US Stocks End Mixed on Low-Volume Trading After Thanksgiving Holiday
Following the Thanksgiving holiday, US stocks closed mixed on Friday with the Dow Jones Industrial Average ending up approximately 0.3%, or more than 100 points higher. The S&P 500 hugged the flatline, while the Nasdaq composite lagged, falling roughly 0.1%. The Dow, S&P, and Nasdaq all closed with gains for the fourth straight trading week.
Best Month for the Dow Since October 2022
November shaped up to be the best month for the Dow since October 2022, while the Nasdaq and S&P 500 are on track for their best month since July 2022.
Bond Yields Rise, Retailers Outperform
Bond yields rose as the 10-year Treasury note ticked up about 6 basis points to trade near 4.48%. Retailers outperformed the broader market as Black Friday kicked off the holiday shopping season, with the S&P retail sector closing up about 0.6%. Home Depot and Best Buy were among the companies that gained to end the week, while big box chains such as Target and Walmart also closed higher despite a warning that penny-pinching consumers are spending cautiously.
Online Shopping and Black Friday Strategy
Retailers are going earlier and longer on holiday promotions as shoppers turn picky. Amazon ended the shortened holiday trading session flat as the company prepared to debut the first-ever NFL Black Friday game in a bid to capture more viewers, lure in holiday shoppers, and attract higher-paying advertisers.
OPEC+ Discord Affects Crude Prices
Discord at OPEC+ kept a lid on crude prices after the group of oil-producing countries said it will hold its next meeting online. Brent crude futures ticked lower to trade just above $81 per barrel, after falling 1.3% in the last two sessions. West Texas Intermediate crude futures dipped about 1% to trade at about $76 a barrel after the Thanksgiving break in trading.
Nvidia and Cryptocurrencies
Nvidia’s stock closed down nearly 2% after the company pushed back the launch in China of an AI chip designed to comply with US export curbs. On the other hand, cryptocurrencies saw a big boost with Bitcoin rallying to trade above $38,000 at one point in the session—its highest level since May 2022. Crypto broker Coinbase also moved higher on the news, closing up about 6%.
Strike at Tesla
Tesla, another leading ticker on the Yahoo Finance homepage, climbed roughly 0.5% higher after CEO Elon Musk said it is “insane” how a strike that started with seven repair shops has started to spread in the country of Sweden, with postal workers now refusing to deliver to Tesla offices. This strike comes after Shawn Fain, president of the United Auto Workers union, aims to target Tesla next.
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