US Markets
Friday, November 24th, 2023 6:07 pm EDT
Key Points
- Market Performance: The Dow Jones Industrial Average rose on Friday, contributing to the major averages aiming for a four-week winning streak. The 30-stock Dow increased by 101 points, or 0.3%, while the S&P 500 traded near the flatline, and the Nasdaq Composite fell 0.2%.
- Black Friday Retail Trends: Major retail shares showed mixed results as Black Friday marked the beginning of the holiday shopping season. Walmart experienced a rise of 0.8%, while Amazon ticked higher by 0.1%. TD Cowen retail analyst Oliver Chen forecasted flat traffic trends on Black Friday, noting a trend of budget-conscious consumers pulling back and prioritizing gifts for others over self-indulgence.
- Week-Long Performance and Market Sentiment: For the week, both the Dow and S&P 500 posted a 1% increase, while the Nasdaq Composite also saw a 1% rise. This marks the longest weekly winning streak for the S&P 500 and Nasdaq since June. The positive market moves coincided with Treasury yields hitting multimonth lows during the week, contributing to optimism about cooling inflation and the possibility that the Federal Reserve may halt rate hikes. The benchmark rate increased by 5 basis points to around 4.468% on Friday. Scott Ladner, Chief Investment Officer at Horizon Investments, noted the market’s diminishing expectation for interest rate volatility, signaling growing confidence that 4% to 5% rates are suitable for 2024 and that the equity market can handle these levels.
The Dow Jones Industrial Average experienced a rise on Friday, contributing to the major averages aiming for a four-week winning streak. The 30-stock Dow increased by 101 points, or 0.3%, while the S&P 500 remained near the flatline, and the Nasdaq Composite saw a 0.2% decline. Black Friday marked the beginning of the holiday shopping season, with major retail shares showing mixed results. Walmart saw a 0.8% increase, and Amazon ticked higher by 0.1%. Despite the varied performance, retail analyst Oliver Chen from TD Cowen predicted flat traffic trends on Black Friday as budget-conscious consumers prioritize gifts for others over self-indulgence. For the week, the Dow and S&P 500 each posted a 1% increase, while the Nasdaq Composite also saw a 1% rise, marking the longest weekly winning streak for the S&P 500 and Nasdaq since June. Treasury yields hit multimonth lows during the week, contributing to market optimism about cooling inflation and the possibility that the Federal Reserve may cease rate hikes. The benchmark rate increased by 5 basis points to approximately 4.468% on Friday. Scott Ladner, Chief Investment Officer at Horizon Investments, noted that the market’s expectation for interest rate volatility is diminishing, indicating a growing consensus that 4% to 5% rates are suitable for 2024, and that the equity market can accommodate these levels. The U.S. stock market closed at 1 p.m. on Friday following the Thanksgiving holiday, during which the major averages closed higher, particularly after the 10-year Treasury yield fell to levels not seen since September.
For the full original article on CNBC, please click here: https://www.cnbc.com/2023/11/24/stock-market-today-live-updates.html
