US stocks edge lower as market rally pauses after 5 straight weeks of gains

• US stocks edged lower on Monday after major indexed notched five straight weeks of gains.
• With corporate earnings in the rear view mirror, investors are awaiting the upcoming November jobs report.
• Geopolitical risks were on full display over the weekend after the Israel-Hamas ceasefire ended.

US stocks edged lower on Monday, with the major indexes taking a pause after notching five straight weeks of gains.

With corporate earnings in the rear-view mirror, investors set their attention on upcoming economic data, which will inform the future path of interest rates.

The November jobs report is set to be released on Friday, and will be followed by the Federal Reserve's last FOMC meeting of the year on December 13. The Fed is expects to keep interest rates unchanged next week, though expectations of interest rate cuts in early 2024 are starting to increase.

Geopolitical risks were back on investors' minds over the weekend after a ceasefire between Israel and Hamas ended. The fighting escalated as Israel set its focus on attacking the southern territory of Gaza. Meanwhile, a US warship deflected drone attacks by Houthi rebels in the Red Sea.

Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Monday:

• S&P 500: 4,567.79, down 0.58%

• Dow Jones Industrial Average: 36,154.67, down 0.24% (-86.34 points)

• Nasdaq Composite: 14,168.50, down 0.93%

Here's what else is going on today:

• A record 8.5 million Chinese borrowers – about 1% of the country's working-age adults – are blacklisted by their government for failing to pay their debts.
• Li Lu, A close friend and confidant of Charlie Munger, recently published a tribute to the legendary investor who died last week.
• Gold prices hit a record high on Monday before retreating as investors start to consider the potential for interest rate cuts in 2024.
• Spotify is cutting 17% of its staff in its third round of layoffs as it attempts to cut costs and get more lean. Here's the memo from the CEO.

In commodities, bonds, and crypto:

• West Texas Intermediate crude oil dipped 0.69% to $73.56 a barrel. Brent crude, the international benchmark, fell 0.65% to $78.37 a barrel.
• Gold fell 1.31% to $2,062.40 per ounce.
• The 10-year Treasury yield jumped 6 basis points to 4.26%.
• Bitcoin surged 3.81% to $41,503.