Black Friday Boost: Retail Stocks Rise Amid Record Consumer Spending Predictions

Black Friday trading opened with Wall Street's main indexes slightly up, powered by retail stock gains. Investors profiled retail giants as Adobe predicts a record $10.8 billion in online purchases. Chip and crypto stocks rose, while Applied Therapeutics fell sharply after FDA denial.

Wall Street's major indexes saw modest growth during the Black Friday trading session, buoyed by retail stocks. The holiday shopping season brought attention to retail equities, as investors predicted a surge in consumer spending amidst deep Black Friday discounts.

Major retailers saw stock boosts, with Adobe Analytics forecasting a record $10.8 billion in online sales. Concurrently, information technology stocks like Nvidia and Apple helped lift the S&P 500, while the Dow Jones benefited from positive movements in industrial and financial sectors.

Meanwhile, chip stocks rebounded, and crypto stocks gained ground. However, Applied Therapeutics experienced a sharp decline after the FDA rejected its drug approval. The session followed a downward trend from Wednesday, sparked by inflation concerns impacting Federal Reserve rate cut speculations.

(With inputs from agencies.)