CEO.

— Michelle Fox

Stifel raises Tesla price target over artificial intelligence business

Tesla isn't just an electric vehicle company and shouldn't be viewed as such, according to Stifel analyst Stephen Gengaro.

"TSLA is clearly not just an automaker, as evidenced by its current market cap surpassing the aggregate value of the top 10 global automakers," Gengaro wrote in a Sunday note. "While we have confidence in TSLA's Auto business, the significant value creation potential from its AI-based full self-driving capabilities and Cybercab (Robotaxi) underpin our positive outlook."

The analyst reiterated a buy rating on Tesla stock and raised his price target to $411 from $287, equating to about 19% upside moving forward. Tesla stock has added nearly 39% in 2024.

— Brian Evans

Stellantis sinks 9% as CEO departs

Stellantis shares tanked 9% before the bell after the automaker announced Sunday that its CEO Carlos Tavares has resigned.

The departure, effective immediately, comes as a result of "different views" between Tavares and the board of directors, the company said Sunday.

The Jeep maker established a new interim executive committee led by chairman John Elkan as it searches for its new CEO. Stellantis said it expects to finish the search during second half of 2025.

— Samantha Subin, Mike Wayland

Australia hits fresh closing high as most Asian markets rise

Asia-Pacific markets traded mostly higher on Monday as the region kickstarted a data-heavy week, led by Australian markets.

Australia's S&P/ASX 200 traded up 0.14%, ending at a record closing high of 8,447.9.

However, South Korea's markets were the outlier in the region, as the Kospi slipped marginally to 2,454.48, and the small-cap Kosdaq fell 0.35% to a 23-month low of 675.84.

Japan's benchmark Nikkei 225 was up 0.8% and closed at 38,513.02, while the broad-based Topix was 1.27% higher at 2,714.72.

Hong Kong's Hang Seng index gained 0.65% in its last hour of trade, while mainland China's CSI 300 was up 0.79% to close at 3,947.63.

— Lim Hui Jie

Europe stocks open slightly lower

European stocks opened lower Monday, with the Stoxx 600 index down 0.1% in early deals.

France's CAC 40 index fell 0.77% as investors monitored ongoing political volatility in the country. Germany's DAX was down 0.15% while the U.K.'s FTSE 100 was flat.

— Jenni Reid

Stocks come off winning week and month

The market is coming off a winning week and trading month, which both concluded with Friday's closing bell. For a refresher, here's how the three major indexes performed:

• The Dow gained 1.4% in the week, pushing its monthly gain up to 7.5%.
• The S&P 500 added 1.1% on the week, finishing November higher by 5.7%.
• The Nasdaq Composite rose 1.1% in the week, ending the month with a 6.2% advance.

Notably, both the Dow and S&P 500 notched their best monthly performances of 2024 in November.

— Alex Harring

Stock futures are little changed

Futures tied to the Dow, S&P 500 and Nasdaq 100 were all near flat shortly after 6 p.m. ET Sunday night.

— Alex Harring