Home Crypto News US stocks remain steady on a shortened trading day while Bitcoin experiences a surge

US stocks remain steady on a shortened trading day while Bitcoin experiences a surge

by Michael Stark

**Mixed Day for US Stocks After Thanksgiving Holiday**

*US stocks experienced a mixed day of trading on Friday following the Thanksgiving holiday, with the Dow Jones Industrial Average moving up and the S&P 500 dropping.*

By midday trading, the Dow Jones Industrial Average moved up about 0.2%, or more than 50 points, while the benchmark S&P 500 dropped roughly 0.5%. The tech-heavy Nasdaq composite lagged, falling about 0.2%.

**Focus on Retailers as Black Friday Begins**

Eyes are on retailers as Black Friday kicks off the holiday shopping season after big box chains such as Target and Walmart warned that penny-pinching consumers are spending cautiously. Retailers are going earlier and longer on holiday promotions as shoppers turn picky.

**Discord at OPEC+ Affects Crude Prices**

Meanwhile, discord at OPEC+ kept a lid on crude prices after the group of oil-producing countries said it will hold its next meeting online due to a dispute between Saudi Arabia and African members over quotas.

Brent crude futures ticked up to trade above $82 per barrel, while West Texas Intermediate crude futures were down slightly to trade at just below $77 a barrel, after the Thanksgiving break in trading.

**Nvidia Stock Drops After China Launch Delay**

Nvidia’s stock dropped more than 1% after Reuters reported the company has pushed back the launch in China of an AI chip designed to comply with US export curbs.

**Cryptocurrencies Experience a Boost**

Cryptocurrencies saw a boost with Bitcoin rallying more than 2.5% to trade above $38,000 a coin — its highest level since May 2022. Shares in crypto broker Coinbase also moved higher on the news, up about 6%.

Overall, the low-volume day of trading following the Thanksgiving holiday led to mixed results for US stocks. Retailers are closely watched as Black Friday marks the beginning of the holiday shopping season, while discord within OPEC+ has affected crude prices. Additionally, Nvidia’s stock experienced a drop after a China launch delay, and cryptocurrencies saw a significant boost.

For in-depth analysis of the latest stock market news and events moving stock prices, click here. Read the latest financial and business news from Yahoo Finance here.

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