According to Yahoo News, US stocks experienced a minor decrease on Monday as investors evaluated the robust Black Friday retail sales data. Consumers spent a record $9.8 billion online during the sales event, as reported by Adobe Analytics. The surge in holiday consumer spending is expected to continue with Cyber Monday deals.
US stocks edged slightly lower on Monday as investors digested the strong holiday sales results from Black Friday. Online spending reached a record $9.8 billion, representing a year-over-year growth of 7.5%. Black Friday has primarily become an online shopping event as retailers extend their deals beyond physical stores.
Data from MasterCard revealed that in-store sales increased 1.1% year over year on Black Friday, while e-commerce sales jumped 8.5%. Overall, MasterCard reported a 2.5% rise in Black Friday sales. The holiday consumer spending trend is set to persist as retailers introduce a range of Cyber Monday deals. Fundstrat's Tom Lee stated that the spending data is not strong enough to push the Federal Reserve back into tightening mode. "I would not look at strong Black Friday numbers as something the Fed has to panic about," he said in a Monday note.