US stocks witnessed a mixed closure on Friday, concluding a low-volume trading day following the Thanksgiving holiday. The Dow Jones Industrial Average (^DJI) closed the day up by approximately 0.3%, or over 100 points, while the S&P 500 (^GSPC) remained nearly unchanged. The tech-centric Nasdaq composite (^IXIC) lagged behind, registering a decline of approximately 0.1%.
Bond yields displayed upward movement, with the 10-year Treasury note (^TNX) rising by around 6 basis points, hovering near 4.48%.
Amidst the backdrop of the Thanksgiving holiday and the onset of the festive shopping season, retailers outperformed the broader market. The S&P retail sector (XRT) saw a gain of about 0.7%, with notable contributions from companies such as Home Depot (HD) and Best Buy (BBY) closing the week on a positive note. Major retail giants like Target (TGT) and Walmart (WMT) also posted gains, despite warnings of cautious spending habits among consumers. Retailers are adapting by extending and intensifying their holiday promotions in response to a discerning shopper base.
E-commerce titan Amazon (AMZN) experienced a flat trading session, strategically positioning itself as it prepares to debut the first-ever NFL Black Friday game. This move is aimed at not only capturing more viewers but also enticing holiday shoppers and attracting higher-paying advertisers.
In the energy sector, discord within OPEC+ exerted pressure on crude prices. The group of oil-producing nations announced that its next meeting to discuss output would be held online, delaying the proceedings due to a dispute between Saudi Arabia and African members over quotas, according to Bloomberg. Brent crude futures (BZ=F) edged lower, trading just above $81 per barrel, following a 1.3% decline in the last two sessions. West Texas Intermediate (WTI) crude futures dipped about 1.5%, settling around $76 a barrel after the Thanksgiving break in trading.
Nvidia (NVDA) faced a setback, with its stock closing down nearly 2% after Reuters reported a delay in the launch of an AI chip designed to comply with U.S. export curbs in China. In its recent earnings report, Nvidia acknowledged that the new U.S. restrictions would have an adverse impact on its results.
Cryptocurrencies witnessed a significant surge, with Bitcoin (BTC-USD) rallying to trade above $38,000 a coin at one point in the session—marking its highest level since May 2022. Shares in crypto broker Coinbase (COIN) also experienced an uptick, closing up about 6%.
Tesla (TSLA), a notable presence on the Yahoo Finance homepage, registered a modest gain of approximately 0.5%. This followed CEO Elon Musk’s remarks on the escalating strike in Sweden, starting with seven repair shops and now involving postal workers refusing to deliver to Tesla offices. The strike has gained momentum following Shawn Fain, president of the United Auto Workers union, expressing intentions to target Tesla next. Musk characterized the situation as “insane.”
In conclusion, Friday’s trading session culminated in a mixed closure for stocks, reflecting varied performances across sectors, with retail and cryptocurrencies demonstrating resilience while challenges emerged in the tech and energy sectors. The impact of global geopolitical tensions and trade disputes continues to reverberate through the financial markets.
Source: Yahoo Finance
