S&P 500 – 6,849.09 (+0.54%)

Dow Jones – 47,716.42 (+0.61%)

NASDAQ – 23,365.69 (+0.65%)

• Stocks End November on a Modest High: U.S. equities edged higher on Friday, closing November with the S&P 500 up more than 3% for the week and marking its seventh consecutive month of gains. Ten of 11 sectors finished in the green, led by energy and consumer discretionary, while health care lagged.
• Treasury Yields Tick Up: Treasury yields finished slightly higher, with the 10-year moving just above 4% and the 2-year near 3.5%. The shift reflects ongoing market reactions to economic data and investor positioning heading into December.
• S&P 500 Shows Year-to-Date Resilience: Despite a volatile 2025, where the S&P 500 dropped 19% from its April peak, the index has rebounded sharply. As November closed, it sits up 16% year-to-date, highlighting strong market recovery.
• Labor Market Data Sends Mixed Signals: The September Nonfarm Payrolls report came in above estimates, but August was revised lower, and the Unemployment Rate ticked up slightly. Initial jobless claims fell to 220,000, below expectations, while continuing claims rose to a four-year high of 1.957 million.
• Nvidia Faces Intensifying AI Pressure: Nvidia (NVDA) remains more than 10% below recent highs as competition builds in the AI chip market. Chinese firms are reportedly training AI models overseas to access Nvidia chips and bypass U.S. export restrictions.
• Alphabet Gains Momentum with Gemini 3: Alphabet (GOOGL) continued to rise following its Gemini 3 AI rollout. Reports suggest Meta Platforms (META) may adopt its chips, and Google is preparing another push into AI semiconductors, increasing pressure on Nvidia.
• SanDisk Surges on S&P Inclusion: SanDisk (SNDK) jumped after its official addition to the S&P 500. The flash-memory company has surged nearly 500% over the past six months, reflecting strong investor enthusiasm.
• Tech Stocks Show Mixed Gains: MicroStrategy (MSTR), Circle Internet Group (CRCL), and Coinbase Global (COIN) rose 2–4% on Friday. Tilray Brands (TLRY) fell over 14% following a 1-for-10 reverse stock split.
• Bitcoin Nears Key Technical Level: Bitcoin (/BTC) ticked higher toward $91,900. 
• Retailers Rise as Black Friday Kicks Off: Macy’s (M), Best Buy (BBY), Amazon (AMZN), and Walmart (WMT) climbed early Friday as Black Friday shopping began. The National Retail Federation forecasts 186.9 million shoppers from Thanksgiving through Cyber Monday, up about three million from last year.
• Airlines Gain Ahead of Busy Travel Weekend: Airline stocks rose as the FAA projected the busiest Thanksgiving travel period in 15 years. Passenger demand appears strong, supporting gains across the sector.
• Goldman Sees ‘Cleaner’ Market Setup: Goldman Sachs traders said the market enters December with a “cleaner” setup. This suggests reduced volatility and a potentially more orderly start to the final month of the year.
• FDA Issues New Covid Oversight Guidance: The FDA linked Covid vaccines to 10 child deaths and announced plans for tighter vaccine oversight. Regulators aim to increase monitoring while maintaining public safety.
• McDonald’s Nugget Combo Sparks Backlash: McDonald’s $8 nugget combo drew online criticism over rising prices and declining value. Consumers expressed frustration about affordability and perceived menu inflation.

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“Thanksgiving, after all, is a word of action.” — W.J. Cameron

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Notable Stocks

• Nvidia (NVDA)
• Microsoft (MSFT)
• Macy’s (M)
• Amazon (AMZN)
• Walmart (WMT)

Weekly Notables

Trump Declares Venezuelan Airspace Closed Amid Attack Fears

President Donald Trump said airlines should treat the airspace over and around Venezuela as closed, as his administration continues to threaten more aggressive action against President Nicolás Maduro’s government. U.S. forces have recently expanded their presence in the region as Trump considers military options that go beyond earlier U.S. strikes targeting boats Washington says were transporting narcotics toward the United States. In recent days, Trump has hinted at possible U.S. operations inside Venezuela but has not clarified whether or when such strikes might begin.

AI Helps Drive Record $11.8 Billion In Black Friday Online Spending

AI-powered shopping tools helped fuel a record surge in U.S. online spending this Black Friday, as consumers steered clear of crowded stores and relied on chatbots to compare prices and secure discounts amid concerns about tariff-related cost increases. U.S. shoppers spent a record $11.8 billion online, up 9.1% from 2024, according to Adobe Analytics, which tracks one trillion online retail visits. The holiday season arrives as Americans contend with tighter budgets, rising unemployment, weakening consumer confidence, and elevated prices—prompting shoppers to stretch each dollar. The record-setting day sets up an even bigger Cyber Monday, which Adobe expects to generate $14.2 billion in sales, up 6.3% year over year.

Earnings Spotlight

Crowdstrike's (CRWD) next earnings report for Q3 Fiscal Year 2026 is scheduled for release on Tuesday, December 2, 2025, after the market closes. Analysts anticipate non-GAAP earnings per share (EPS) of approximately $0.94 on revenue of around $1.21 billion. 

What's Ahead

With a quiet economic calendar, investors are turning their focus to next week’s ISM PMI and September PCE inflation data.

There's no nonfarm payrolls report this week due to the shutdown. Still, investors can get a sense of the labor market through ADP's November private employment report next Wednesday and the Challenger job cuts report for November next Thursday.

Since 1980, the S&P 500 has posted gains in December 71% of the time with an average return of 1.2%, compared with 63% of months overall averaging 0.9%. While history offers no guarantees for 2025, it suggests the year could still end on a positive note.

• December 1: November ISM Manufacturing Index, October construction spending
• December 2: Expected earnings from Marvell Technology (MRVL) and CrowdStrike (CRWD).
• December 3: ADP November employment, November ISM Services Index, September industrial production, and expected earnings from DollarTree (DLTR), Macy's (M), Salesforce (CRM), and Snowflake (SNOW).
• December 4: November Challenger Job Cuts and expected earnings from Kroger (KR), Dollar General (DG), and Hewlett Packard Enterprise (HPE).
• December 5: September personal income and spending, September PCE and core PCE, October factory orders, and University of Michigan preliminary December consumer sentiment.