1:20pm:
Stocks closed at record highs on Friday, capping off a strong performance for the month.
The Dow Jones added 0.4%, finishing at 44,911. The S&P 500 rose by 33.6 points, or 0.6%, to settle at 6,032 and the Nasdaq outperformed, climbing 0.8%, to close at 19,218.
The Russell 2000 also ended in positive territory, adding 0.4%, to finish at 2,435.
The gains marked the end of a holiday-shortened trading session. With Friday's rally, the S&P 500, Dow, and small-cap Russell 2000 each finished their best month in a year. The S&P 500's gain through November marked its best year-to-date performance since 2013, signaling strong momentum heading into the final month of the year.
12:05pm: Wall Street on track for November gains
Major US indexes were on track to close November with significant gains, despite some moderation in recent days.
At midday, all three benchmarks posted solid gains. The Dow rose 0.7%, to 45,0178 points, and the S&P 500 added 0.6%, reaching 6,037. If the index holds its 5% monthly increase, it will mark its best performance since February.
The Nasdaq outperformed, advanced 0.8%, to 19,212.
The rally in November has been underpinned by investor optimism surrounding policy clarity and expectations for economic growth under the new administration. Gains have been broad-based, with technology and industrial sectors leading the charge.
However, analysts caution that momentum may face headwinds as the market digests the implications of potential policy shifts and economic indicators heading into December.
Investors are also awaiting key economic data later this week, which could further shape sentiment as the year-end approaches. Despite recent pullbacks, the benchmarks remain poised to deliver one of the strongest monthly performances of 2024.
11:15am: Black Friday spending
Consumers are expected to spend in record amounts during this year’s Black Friday and Cyber Monday sales, according to a survey from Deloitte.
During these shopping events, which run from Thursday, November 28 to Monday, December 2, consumers surveyed said that they expect to spend a record $650. This marks a 15% increase from last year.
Consumers across all demographics and income levels intend to spend more. Notably, those making less than $50,000 intend to spend 22% more than last year, while consumers who make more than $200,000 intend to spend 20% more.
Nearly half of respondents expect the best deals of the season on Black Friday, with two-thirds planning to shop that day.
9.56pm: Wall Street kicks off short day on front foot
Wall Street enjoyed a positive start to the shortened trading day on Friday, placing each the Nasdaq, Dow Jones and S&P 500 on course for weekly gains.
The Nasdaq and Dow Jones headed 0.3% higher as trading got underway, while the S&P 500 added 0.2%.
Among companies, Super Micro Computer Inc (NASDAQ:SMCI) was the day’s big mover early on, dropping 11%.
The technology firm has been grappling to ward of concerns of a delisting from the Nasdaq, prompting volatility recently.
Elsewhere, Nvidia Corp and Boeing Co (NYSE:BA, ETR:BCO) were among early risers, while Microsoft Corp (NASDAQ:MSFT) moved lower as trading got underway.
6.42am: Wall Street set for positive start
Wall Street appeared on course to climb ahead of a shortened trading session on Friday after Thursday’s Thanksgiving break.
Futures had the Nasdaq, Dow Jones and S&P 500 each adding 0.3% respectively ahead of the opening bell.
This would take the Dow Jones and S&P 500 toward gains for the week, with the Nasdaq looking to overcome flat trading so far.
Thursday’s shortened trading week had provided a brief pause ahead of a busy coming week, set to bring a string of unemployment data, including non-farm payroll figures, interactive investor analyst Richard Hunter noted.