US STOCKS-Wall St retreats, S&P 500 still set for best November ever

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* Dow on track for biggest monthly gain since 1987
* IHS Markit rises on $44 bln buyout deal from S&P Global
* Indexes: Dow -1.20%, S&P 500 -0.68%, Nasdaq -0.27%

(Updates with afternoon trading)
By Noel Randewich
Nov 30 (Reuters) - Wall Street stocks fell on Monday as
investors took profits after a sharp rally that has put the
benchmark S&P 500 index .SPX on course for its best November
ever.
All 11 major S&P 500 sectors fell, with the energy index
.SPNY leading losses with a 3.5% decline, tracking a drop in
crude prices. O/R
Microsoft Corp MSFT.O dipped 1.3% and weighed more than
any other stock on the S&P 500, followed by declines in
Amazon.com Inc AMZN.O , Alphabet Inc GOOGL.O and Facebook Inc
FB.O .
IHS Markit INFO.N topped gains on the S&P 500 after data
giant S&P Global agreed to buy the financial information
provider in a $44 billion deal that would be the biggest
corporate acquisition of 2020. Month-end rebalancing of portfolios played into Monday's
weakness, analysts said, as investors cashed in on gains after a
strong month marked by updates of COVID-19 vaccines making
headway and hopes of a swift economic rebound next year.
A rotation into energy, industrials and financials, all
expected by many investors to outperform as the economy recovers
from its downturn, have driven gains of more than 10% for the
S&P 500 in November and put the Dow Jones Industrial Average
.DJI on track for its biggest monthly gain since 1987.
"I would attribute (Monday's drop) to compounding concerns
over the coronavirus, combined with the market just looking to
digest some of the recent gains over the past month," said CFRA
Chief Investment Strategist Sam Stovall.
"When you sprint and get out of breath, you have to slow
down to catch your breath."
After an explosion in infections and business restrictions
this month that stalled the U.S. labor market recovery, the
focus has shifted to Tuesday's address by Fed Chair Jerome
Powell before the Senate Banking Committee, the Fed's Beige Book
on Wednesday and the monthly jobs report on Friday.
The Dow Jones Industrial Average .DJI was down 1.2% at
29,551.03 points, while the S&P 500 .SPX lost 0.68% at
3,613.57. The Nasdaq Composite .IXIC dropped 0.27% to
12,173.35.
U.S. Health Secretary Alex Azar on Monday said the first two
vaccines against the novel coronavirus could be available to
Americans before Christmas. Moderna MRNA.O rallied 17% after it unveiled plans to
apply for U.S. and European emergency authorization for its
COVID-19 vaccine.
Macy's Inc M.N and Kohl's Corp KSS.N slipped between 3%
and 5% as masked shoppers turned up in smaller numbers at major
U.S. retailers on Black Friday, as early online deals and
concerns about a spike in COVID-19 cases dulled enthusiasm for
mall trips. Nikola Corp NKLA.O sank 24% as the company and General
Motors Co GM.N announced a reworked deal on a fuel-cell
partnership that eliminates an equity stake in the startup for
the Detroit automaker and plans for building its electric pickup
truck. Declining issues outnumbered advancers on the NYSE by a
2.68-to-1 ratio; on Nasdaq, a 1.87-to-1 ratio favored decliners.
The S&P 500 posted eight new 52-week highs and no new lows;
the Nasdaq Composite recorded 149 new highs and three new lows.

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