Tech Stocks Rise, Retailers Shine on Record Black Friday
The shortened Black Friday trading session saw the S&P 500 and Dow Jones Industrial Average reach new heights, fueled by strong performances in the tech sector.
Nvidia surged 2%, while Tesla saw a 3.7% increase, leading the charge for information technology stocks. Industrial companies also contributed to the upward trend.
This bullish performance coincides with the onset of the holiday shopping season, with shoppers eager to snatch up deeply discounted deals.
Adobe Analytics projects record-shattering online spending, estimating consumers will shell out $10.8 billion, a 9.9% increase from last year’s Black Friday.
"Dealers bring in a lot," said Ross Mayfield, investment strategist at Baird. "Inventory levels are critical to their profitability and ability to control margins, so they will be one of the businesses caught in the (tariff) crossfire.”
He added, "But so far … (the situation) looks very difficult for Black Friday and Cyber Monday sales.”
Meanwhile, traditional retail giants also experienced a boost. Target shares rose 1.7%, while Macy’s saw a 1.8% gain.
The S&P 500 closed at 6,032.44 points, exceeding its previous intraday record of 6,025.42 set on November 26th. The Dow Jones Industrial Average closed at 44,910.65 points, showcasing a 0.42% increase. Nasdaq reached 19,218.17 points, reflecting an impressive 0.83% rise.
Chip stocks, which had witnessed a decline on Wednesday, rebounded strongly. The Philadelphia SE Semiconductor Index climbed 1.5%. Notably, the Russell 2000 index of small companies also saw a 0.4% increase as Treasury bond yields retreated from recent multi-month highs.
The upward trend in the markets contrasts with Wednesday’s performance when all major Wall Street indexes closed lower. The Nasdaq led the descent, driven by a decline in tech stocks on the eve of Thanksgiving, fueled by concerns surrounding the possibility of the Federal Reserve slowing down its rate cuts after strong US inflation data.
Current predictions suggest the US central bank will likely reduce borrowing costs by 25 basis points during its December meeting. However, traders anticipate a pause in further rate reductions in January, according to CME Group FedWatch data.
2024-11-29 20:43:00
#Friday #records #stock #exchange
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