In the latest stock market news, the positive momentum persisted as US stocks closed with gains for the fourth consecutive week, following a mixed day of trading with lower volumes post-Thanksgiving.
The Dow Jones Industrial Average (^DJI) saw an increase of about 0.3%, surpassing 100 points, while the S&P 500 (^GSPC) maintained a relatively flat performance. The Nasdaq composite (^IXIC) experienced a slight decline of approximately 0.1%.
This marks the fourth straight week of gains for all three major indices, positioning November as the best month for the Dow since October 2022, and the Nasdaq and S&P 500 on track for their best month since July 2022. Bond yields rose, with the 10-year Treasury note (^TNX) increasing by around 6 basis points to trade near 4.48%.
Retailers outperformed the broader market as the holiday shopping season kicked off with Black Friday. The S&P retail sector (XRT) closed up about 0.6%, led by companies like Home Depot (HD) and Best Buy (BBY) ending the week on a positive note.
Despite warnings of cautious consumer spending, big-box chains including Target (TGT) and Walmart (WMT) also closed higher. Amazon (AMZN) had a flat ending to the shortened holiday trading session as the company prepared to debut the first-ever NFL Black Friday game.
Discord within OPEC+ regarding output quotas kept crude prices in check, with Brent crude futures (BZ=F) trading just above $81 per barrel, and West Texas Intermediate (WTI) crude futures at around $76 per barrel post-Thanksgiving.
Nvidia’s (NVDA) stock closed down nearly 2% after reports that the company delayed the launch of an AI chip in China to comply with US export curbs. The new restrictions were noted in Nvidia’s recent earnings report and are expected to impact its results.
Cryptocurrencies experienced a significant boost, with bitcoin (BTC-USD) rallying above $38,000, reaching its highest level since May 2022. Shares in crypto broker Coinbase (COIN) also rose by about 6%.
Tesla (TSLA) saw a modest climb of approximately 0.5% after CEO Elon Musk commented on a spreading strike in Sweden, which originated from seven repair shops and has now involved postal workers refusing to deliver to Tesla offices. The strike follows UAW president Shawn Fain’s aim to target Tesla next.
