US benchmark equity indexes ended the day mixed as traders scrutinized two reports indicating the manufacturing sector remained in contraction during November. The Institute for Supply Management's manufacturing purchasing managers' index rose to 48.4 last month from 46.5 in October. In a separate report, S&P Global noted that its US manufacturing PMI increased to 49.7 in November, up from 48.5 the previous month. As quarterly earnings are reported, S&P 500 companies have demonstrated an 8.2% increase in earnings compared to a year earlier, with revenue climbing 5.1%.
This robust performance highlights a solid reporting cycle's conclusion, as pointed out in a note to clients from Oppenheimer Asset Management. In the energy sector, January West Texas Intermediate crude oil closed up $0.10, settling at $68.10 per barrel. February Brent crude, the global benchmark, was noted down $0.10 at $71.74.
This movement comes as China reported a substantial increase in factory activity for November—the largest gain in five months—while fresh violence in the Middle East adds further geopolitical risk ahead of Thursday's OPEC+ meeting. In company news, shares of Applied Materials surged nearly 5% despite the US announcing new export controls meant to limit China's ability to produce advanced-node semiconductors for military applications and artificial intelligence.
Conversely, US-listed shares of Stellantis dropped by 6.4% after the automaker announced the resignation of CEO Carlos Tavares, which comes more than a year before the expiration of his contract..