US stocks opened with a mixed performance on Friday in the wake of the Thanksgiving holiday, characterized by low trading volume. The Dow Jones Industrial Average (^DJI) made a modest gain of approximately 0.1%, rising by about 40 points. In contrast, the S&P 500 (^GSPC) showed minimal change from Thursday’s market closure, while the Nasdaq composite (^IXIC), dominated by technology stocks, witnessed a slight decline of around 0.2%.
As Black Friday marked the commencement of the holiday shopping season, all eyes were on retailers. Major players such as Target (TGT) and Walmart (WMT) cautioned about a trend of cautious spending among consumers. In response to the changing consumer behavior, retailers are extending their holiday promotions earlier and for a more extended period, adapting to the picky preferences of the shoppers.
On the global front, discord within OPEC+ exerted pressure on crude prices. The group of oil-producing countries announced that its next meeting would be conducted online, further delaying discussions on output levels. A dispute between Saudi Arabia and African members over production quotas, as reported by Bloomberg, contributed to the delay. Brent crude futures experienced a marginal drop of less than 1%, hovering around $81 per barrel, following a 1.3% decline over the past two sessions. West Texas Intermediate (WTI) crude futures, trading just above $76 per barrel, were down around 1% after the Thanksgiving break in trading.
Nvidia’s (NVDA) stock took center stage following a report by Reuters indicating a delay in the launch of an AI chip designed to comply with US export restrictions. In its recent earnings report, Nvidia acknowledged that the new US restrictions would have a negative impact on its results. Consequently, shares of the chipmaker fluctuated on both sides of the flat line throughout Friday’s trading.
Before the closing bell at 1 p.m. ET on Friday, investors were awaiting an update from S&P Global on US manufacturing and services. The outcome of this report was anticipated to provide further insights into the economic landscape, influencing market sentiment as the trading week concluded.
In summary, the day’s opening trading reflected a mixed performance for US stocks, with cautious consumer spending, international oil disputes, and concerns over export restrictions impacting key players in the technology sector. As the holiday season officially kicked off, market participants remained vigilant for any potential shifts in consumer behavior and global economic dynamics.
Source: Yahoo Finance
