The Dow Jones Industrial Average and the S&P 500 achieved unprecedented closing highs in a shortened trading session on Friday, while all three major equity indexes reported gains for the month of November. The S&P 500 rose by 0.6% to close at 6,032.4, the Dow moved up by 0.4% to 44,910.7, and the Nasdaq Composite advanced by 0.8% to 19,218.2.
Consumer discretionary and technology sectors led the advance, while financials remained relatively unchanged. Real estate and utilities experienced losses. Markets were closed on Thursday in observance of the Thanksgiving holiday. Online spending during Thanksgiving met expectations, reaching $6.1 billion, according to Adobe Analytics' holiday shopping data. For November, the Dow rose impressively by 7.5%, with the Nasdaq climbing 6.2% and the S&P 500 increasing by 5.7%. The yield on the US 10-year note fell by 6.4 basis points to 4.18%, while the two-year yield decreased by 4.8 basis points to 4.17% on Friday. In company-specific news, Apple shares increased by 1%, making it one of the top gainers on the Dow.
The technology giant is entering a 'new era' of growth with plans to unveil its updated AI features for iPhone 16, according to a note from Wedbush Securities. First Solar and other US solar manufacturers may receive additional protection from foreign competitors, as US trade officials are anticipated to announce new tariffs on solar panel imports from four Southeast Asian countries.
As a result, First Solar stock rose by 3.5%, ranking among the best performers on the S&P 500. Conversely, Applied Therapeutics shares plummeted by 76%, as their lead drug candidate—govorestat—faces significant uncertainty in treating galactosemia after the Food and Drug Administration rejected its application, according to RBC Capital Markets. AI server manufacturer Super Micro Computer faced the steepest decline on both the S&P 500 and the Nasdaq, with shares dropping 6.9%. West Texas Intermediate crude oil slipped by 0.2% to $68.59 per barrel on Friday, as OPEC's meeting was postponed from Sunday to Thursday.
Traders are eager for updates on whether OPEC+ will boost supplies or extend current production cuts into 2025 to mitigate the risks of oversupply and further price declines, as noted by Saxo Bank. Markets are also keeping an eye on developments in the Middle East, including a ceasefire agreement between Israel and Hezbollah, although both sides have accused one another of breaching the terms.
Gold prices increased by 0.5% to $2,677.50 per troy ounce, and silver saw a jump of 1.7% to $31.06 per ounce..