Stock Market Recap: Wall Street Closed for Thanksgiving as Global Markets Show Mixed Performance
On Thursday, November 28, 2024, the U.S. stock market remained closed in observance of the Thanksgiving holiday. However, global markets continued to operate, providing insights into the broader financial landscape. This stock market recap will cover the current state of major market indexes, upcoming market events, and significant stock news that could impact trading when Wall Street reopens.
Global Market Performance
While U.S. markets were on holiday, European and Asian markets showed mixed performance:
– Germany’s DAX advanced 0.7% to 19,394.41
– France’s CAC 40 gained 0.6% to 7,185.13
– Britain’s FTSE 100 rose 0.2% to 8,290.37
– Japan’s Nikkei 225 index gained 0.6% to 38,349.06
– Australia’s S&P/ASX 200 advanced 0.5% to 8,444.30
These figures indicate a generally positive trend in global markets, which could potentially influence U.S. stocks when trading resumes.
U.S. Market Outlook
Although the U.S. stock exchanges were closed on November 28, futures for the S&P 500 and the Dow Jones Industrial Average edged 0.1% higher, suggesting a potentially positive opening when markets reopen. Investors will be closely watching why the market might be up when trading resumes on Friday, November 29, for a half-day session.
Recent U.S. Market Performance
Prior to the Thanksgiving break, on Wednesday, November 27, Wall Street ended lower as traders booked profits:
– The S&P 500 (SPX) fell 0.4%
– The Dow Jones Industrial Average (DJI) dropped 0.3%
– The Nasdaq Composite (IXIC) declined 0.6%
These movements set the stage for what could be an interesting trading day when markets reopen.
Upcoming Market Events
Several key events and releases are on the horizon that could impact market performance:
1. Black Friday Sales: The day after Thanksgiving marks the unofficial start of the holiday shopping season. Consumer spending data from this event could significantly influence retail stocks and overall market sentiment.
2. Economic Data Releases: Investors will be watching for upcoming reports on consumer confidence, GDP revisions, and employment figures in the coming days.
3. Federal Reserve Speeches: Any statements from Fed officials following the Thanksgiving break will be closely scrutinized for hints about future monetary policy decisions.
Major Stock News
While U.S. markets were closed, several notable developments occurred:
– Tesla (TSLA): The electric vehicle maker continues to face challenges with its Cybertruck production, potentially affecting its stock when trading resumes.
– Apple (AAPL): Reports suggest strong demand for the latest iPhone models, which could boost the tech giant’s shares.
– Nvidia (NVDA): The chipmaker’s stock may see movement following recent concerns about AI chip export restrictions to China.
– Amazon (AMZN): The e-commerce giant’s performance during the Black Friday sales will be closely watched by investors.
International Developments
Global events that could impact U.S. markets include:
– The Bank of Korea cut its key interest rate to 3%, signaling concerns about economic growth in the region.
– European Central Bank chief Christine Lagarde emphasized the need for cooperation with the U.S. to avoid a potential trade war.
– The Russian ruble fell sharply against the U.S. dollar, trading near its lowest level since the 2022 invasion of Ukraine.
Looking Ahead
As U.S. markets prepare to reopen for a shortened session on Friday, November 29, investors will be keen to see how the domestic market responds to global trends and the kickoff of the holiday shopping season. The performance of major indexes like the S&P 500, Nasdaq, and Dow Jones will be crucial indicators of market sentiment following the Thanksgiving break.
Traders and investors should remain vigilant, as the combination of holiday-thinned trading volumes and significant economic data releases could lead to increased volatility in the coming days. As always, staying informed about global economic developments and company-specific news will be key to navigating the market landscape as we approach the end of 2024.
