In a day of subdued trading with low volumes following the Thanksgiving holiday, US stocks closed with mixed results on Friday. The Dow Jones Industrial Average (^DJI) showed resilience, closing up by approximately 0.3%, or over 100 points higher. Meanwhile, the benchmark S&P 500 (^GSPC) hovered around the flatline, and the Nasdaq composite (^IXIC) experienced a slight dip of approximately 0.1%.
Bond yields displayed upward movement, with the 10-year Treasury note (^TNX) increasing by about 6 basis points to settle near 4.48%.
As the holiday shopping season kicked off, retailers outperformed the broader market. The S&P retail sector (XRT) closed up about 0.7%, fueled by gains from major companies such as Home Depot (HD) and Best Buy (BBY). Noteworthy gains were also observed in big-box chains like Target (TGT) and Walmart (WMT), despite concerns about cautious spending among consumers. Retailers, in response, have extended and intensified their holiday promotions to cater to increasingly discerning shoppers.
Tech giant Amazon (AMZN) had a flat close for the day. However, the company made headlines for its groundbreaking move to debut the first-ever NFL Black Friday game. This strategic move aims to capture a wider audience, entice holiday shoppers, and attract higher-paying advertisers.
Ongoing discord within OPEC+ had a dampening effect on crude prices. The group of oil-producing countries announced that its next meeting to discuss output would be held online, citing a delay caused by a dispute between Saudi Arabia and African members over quotas, as reported by Bloomberg. Brent crude futures (BZ=F) experienced a slight decline, trading just above $81 per barrel after a 1.3% drop in the previous two sessions. West Texas Intermediate (WTI) crude futures also dipped approximately 1.5%, settling around $76 per barrel after the Thanksgiving break.
Nvidia’s (NVDA) stock faced a setback, closing down nearly 2%, following reports that the company delayed the launch of an AI chip designed to comply with US export curbs in China. In its earnings report earlier in the week, Nvidia acknowledged that these new restrictions would have a negative impact on its results.
Cryptocurrencies experienced a notable surge, with Bitcoin (BTC-USD) rallying to trade above $38,000 per coin at one point during the session—its highest level since May 2022. Shares in crypto broker Coinbase (COIN) also climbed about 6% in response to the positive momentum in the cryptocurrency market.
Tesla (TSLA) closed approximately 0.5% higher following CEO Elon Musk’s comments on an escalating strike in Sweden. Musk expressed disbelief at how a strike that originated in seven repair shops has expanded, with postal workers now refusing to deliver to Tesla offices. The strike comes in the wake of Shawn Fain, president of the United Auto Workers union, targeting Tesla for labor actions.
In summary, US stocks displayed a mixed performance amid post-Thanksgiving trading, with varied outcomes across major indices and sectors. Discord within OPEC+ influenced crude prices, and individual company news, including setbacks for Nvidia and labor issues at Tesla, added further complexity to the day’s financial landscape.
Source: Yahoo Finance
