S&P 500 and Nasdaq Notch 5% Gains In November, Semiconductor Stocks Remain In Focus

Barry Adams
29 Nov, 2024
New York City

Stock market indexes advanced in holiday-shortened trading as most investors stayed away to celebrate the Thanksgiving holiday. 

The S&P 500 index edged up 0.1%, and the Nasdaq Composite advanced 0.2% following a rise in semiconductor equipment stocks. 

President Joe Biden's administration is likely to announce less stringent than previously expected additional restrictions on advanced technology sales to China, according to a report published by Bloomberg News. 

ASML Holding jumped 1.2% to $678.65, KLA Corp gained 1.5% to $642.0, Applied Materials increased 2.5% to $175.20, and Nvidia jumped 0.9% to $136.55. 

Semiconductor designers and equipment makers have been in focus because of the euphoria surrounding demand driven by artificial intelligence applications developers. 

Moreover, Chinese semiconductor designers and makers have been catching up with the U.S. advanced chip companies, but Chinese companies are heavily reliant on equipment and technology from the U.S. and Europe. 

China has been using its advanced semiconductor capabilities to modernize its military equipment, posing a threat to its neighbors in the region and threatening the current world order led by the U.S. 

U.S. semiconductor companies sell annually about $80 billion worth of chips, equipment, and technology to Chinese companies, pressuring the U.S. government to preserve its market. 

 

U.S. Indexes and Treasury Yields

The S&P 500 index increased 0.1% to 6,022.50, the Nasdaq Composite rose 0.2% to 19,070.53, and the Russell 2000 index inched higher 0.1% to 2,429.37. 

The S&P 500 index and the Nasdaq Composite are set to advance 0.5% for the week and gain 5% in November, and the Russell 2000 index gained 10.5% in the month. 

The yield on 2-year Treasury notes edged lower to 4.20%, 10-year Treasury notes inched lower to 4.21%, and 30-year Treasury bonds decreased to 4.30%.

WTI crude oil increased $0.24 to $69.17 a barrel, and natural gas prices edged up 3 cents to $3.31 a thermal unit.

Gold increased by $20.21 to $2,659.40 an ounce, and silver advanced by $0.50 to $30.74. 

The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower by 0.15 to 106.01.