Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.5%), Nasdaq Composite (-0.6%), and DJIA (-0.6%) trade in a steady range with nearly identical losses an hour into today's action. 

The energy sector (+1.2%) remains the only real advancer so far, boosted by headlines over the weekend that OPEC+ will leave oil output levels steady for the first quarter of 2026. 

Stocks are little changed following the release of the November ISM Manufacturing Index, which checked in at 48.2% for November (Briefing.com consensus: 49.0%), down from 48.7% in October. The dividing line between expansion and contraction is 50.0%, so the November figure, which is the ninth straight month below 50.0%, suggests manufacturing activity contracted at a faster pace than the prior month.

The key takeaway from the report is that the manufacturing sector resembled a sector in a state of stagflation in November, punctuated by a faster pace of contraction, rising prices, and weakening employment.