U.S. stock markets concluded a holiday-shortened Black Friday trading session with a strong finish, marking a fifth consecutive day of gains across major indexes. Despite the positive daily performance, the tech-heavy Nasdaq Composite notably snapped its seven-month winning streak for November, while the S&P 500 and Dow Jones Industrial Average extended their monthly gains. Investors remained optimistic about potential Federal Reserve interest rate cuts in the near future, which continued to fuel market sentiment.
Major Index Performance Recap
On Friday, November 28, 2025, Wall Street saw a broad rally in an abbreviated trading day that closed at 1 p.m. ET, following the Thanksgiving holiday. The S&P 500 rose 0.5%, adding 36.48 points to close at 6,849.09. The Dow Jones Industrial Average (DJIA) advanced 0.6%, gaining 289.30 points to finish at 47,716.42. The Nasdaq Composite also climbed, increasing by 0.7% or 151 points, to reach 23,365.69. The smaller-cap Russell 2000 index mirrored the upward trend, rising 0.6% to 2,500.43.
This strong daily performance capped a robust week for the markets, with the S&P 500 gaining 3.7%, the Dow advancing 3.2%, the Nasdaq surging 4.9%, and the Russell 2000 adding 5.5% for the week. However, the month of November presented a mixed picture. While the S&P 500 and Dow extended their monthly winning streaks to seven consecutive months, the Nasdaq Composite saw its first monthly decline since March, falling 1.5% for November. This divergence highlights a shift in investor focus, particularly concerning the valuation of high-growth technology stocks.
Key Market Drivers and Sentiment
The prevailing market optimism largely stemmed from renewed hopes for another interest rate cut by the Federal Reserve next month. Traders are currently pricing in an approximately 83% probability of a December rate cut, according to data from CME Group. This sentiment was reinforced by recent economic data, including a report from the Department of Labor showing initial jobless claims decreased by 6,000 to a seven-month low of 216,000 for the week ended November 22. Despite this, the Fed's Beige Book report, released earlier in the week, indicated weaker employment in about half of the Federal Reserve's 12 districts and a decline in consumer spending, which could further support the case for monetary easing.
A notable event today was a temporary disruption at CME Group's (CME) data centers, which briefly halted trading in several markets, including stock index futures. However, the issue was resolved, and CME Group stock pared its premarket losses to finish up 0.2%.
Major Stock News and Movers
Individual stock movements provided significant highlights during the shortened trading day:
- Intel (INTC) emerged as the top performer in the S&P 500, surging an impressive 10.2%. This significant jump was attributed to analyst speculation that Intel could become a foundry supplier for Apple (AAPL) processors, adding fuel to earlier rumors of a potential deal with the iPhone maker.
- In contrast, some high-profile artificial intelligence (AI) stocks faced headwinds. Nvidia (NVDA) shares declined by 1.8% on Friday, concluding November with a double-digit percentage loss. This downturn reflects ongoing investor concerns about competitive threats and the elevated valuations of AI-driven companies. Similarly, Oracle (ORCL) slipped 2.2% on Friday and experienced a substantial 23% tumble for the month of November.
- Drugmaker Eli Lilly (LLY) was among the biggest decliners in the S&P 500, slipping 2.6%. This came after the company recently achieved a historic $1 trillion market capitalization, with its popular weight-loss drugs underpinning much of its recent growth.
- Sandisk (SNDK) made a strong debut in the S&P 500, gaining nearly 4%. The flash memory card and solid-state drive maker's inclusion in the benchmark index could increase demand from index-tracking funds.
- Cryptocurrency-related stocks saw a boost, with Bitcoin stabilizing around $91,658. Companies like Bitfarms (BITF) surged 12%, and other players such as Marathon Holdings (MARA), MicroStrategy (MSTR), Riot Platforms (RIOT), Robinhood Markets (HOOD), and Coinbase Global (COIN) also posted gains.
- Retailers were in focus on Black Friday. Major players like Walmart (WMT), Target (TGT), and Amazon (AMZN) all finished up roughly 1% to 2%. Among specialty retailers, Abercrombie & Fitch (ANF) rose 2.9% and American Eagle Outfitters (AEO) gained 0.7%, while Macy's (M) fell 0.3% and Dick's Sporting Goods (DKS) dropped 0.5%. AppLovin Corp. (APP) also stood out as a major gainer in the Nasdaq, rising 5.5%.
Upcoming Market Events and Earnings
Looking ahead, investors will be closely monitoring several key events that could influence market direction:
- Federal Reserve Policy: The ongoing speculation surrounding a potential Federal Reserve interest rate cut in December will remain a dominant theme. The Fed's next policy meeting and any further commentary from officials will be critical.
- Economic Data: Next week brings important economic data releases, including Eurozone CPI data for November and unemployment figures for October on Tuesday. Chinese November conditions PMIs are expected on Monday, and Australia's September quarter GDP growth will be released on Wednesday. These global indicators will provide further insights into the health of the international economy.
- Earnings Announcements (After Market Close): Following today's close, a few companies are scheduled to release their financial results. Globus Maritime (GLBS) is set to announce its third-quarter and nine-month 2025 financial results. Additionally, Chinese e-commerce platform Meituan (HKG: 03690) is expected to release its third-quarter 2025 financial results. British American Tobacco ADR (BTI) also has an earnings release scheduled. These reports will offer crucial insights into corporate performance and future outlooks across various sectors.
The market's resilience on Black Friday, despite a volatile November for some tech giants, suggests underlying strength driven by rate cut expectations and selective corporate performance. However, the divergence in monthly performance between the Nasdaq and other major indexes indicates a cautious re-evaluation of growth versus value, particularly in the AI sector.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.