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

© Reuters.

(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
* Dow on track for biggest monthly gain since 1987
* IHS Markit rises on $44 bln buyout deal from S&P Global
* Indexes down: Dow 0.9%, S&P 0.5%, Nasdaq 0.2%

(Updates to open)
By Shriya Ramakrishnan and Medha Singh
Nov 30 (Reuters) - Wall Street's main indexes dipped on
Monday as investors paused to take stock of a stellar month
ahead of crucial economic reports this week.
Nine of the 11 major S&P 500 sectors were trading lower,
with energy .SPNY the biggest decliner in early trading. Oil
majors including Exxon Mobil XOM.N , Chevron CVX.N and
ConocoPhillips COP.N fell between 1.8% and 2.5%, tracking a
decline in crude prices. O/R
IHS Markit INFO.N topped gains on the benchmark S&P 500
.SPX after data giant S&P Global agreed to buy the financial
information provider in a $44 billion deal, which will be the
biggest corporate acquisition of 2020. Analysts said the month-end rebalancing of portfolios also
played into on Monday's weakness as investors cash 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 sectors deemed to provide better returns
coming out of a recession such as energy, industrials and
financials have powered the S&P 500 for its best November ever.
The Dow is on track for its biggest monthly gain since 1987.
"Markets can, and have, looked through the strain that the
virus' resurgence is putting on the economy through to a vaccine
where the population can start to get back to normal," said
Keith Buchanan, senior portfolio manager at GLOBALT in Atlanta.
"The question is if the market's forward looking mechanism
is strong enough to outweigh what seems to be an unrelenting
virus and the challenges it presents to the day-to-day
activities of the economy."
At 10:13 a.m. ET, the Dow Jones Industrial Average .DJI
fell 291.37 points, or 0.93% to 29,619.00 and the S&P 500 .SPX
lost 17.63 points, or 0.48% to 3,622.08. The Nasdaq Composite
.IXIC lost 25.15 points, or 0.22% to 12,182.56 after hitting
an all-time early in the session.
Technology .SPLRCT and healthcare .SPXHC were the only
two sectors trading higher.
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 unveiled plans to apply for U.S. and
European emergency authorization for its COVID-19 vaccine after
full results from a late-stage study showed it was 94.1%
effective, sending its shares up 16%.
After an explosion in infections and business restrictions
this month that undermined the U.S. labor market recovery, focus
will be on the monthly employment report and the Fed's Beige
Book, as well as an address by Fed Chair Jerome Powell before
the Senate Banking Committee.
Macy's Inc M.N and Kohl's Corp KSS.N slipped about 4%
each 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. Declining issues outnumbered advancers ones by 2-to-1 ratio
on the NYSE and on Nasdaq a 0.6-to-1 ratio favored decliners.
The S&P 500 posted eight new 52-week highs and no new lows;
the Nasdaq Composite recorded 222 new highs and five new lows.