US Stock Markets Surge Post-Thanksgiving, Buoyed by Tech and Retail Gains

U.S. stock indices rose on a light trading day post-Thanksgiving, with major gains in tech and retail sectors. Anticipation of a Federal Reserve rate cut supported equity markets. While indexes saw weekly gains, monthly results were mixed, especially for tech-heavy Nasdaq, amid AI valuation concerns.

In a post-Thanksgiving trading session marked by low volume, U.S. stocks climbed significantly, driven by rebounds in the tech and retail sectors. The uplift was underpinned by increasing expectations that the Federal Reserve might implement a rate cut in December, which bolstered market sentiment.

The Dow Jones Industrial Average rose by 0.61% to settle at 47,716.42 points. Meanwhile, the S&P 500 increased by 0.54%, reaching 6,849.09 points, and the Nasdaq Composite advanced 0.65% to 23,365.69 points. All S&P 500 sectors besides healthcare saw increases, as pharmaceutical firm Eli Lilly fell by 2.6%.

Throughout the week, major indexes posted gains: S&P 500 rose by 3.73%, Nasdaq by 4.91%, and Dow by 3.18%. The S&P and Dow returned to positive for the month, but Nasdaq's decline of 1.51% showcased concerns over AI and tech valuations. A CME outage briefly disrupted futures trading but had limited impact on the low-volume day.