Opening Comment — Friday, November 28, 2025
DJIA: 47,427.12, up 314.67
S&P 500: 6,812.61, up 46.73
NASDAQ: 23,214.69, up 189.10
Technology issues halts futures markets
Futures markets were halted due to a technology issue following the holiday and ahead of Friday’s shortened trading session as investors assessed factors shaping the Federal Reserve’s (Fed’s) upcoming rate decision.
U.S. equities were higher on Wednesday as the Fed’s Beige Book showed “economic activity was little changed” and “overall consumer spending declined further, while higher-end retail spending remained resilient.” Both initial jobless and continuing claims declined. Meanwhile, the preliminary reading of durable goods orders for September rose as expected and Market News International’s Chicago purchasing managers’ index declined more than anticipated in November, falling to 36.3. The Dow was up 0.7%, while the tech-heavy Nasdaq Composite rose 0.8%. The S&P 500 increased 0.7% with nine of 11 sectors finishing in positive territory. The Utilities sector was the top performer, rising 1.3%, while the Communication Services sector was the bottom performer, falling 0.5%.
Technical Analysis
None at this time.
Across the pond, European stocks are mixed in mid-day trading as Germany’s Import Price Index unexpectedly increased while retail sales declined month-over-month (MOM). Meanwhile, the country’s unemployment change in November came in significantly lower than projected, though the unemployment claims rate remained steady at 6.3%. France’s preliminary Consumer Price Index (CPI) dropped more than expected in November, while the country’s finalized reading of third-quarter gross domestic product still showed growth of 0.5% quarter-over-quarter and 0.9% year-over-year (YOY). Meanwhile, the country’s October’s Producer Price Index remained constant MOM and showed 0.8% deflation YOY.
Overnight in Asia, stocks were mixed as Japan’s Tokyo headline and core CPI remained steady at 2.7% and 2.8% YOY, respectively, following revisions to the prior month’s data. Meanwhile, the country’s jobless rate remained steady at 2.6% for October and the job-to-applicant ratio fell to 1.18. Japan’s retail sales rose by 1.6% MOM and 1.7% YOY in October and preliminary industrial production data came in stronger than expected.
In FOREX trading, the U.S. dollar is higher to end out the holiday-shortened week.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 0.7% higher at $59.08/barrel ahead of this weekend’s Organization of the Petroleum Exporting Countries meeting.
In the metals complex, gold is 0.4% higher at $4,174.44/ounce despite a strengthening U.S. dollar.