*The three major stock indexes closed higher, with the Dow Jones Industrial Average rising nearly 300 points;
*Medium- and long-term US Treasury yields rebounded, with the 10-year US Treasury yield returning to 4%;
*Holiday shopping season begins, Salesforce Online sales are projected to reach $8.6 billion on Thursday.
U.S. stocks closed higher across the board on the first trading day after Thanksgiving, with market expectations for a Federal Reserve rate cut in December remaining strong. At the close, the Dow Jones Industrial Average rose 289.30 points, or 0.61%, to 47,716.42, while the Nasdaq Composite Index... The index rose 0.65% to close at 23,365.69 points, according to the S&P 500. The 500 index rose 0.54% to close at 6849.09 points.
This month, due to market expectations for artificial intelligence... Concerns about the future profitability of AI companies intensified, leading to a pullback in tech stocks and dragging down the monthly performance of major stock indexes. The Nasdaq Composite Index fell nearly 2% in November, ending a seven-month winning streak; the S&P 500 and Dow Jones Industrial Average rose slightly this week, achieving their seventh consecutive monthly gain.
Looking at weekly performance, the Dow Jones Industrial Average rose more than 3% this week, while the Nasdaq and S&P 500 rose nearly 4%.
[Performance of Popular Stocks]
On Friday, star tech stocks diverged, with Meta rising 2.2% and Amazon... Microsoft rose 1.8%. Tesla rose 1.3%. Google rose 0.8%, Nvidia fell 0.1%, and Google rose 0.8%. It fell 1.8%.
In terms of individual stocks, Intel Intel shares surged over 10%, with TF International Securities analyst Ming-Chi Kuo predicting that Intel will begin shipping to Apple. The company's lowest-end M-series processors.
Oracle bone script It fell 1.5%, according to sources familiar with the matter, Oracle and data centers Developer Vantage is in talks with several banks The talks are underway to raise an additional $38 billion in loans to fund OpenAI-related protocols.
The CME Group rose 0.2% after a system malfunction on Thursday temporarily froze trading in foreign exchange, commodities, and stock-related futures contracts globally, and also briefly disrupted U.S. stock futures trading. The CME Group stated that the system malfunction was caused by a cooling issue at its CyrusOne data center . All markets have now reopened and are trading normally.
The Nasdaq China Golden Dragon Index rose 0.54%, and JD.com... Baidu rose 1.4%. NetEase rose 0.5%. Pinduoduo rose 0.3%. Alibaba rose 0.2%. It fell by 0.2%.
[Market Overview]
Brian Mulberry, a portfolio manager at Zacks Investment Management, said, "Market sentiment has returned to a risk-on bias, and there is currently an 80% to 85% certainty that the Federal Reserve will cut interest rates in just a few weeks."
If the Federal Reserve cuts interest rates by 25 basis points in December, it will be the central bank's third consecutive rate cut, following the September and October meetings. This comes after New York Fed President Williams... Since John Williams indicated last week that there was still room for further adjustments to the target range for the federal funds rate in the near term, traders' expectations for a rate cut have begun to rise. "This statement clearly confirms that we are in an easing cycle, and that this cycle will continue into the new year," Marbury added.
Yields on medium- and long-term U.S. Treasury bonds rose, with the two-year Treasury yield up 1.6 basis points to 3.50% and the ten-year Treasury yield up 2.5 basis points to 4.02%.
This week marks the official start of the US holiday shopping season—from Thanksgiving on Thursday to Black Friday and Cyber Monday (the first Monday after Thanksgiving), all key sales periods for major retailers.
According to data from Salesforce , retailers are offering significant discounts to attract consumers due to tariffs and layoffs at several companies. Online sales on Thursday alone are expected to grow by 6% year-on-year, reaching $8.6 billion.
[Major Performance]
International oil prices fluctuated narrowly, with the WTI crude oil near-month contract falling 0.17% to $58.55 per barrel and the Brent crude oil near-month contract falling 0.22% to $63.20 per barrel.
Precious metals were boosted by expectations of interest rate cuts that pressured the dollar. Gold futures performed strongly this week, with COMEX gold futures for December delivery rising 3.40% to settle at $4,218.30 an ounce, marking their fourth consecutive monthly gain and a cumulative increase of 28.09% during the period, a new record since February 2009. Silver futures rose 13.09% to $56.44 an ounce, platinum futures surged 9.7% to $1,655.14 an ounce, and palladium futures rose 10.7% to $1,519.37 an ounce.
(Article source: CBN)
