U.S. stocks closed mixed on Friday, amid a day of light trading following the Thanksgiving holiday.
The Dow Jones Industrial Average (^DJI) closed about 0.3%, or more than 100 points, higher, while the benchmark S&P 500 (^GSPC) hit the flat line. The tech-heavy Nasdaq Composite (^IXIC) lagged, falling about 0.1%.
All three major indexes closed with gains for the fourth straight week of trading, making November the Dow’s best month since October 2022. The Nasdaq and S&P 500 are on track for their best month since July 2022.
Bond yields rose, with the 10-year Treasury note (^TNX) gaining about 6 basis points to trade at about 4.48%.
Retailers outperformed the overall market as Black Friday ushered in the holiday shopping season. The S&P Retail sector (XRT) closed down about 0.6% as companies like Home Depot (HD) and Best Buy (BBY) gained over the weekend.
Major retail chains like Target (TGT) and Walmart (WMT) also closed higher, despite warning that frugal consumers are spending cautiously. As shoppers become pickier, retailers are running holiday promotions earlier and longer.
Amazon (AMZN), meanwhile, ended the shortened holiday trading session as the company prepares to premiere the first-ever NFL Black Friday game in a bid to gain more viewers, entice holiday shoppers and attract higher-paying advertisers.
Read more: 6 Ways to Save Money on Your Black Friday Shopping List
Disunity at OPEC+ kept crude oil prices under control after the group of oil producing countries said it would hold its next meeting online. The meeting to discuss production was postponed due to a dispute between Saudi Arabia and African members over quotas, Bloomberg reported.
Brent crude oil futures (BZ=F) fell, trading just above $81 a barrel, after falling 1.3% in the last two sessions. West Texas Intermediate (WTI) crude oil futures fell about 1% after the Thanksgiving trading break, trading at about $76 a barrel.
Nvidia (NVDA) shares closed nearly 2% lower after Portal reported that the company postponed the launch of an AI chip in China that would comply with U.S. export restrictions. In its results this week, Nvidia indicated that the new US restrictions would weigh on its results.
The story goes on
Cryptocurrencies enjoyed a big boost as Bitcoin (BTC-USD) rose to over $38,000 at one point in the session – its highest level since May 2022. Shares of crypto broker Coinbase (COIN) also rose on the news and closed at around 6%.
Tesla (TSLA), another leading ticker on Yahoo Finance’s homepage, rose around 0.5% after CEO Elon Musk said It is “insane” how a strike that began at seven repair shops has spread to the country of Sweden and postal workers are now refusing to deliver to Tesla offices.
The strike comes after Shawn Fain, president of the United Auto Workers union, plans to target Tesla next.
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