"I would not look at strong Black Friday numbers as something the Fed has to panic about," Fundstrat's Tom Lee said in a Monday note.
US stocks edged slightly lower on Monday as investors digested solid holiday sales results from Black Friday.
Online spending hit a record $9.8 billion, according to Adobe Analytics, which represents year-over-year growth of 7.5%. Black Friday has become a mostly online shopping event as retailers extend their deals beyond brick-and-mortar stores.
According to data from MasterCard, in-store sales increased 1.1% year over year on Black Friday, while e-commerce sales jumped 8.5%. Overall, MasterCard said Black Friday sales rose 2.5%.
The holiday consumer spending is set to continue as retailers launch a slate of Cyber Monday deals.
Fundstrat's Tom Lee said that the spending data isn't strong enough to send 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.
Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Monday:
Here's what else is going on today:
In commodities, bonds, and crypto: