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Stock market today: Dow, S&P 500, Nasdaq rise with monthly wins in sight

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2 hours ago

November 29, 2024

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Stock market today: Dow, S&P 500, Nasdaq rise with monthly wins in sight

US stocks edged higher on Friday to kick off a shortened trading session, with the focus on incoming president Donald Trump’s tariff agenda and the Black Friday shopping rush crucial to retailers.

The Dow Jones Industrial Average (^DJI) led the way higher early Friday, rising about 0.3%, while S&P 500 (^GSPC) added 0.2%. The tech-heavy Nasdaq Composite (^IXIC) was also rose higher by about 0.2%, after all three indexes pulled back from record highs on Wednesday.

The last trading day in November sees the major gauges on track for monthly wins, despite a pullback in the rally spurred by Trump’s decisive election victory. The S&P 500 is holding near its latest record high and will score its best month since February if an indicated 5% gain holds.

But a quiet session on Wall Street is in the cards as markets reopen after the Thanksgiving break, with Friday’s trading set to end early at 1 p.m. ET.

Investors continued to weigh the likely fallout — and impact of inflation — from the president-elect’s vow to impose hefty new tariffs on top US trading partners Mexico, Canada, and China. Hopes for a softening in that plan got a boost as Mexican President Claudia Sheinbaum said she’s confident that a tariff war can be averted after a phone call with Trump.

Elsewhere on the trade front, optimism grew that looming US curbs on China chips will be less tough than expected. ASML (ASML) and other European chip-related stocks rose after Bloomberg reported Thursday that the Biden administration is weighing fresh restrictions that would stop short of earlier proposals.

Meanwhile, investors are keeping a watchful eye on Black Friday sales, the unofficial kickoff of the holiday shopping season. Eyes are on how successful retailers will be at energizing Americans to buy in stores, given financially squeezed consumers have turned cautious on discretionary spending.

Analysts are predicting a solid season, though not as robust as last year. Shares of Target (TGT), Walmart (WMT), and Best Buy (BBY) edged into the green in premarket trading.

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US stocks open higher on final trading day of November

With US investors looking to square out a strong month for the stock market, all three major indexes opened a holiday-shortened trading session in positive figures.

The Blue Chip Dow was up more than 0.3% just moments after the opening bell, while the S&P 500 was up 0.2% and the tech-heavy Nasdaq rose by about 0.1%.

Friday’s move higher in the Dow was led by industrial names Boeing (BA) and Caterpillar (CAT), with both stocks up better than 1.2% in the early going.
Good morning. Here’s what’s happening today.
Bitcoin, oil higher along with stock futures

With US markets set for a half day of holiday trading, the two markets giving investors a more normal sense of activity are the more globalized commodities and crypto markets.

And there, things look okay on this Black Friday.

The price of bitcoin (BTC-USD) was up about 2% to trade back above $97,000 early Friday, while oil prices were higher by about 0.7%.

The big news in the oil market is the news on Thursday that OPEC+ would delay its next meeting until Dec. 5 from Dec. 1, taking away any weekend element of surprise for US investors on a big production shift from global oil producers.

Any echoes from the 2014 Thanksgiving weekend move in oil can remain just that.