Futures linked to the S&P 500 showed early gains on Friday as Wall Street resumed trading after the Thanksgiving holiday, preparing to conclude a shorter trading week. The stock market is scheduled to close early at 1 p.m. EST, and traders are anticipated to approach the day with caution due to expected low trading volumes, suggesting that fluctuating stock prices may not be indicative of broader trends as November concludes on an atypically weak note.
In related news, the Chicago Mercantile Exchange (CME) experienced a significant outage early in the morning that affected trading across futures, foreign exchange, and options markets. The exchange reported that operations were gradually returning to normal after the disruption was caused by a cooling issue at its CyrusOne data centers, according to a statement from a CME spokesperson.
As the holiday shopping season kicks off with Black Friday, it serves as a critical assessment for retailers and U.S. consumers. Observers will be watching closely to gauge purchasing demand as it may influence economic performance for the rest of the quarter. Among the retailers in focus are TJX Companies, Nike, and Home Depot, with pre-market trading indicating positive sentiment. Shares of prominent retailers such as Best Buy and Target rose by 0.4% and 0.3%, respectively, while Walmart and Dillard’s also saw slight gains.
Ahead of its earnings report next week, UBS raised its price target on Five Below from $184 to $204, reiterating a buy rating amid ongoing discussions about consumer behavior in the lead-up to the quarterly results.
Internationally, India’s economy demonstrated unexpected strength in the third quarter, posting an impressive growth rate of 8.2%, accelerated from 7.8% in the previous quarter and exceeding analysts’ expectations of 7.3% growth for the July-September period.
In tech developments, Alibaba launched its AI-powered Quark AI Glasses on Thursday, targeting a market segment that includes competitors like Meta, which released its Meta Ray-Ban Display glasses priced at $799 in September. The Quark AI Glasses are priced at up to 3,799 Chinese yuan (about $536), marking another entry into the burgeoning wearables market.
The year has also seen a notable rebound in corporate deal-making, which the Wall Street Journal attributes to the Trump administration’s relaxed approach to antitrust regulation. This climate has emboldened companies to pursue mergers and acquisitions, with U.S. deal values reportedly rising over 40% compared to the same timeframe last year, according to LSEG data. Such increased activity is generally favorable for investment banks like Goldman Sachs, known for its significant investment banking division.
On the downside, Evercore ISI lowered its price target for Deere from $487 to $458 while maintaining a hold rating on the stock, citing a dim near-term outlook following disappointing results from the manufacturer that failed to meet expectations regarding agricultural equipment fundamentals.
Finally, CNBC reported on Alphabet’s significant advancements in artificial intelligence, highlighting its Gemini 3 AI model and Ironwood chip, which have contributed to a surge in its stock price recently, achieving an all-time high on Tuesday. Nonetheless, industry experts caution that Alphabet’s edge in the highly competitive AI landscape remains precariously narrow.
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