US stocks opened a mixed trading day on Friday, marked by low volume following the Thanksgiving holiday. The Dow Jones Industrial Average (^DJI) showed a modest uptick of approximately 0.1%, gaining around 40 points. In contrast, the S&P 500 (^GSPC) remained relatively unchanged, holding its position after the market’s closure on Thursday. The Nasdaq composite (^IXIC), dominated by tech stocks, lagged behind, registering a decline of about 0.2%.
As Black Friday marked the commencement of the holiday shopping season, investor attention turned towards retailers. Industry giants such as Target (TGT) and Walmart (WMT) had earlier cautioned about consumers exercising caution with their spending habits. In response, retailers initiated early and extended holiday promotions, recognizing the discerning choices of today’s shoppers.
Amidst these market dynamics, tensions within OPEC+ influenced crude prices. The oil-producing alliance, which includes major players like Saudi Arabia, faced discord leading to the decision to conduct its next meeting online. The meeting, initially scheduled to discuss output, encountered a delay due to a disagreement between Saudi Arabia and African members regarding production quotas, as reported by Bloomberg.
Brent crude futures experienced a marginal dip of less than 1%, settling at approximately $81 per barrel. This followed a 1.3% decline in the preceding two sessions. West Texas Intermediate (WTI) crude futures also retreated, showing a decrease of about 1% and hovering just above $76 a barrel, a trend observed post the Thanksgiving break in trading.
Nvidia (NVDA), a key player in the tech sector, drew attention as Reuters reported a delay in the launch of its AI chip in China. This delay is attributed to the chip’s design, aligning with US export curbs. In its recent earnings report, Nvidia acknowledged the impact of the new US restrictions, foreseeing a drag on its financial results. Consequently, the stock of the chipmaker experienced fluctuations throughout Friday’s trading session.
Investors anticipated an update on US manufacturing and services from S&P Global before the closing bell at 1 p.m. ET. This data release was poised to provide insights into the health of key sectors, influencing investor sentiment as the week concluded.
The mixed performance of US stocks on Friday reflected the cautious approach of investors post-Thanksgiving, with varying trajectories observed across major indices. As the holiday shopping season kicks off and geopolitical tensions persist, the market remains in a state of flux, with investors closely monitoring developments that could impact their portfolios in the days ahead.
Source: Yahoo Finance
