Wall Street November gains/ S&P 500/ Dow Jones/ Tesla stocks/ Black Friday shopping/ Apple AI sales/ NEW YORK/ Newslooks/ J. Mansour/ Morning Edition/ Wall Street opened higher Friday, capping one of its best months in 2024. The S&P 500 rose 0.3%, with the Dow Jones up over 7% for November. Retailers and tech stocks gained, fueled by holiday spending anticipation and post-election optimism.
Stock Market’s Strong November Finish: Quick Looks
- Market Highlights: S&P 500 up 0.3%, Dow Jones adds 123 points, and Nasdaq gains 0.4%.
- November Leaders: Tesla (+33%), Disney (+22%), and Goldman Sachs (+18%) drive gains.
- Retail Stocks: Macy’s (+0.5%), Target (+1.6%), Abercrombie (-1%) react to holiday shopping trends.
- AI Hopes: Apple (+0.2%) bets on new features to boost iPhone sales.
- Bond Yields: 10-year Treasury yield fell to 4.2%.
- Global Markets: Japan dips (-0.4%) on inflation concerns; China rises (+0.9%) amid retail optimism.
Wall Street Rises, Closing Strong November Gains
Deep Look: Wall Street Caps November With Solid Gains
U.S. stocks opened higher Friday as Wall Street wraps up one of its strongest months of 2024. Optimism over holiday shopping and post-election momentum helped lift major indices, continuing a November rally that positions the Dow Jones for its best month this year.
U.S. Market Performance
As of mid-morning trading:
- S&P 500 rose 0.3%, marking a robust month-long gain of over 5%.
- Dow Jones Industrial Average added 123 points (+0.3%), up more than 7% in November.
- Nasdaq Composite increased 0.4%, reflecting gains in tech stocks.
The shortened trading day, with markets closing at 1 p.m. ET, has seen investor focus shift to holiday spending trends as Black Friday kicks off the shopping season.
Retail Stocks Mixed:
- Macy’s gained 0.5%, while Target rose 1.6%.
- Abercrombie & Fitch fell 1%, diverging from broader retail optimism.
Apple (+0.2%) hopes its new artificial intelligence features will spur iPhone sales during the holidays, enticing consumers with advanced upgrades.
November’s Top Performers
The Dow’s stellar month was led by significant gains in:
- Disney (+22%): The entertainment giant surged amid investor optimism over its restructuring efforts.
- Goldman Sachs (+18%): Banking giant rallied as financials rebounded post-election.
- Salesforce (+13%): Tech powerhouse continued to benefit from solid earnings and broader market trends.
The S&P 500’s performance was bolstered by stocks like Tesla (+33%), riding a wave of enthusiasm following Donald Trump’s presidential election win. Analysts anticipate Tesla will benefit from policy shifts favorable to electric vehicles under the new administration.
Market Buzz: Hasbro and Elon Musk
Tesla CEO Elon Musk made headlines outside his company when he sparked speculation about Hasbro’s future. In a post on X, Musk questioned the toy and game company’s valuation, igniting rumors of a potential takeover. Hasbro shares jumped 3.6% on Friday.
Bond Yields and Global Markets
Bond yields slipped, with the benchmark 10-year Treasury yield falling to 4.2%. Lower yields often indicate investor confidence in equities.
Globally, markets showed mixed performance:
- Tokyo’s Nikkei (-0.4%) fell as inflation in the capital rose to 2.6%, driven by fresh food price surges.
- Chinese markets rallied, with Hong Kong’s Hang Seng up 0.3% and the Shanghai Composite advancing 0.9%. Gains followed a government meeting aimed at boosting consumption.
Looking Ahead
Investors remain cautious but optimistic, keeping a close watch on holiday shopping data and potential policy changes under the Trump administration. As markets close for November, strong gains provide momentum heading into the final month of the year.
You must Register or Login to post a comment.