U.S. Major Averages Attempt to Rebound In Holiday-Shortened Week

Barry Adams
25 Nov, 2024
New York City

Stocks on Wall Street attempted to extend previous week's gains after market sentiment reversed sharply in Friday's trading. 

The S&P 500 index and the Nasdaq Composite advanced 0.5% in early trading, and president-elect Trump announced his plans to nominate Scot Bessent as Treasury secretary. 

Investors hoped that the appointment of Bessent, founder of the hedge fund manager, Key Square Group, could mitigate some of President-elect Trump's extreme economic agenda and trade protectionist policies. 

Trading volumes on Wall Street are expected to be light this week, as financial markets are closed on Thursday to observe the Thanksgiving holiday and close early on Friday. 

In the holiday-shortened week in the U.S., FOMC meeting minutes, PCE inflation data, personal income and outlay figures, and a second estimate on the third quarter GDP will dominate economic headlines.

 

U.S. Indexes and Treasury Yields

The S&P 500 index increased 0.5% to 6,016.50, the Nasdaq Composite rose 0.5% to 19,083.09, and the Russell 2000 index inched higher 0.3% to 2,426.36. 

The yield on 2-year Treasury notes edged higher to 4.37%, 10-year Treasury notes inched lower to 4.37%, and 30-year Treasury bonds decreased to 4.54%.

WTI crude oil decreased $0.04 to $71.96 a barrel, and natural gas prices edged up 6 cents to $3.29 a thermal unit.

Gold decreased by $26.85 to $2,683.20 an ounce, and silver declined by $0.59 to $30.74.

The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower to 107.05.

 

U.S. Stock Movers 

Bath & Body Works jumped 14.5% to $34.65 after the specialty retailer reported better-than-expected results in the third quarter. 

Revenue in the fiscal third quarter, with 13 weeks ending on November 2, increased 3% to $1.61 billion from $1.56 billion, net income declined to $106 million from $119 million, and diluted earnings per share dropped to 49 cents from 52 cents a year ago. 

The company estimated the fourth quarter 2024 net sales to decline between 4.5% and 6.5% from $2.91 billion a year ago, largely because of a shift in calendar. 

Fourth quarter net sales are likely to be negatively impacted by 500 basis points because of the extra one week in the quarter a year ago. 

Fourth quarter earnings per diluted share are expected to be between $1.94 and $2.07, compared to $2.55 in the fourth quarter 2023 and adjusted earnings per diluted share of $2.06 in the fourth quarter 2023. 

Macy's Nordstrom and Dell Technologies are among the leading companies scheduled to release earnings this week.