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The Key Takeaways
- The S&P 500 added 0.6% in a shortened trading session on Friday, Nov. 29, 2024, wrapping up November with an all-time closing high.
- Tesla soared after an analyst mentioned a federal proposal for autonomous vehicle framework as a possible catalyst.
- Super Micro Computer’s shares dropped amid worries about the timeline for its resolution.
Black Friday was an abbreviated session to close out November trading. Major U.S. equity indexes were up in the final minutes of that day.
Investors continue to consider the impact of trade and tariff policies of the new presidential administration, in addition to digesting the Thanksgiving dinner and watching the start of holiday shopping.
The S&P 500 added 0.6%, printing an all-time closing high to finish out the month. Dow closed with an all-time high of 0.4% while Nasdaq also posted a new record.
Shares of premium apparel retailer Ralph Lauren (RL) enjoyed the strongest gains of any S&P 500 stock, jumping 3.9%. The company’s most recent quarterly earnings report released this month showed better than expected profits, and raised its sales forecast, with a focus on direct-to consumer sales. Ralph Lauren’s New York City store has attracted attention with its interactive Polo Bear display. The bear can take selfies, blow kisses to shoppers and even perform a few tricks.
Wedbush Securities reaffirmed its positive view of Tesla’s (TSLA) stock, and the shares rose 3.7%. “outperform” The EV manufacturer’s stock has a $400 target price and a rating of “buy”. Analysts say Tesla could benefit from an upcoming federal framework that would allow autonomous vehicles to operate under the Trump Administration. The proposed framework is believed to serve as catalyst for Tesla’s self-driving, artificial intelligence, and other goals.
Stocks of semiconductor manufacturers rose after reports indicated that the Biden Administration was considering new export restrictions to China, which would be more lenient than previous proposed regulations. Lam Research’s (LRCX), shares rose 3.2%.
China has announced that visa requirements will be loosened, allowing residents from certain areas to visit Macau’s gaming hub. A report by Zacks Equities Research also highlighted Las Vegas Sands’ (LVS), for its strategic position and capital return plan. Las Vegas Sands stock rose by 3.2%. Shares of Wynn Resorts added 3%.
Shares of server and data storage provider Super Micro Computer (SMCI) fell 6.9%, the steepest decline in the S&P 500 on Friday. Supermicro, despite submitting a plan to address delays in financial reporting last week and avoid the delisting from Nasdaq of their stock, has yet to provide a timeline for the release of its late annual report. Supermicro paid debts in advance with the provision that an annual report would be submitted by the end of the year.
VeriSign shares (VRSN) fell by 2.3%. The stock reversed some of the gains it had made in the session before after Internet Corporation for Assigned Names and Numbers renewed its contract with the organization responsible for online domains. VeriSign is still under antitrust scrutiny because of its perceived monopoly within the domain registry business. The renewed deal, however, shows that the internet infrastructure company can maintain revenue streams.
Texas Pacific Land Corp.’s (TPL) shares have also given back some gains made before Thanksgiving, falling 2.2%. This company is known for finding innovative ways to use its landholdings, which are located in the oil-rich Permian Basin. Examples include solar installations, bitcoin mining and water and waste services.
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