Stocks end the week with a fourth consecutive week of gains
US Stocks Close Mixed After Thanksgiving Holiday
US stocks closed mixed on Friday following the Thanksgiving holiday, with the Dow Jones Industrial Average closing up about 0.3% and the S&P 500 hugging the flatline. The Nasdaq composite lagged behind, falling roughly 0.1%.
Indices Record Gains for the Fourth Straight Week
Despite the mixed close on Friday, all three major indices recorded gains for the fourth straight trading week. This has set November up as the best month for the Dow since October 2022, and the Nasdaq and S&P 500 are on track for their best month since July 2022.
Retailers Outperform on Black Friday
Retailers outperformed the broader market as Black Friday kicked off the holiday shopping season. The S&P retail sector closed up about 0.6%, with big box chains such as Target and Walmart also closing higher. However, retailers are warning that penny-pinching consumers are spending cautiously this holiday season.
Online Retail Giant Prepares for NFL Black Friday Game
Amazon ended the shortened holiday trading session flat as the company prepares to debut the first-ever NFL Black Friday game. The move is seen as a bid to capture more viewers, lure in holiday shoppers, and attract higher-paying advertisers.
OPEC+ Discord Affects Crude Prices
A dispute between Saudi Arabia and African members over quotas led to discord at OPEC+ and affected crude prices. The group of oil-producing countries said it will hold its next meeting online to discuss output.
Tech Stocks Experience Movement
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—its highest level since May 2022. Shares in crypto broker Coinbase also moved higher on the news, closing up about 6%.
Other Stock Movements
Tesla climbed roughly 0.5% higher after CEO Elon Musk commented on a strike in Sweden affecting the company. This comes after Shawn Fain, president of the United Auto Workers union, aims to target Tesla next.
Overall, the mixed close of US stocks on Friday and the performance of various sectors indicate the ongoing impact of both domestic and international factors on the stock market. Investors are closely monitoring a range of developments as they impact stock prices and company performances.
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