Wall Street holiday: Nasdaq, NYSE to close early on account of Black Friday; S&P 500 up 25% YTD
- Wall Street Holiday: After the Thanksgiving holiday, the US stock exchanges have opened for half a day on November 29 and will close early at 1 p.m. EST on account of Black Friday shopping.
Wall Street Holiday: US stock markets will close early on Friday, November 29, after opening for a half-day session on account of Black Friday. According to the Securities Industry and Financial Markets Association, the Nasdaq Stock Exchange and the New York Stock Exchange (NYSE) were closed on Thursday, November 28, on account of the Thanksgiving holiday.
The US stock exchanges have opened for half a day on November 29, 2024 and will close early at 1 p.m. EST (Eastern Standard Time). The US bond market will also close at 2 p.m. EST on Friday after remaining shut on Thursday. After closing for the Thanksgiving holiday and closing early on Black Friday, it will be business as usual on Wall Street until late December.
The next scheduled US stock market closure is for Christmas celebrations on Wednesday, December 25. US markets are also scheduled to close early on Christmas Eve. Friday is an abbreviated trading day, but the trading hours are holiday-shortened. US stock markets opened higher on November 29 after traders returned from the Thanksgiving break for the half-day session.
Also Read: Wall Street Holiday: Nasdaq, NYSE to remain closed on November 28 on account of Thanksgiving holiday
Wall Street today: S&P 500 near record high, Tesla up 2%
US equities joined a global rally on Friday, looking set to crown November with Wall Street's biggest monthly gain in a year on post-election growth hopes, while the US dollar tracked toward a weekly loss on prospects for firmer rates in Japan and easing in Europe. US trade was very thin the day after Thanksgiving.
The S&P 500 rose 0.34 per cent in early trade, which, if sustained, would secure the best monthly gain since November 2023, while the Nasdaq Composite is heading for its best month since May if its 0.53 per cent rise holds. MSCI's broad gauge of world stocks was 0.26 per cent firmer, also looking like the best month since May.
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The S&P rose 0.7 per cent, while the Dow Jones Industrial Average was up 306 points, or 0.7 per cent, as of 12:05 p.m. ET. The Nasdaq added 0.8 per cent, and the Russell 2000 index of smaller companies rose 0.4 per cent.
US equities are heading into December with the benchmark S&P 500 near record highs following an over 25 per cent year-to-date (YTD) gain. Part of the performance has been fueled by expectations that the US Federal Reserve will continue cutting interest rates next year after reducing borrowing costs by 75 basis points in 2024. The Dow is up nearly eight per cent so far this month, easily on pace for its best month of 2024.
Donald Trump's election victory and pledges to cut taxes, de-regulate, and increase import tariffs have supercharged investors' expectations for US and Wall Street stocks to outperform other regions. US tech shares are also benefiting from an artificial intelligence (AI) investing craze.
When he takes office in January, Trump has pledged immediate 25 per cent tariffs on all products from Mexico and Canada and an additional 10 per cent on imports from China, a major trading partner for Asian economies and euro zone export powerhouse Germany.
The US dollar index, which measures the currency against six major rivals, fell 0.05 per cent to 106.02 and was also poised to end the week 1.4 per cent lower thanks to a sudden rebound for the euro, which had been lurching towards the key $1 marker on tariff fears and a bleak eurozone outlook.
The outlook for lower US interest rates has also weighed on the US dollar, with futures traders placing odds that the US Federal Reserve will cut rates another 25 basis points at December's meeting at 65 per cent. However, for 2025, they see less chance that the US Fed will continue to bring rates down each meeting.
The benchmark US 10-year notes yield fell 4.4 basis points to 4.198 per cent. Investors bought government bonds this week after Trump nominated hedge fund manager and Wall Street veteran Scott Bessent for Treasury Secretary, easing fears about excessive US borrowing.
While Trump's import tariffs could boost US inflation, US Federal Reserve officials have turned cautious on rate cuts, though markets still anticipate they will reduce the funds rate, currently 4.5 per cent-4.75 per cent, by a quarter-point next month.
US crude rose 1.06 per cent to $69.45 a barrel, and Brent rose to $73.36 per barrel, up 0.11 per cent on the day. Brent was under pressure after the Israel-Hezbollah ceasefire deal in Lebanon eased supply fears, while gold rose 0.44 per cent to $2,652.59 an ounce. In cryptocurrencies, bitcoin gained 3.02 per cent to $98,010.00. Bitcoin recently made a run at $100,000 before dropping back.
Investors are waiting to see how willing shoppers are to spend on holiday gifts. Black Friday unofficially kicks off the holiday shopping season, although retailers have offered early deals for weeks. Macy’s rose 1.9 per cent, Best Buy gained 2.8 per cent, and Nordstrom fell 0.6 per cent.
Apple rose 0.8 per cent. The technology giant hopes that recently added AI features will entice consumers to treat themselves or their relatives to a new iPhone for the holidays. Walt Disney Co. has the biggest percentage gain for November at 22 per cent, but the price-weighted index also got a boost from Goldman Sachs, up 16.7 per cent and Salesforce, up more than 13 per cent for the month.
The S&P 500 rose more than six per cent this month, boosted by Tesla and other stocks that received a boost from Donald Trump’s win in the presidential election. Tesla shares rose 2.4 per cent on Friday and have gained more than 36 per cent in November. The electric vehicle (EV) maker is expected to benefit from CEO Elon Musk’s support of Trump.
Discover Financial Services leads a list of financials stocks having a good November, up 0.4 per cent on Friday and 23.5 per cent for the month as investors believe the credit card company's merger with Capital One has a greater chance of going through under Trump.
The coming week will give investors a fresh view into the health of the US economy. A closely watched employment report will be released, which could help determine the trajectory of interest rates in the months ahead.
Uncertainty over the US Fed’s rate trajectory has increased in recent months as a spate of robust economic data—including a blowout jobs report for September—stirs concerns that inflation could rebound if the central bank lowers rates too far, undoing two years of progress in tamping down prices.
World markets today
Traders are closing out a rollercoaster month for assets caused largely by Trump winning a second US presidential election -- and also a result of the wars in Ukraine and Gaza. Markets are tracking developments surrounding Trump's pledge to impose hefty tariffs on China, Canada, and Mexico on his first day in office in January.
The euro was down 0.04 per cent at $1.0549. It has recovered from crushing losses since the November 5 US election to gain 1.2 per cent so far this week, supported by data on Friday showing euro zone inflation had higher, limiting bets for deep European Central Bank (ECB) rate cuts.
Europe's STOXX share index rose 0.01 per cent. Asian and emerging market stocks sustained the deepest blows from tariff fears. Indonesian shares dropped five per cent in November, their worst month since September 2020, while South Korean shares slumped 3.9 per cent lower, marking a five-month losing streak, the longest since 2021.
France's CAC 40 share index has been the worst-performing major European market this month, down 2.3 per cent as Michel Barnier's fragile coalition government struggled to win support for its attempts to shrink the nation's vast budget deficit. France's 10-year yield traded at around 2.8980 per cent, having touched its highest over Germany's since 2012 earlier in the week.
Traders have fully priced a 25-bps ECB rate cut to three per cent in December, although hawkish remarks from board member Isabel Schnabel this week dampened speculation about a 50 bps reduction.
Speculation about Japanese rate hikes drove a rebound for the weakened yen, though it was poised for its biggest weekly gain compared to the US dollar since July. Hence, the Japanese yen rallied against the US dollar as higher inflation in Japan fuelled expectations that the central bank would hike interest rates again.
The dollar was down 1.06 per cent at 149.93 yen. It dipped 149.53 yen overnight for the first time since October 21 after Japan's government finalised a stimulus budget. Paris and Frankfurt stock markets closed in the green. London finished with more modest gains.
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The focus was on shoppers seeking bargains on Black Friday, a crucial day for retailers worldwide. In Asia, forecast-busting consumer prices in Tokyo boosted talk of another Japanese interest-rate hike next month, sending the yen strengthening one per cent against the US dollar.
Consumer prices in Tokyo—seen as a bellwether for Japan as a whole—rose 2.6 per cent in the 12 months through November, mainly due to a surge in fresh food prices, well up from October's rate and much more than expected. The Bank of Japan has hiked interest rates twice this year, while the yen was also supported by forecasts that the US Federal Reserve will lower US rates at its December meeting. Tokyo’s Nikkei 225 index fell 0.4 per cent after the inflation report.
The stronger yen Friday weighed on Japanese exporters, causing the Tokyo stock market to close lower. Hong Kong and Shanghai gained after Chinese authorities held a meeting to discuss plans to boost stunted consumption in China, which they hope will kickstart the world's second-largest economy.
Chinese markets advanced. Hong Kong’s Hang Seng index gained 0.3 per cent. The Shanghai Composite index rose 0.9 per cent. Gains in retailers’ stocks drove market gains after a two-day meeting in Beijing focused on promoting consumption ended on Thursday.
With inputs from AFP, AP, and Reuters
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