The S&P 500 and Dow Jones Industrial Average notched record closing highs in a shortened Black Friday session, lifted by technology stocks such as Nvidia, while retail was in focus as the holiday shopping season kicked off.

Market Snapshot

The S&P 500 rose 0.56% to 6,032.38 points after breaching its intraday record high of 6,025.42 set on Nov. 26. The Dow Jones Industrial Average climbed 0.42% to 44,910.65 points. The Nasdaq gained 0.83% at 19,218.17 points.

Market Movers

Nvidia - Nvidia rose 2.2%. It has risen nearly 180% this year. The leading maker of chips for artificial-intelligence applications last week reportedthird-quarter earningsthat beat analysts’ estimates. But thestock has retreated since then, likely a result of profit-taking from investors.

Tesla - Shares of Tesla, the electric-vehicle maker, rose 3.7%. It was a great month for the stock. Tesla stock was on pace forone of the best months in the company’s history.

Super Micro Computer - Super Micro Computer fell 6.9%. The past week was a topsy-turvy one with the stock gaining 16% on Monday, falling 10% on Tuesday, and rising 1.9% on Wednesday. Thebig moves in the sharescome amid the ongoing threat of Super Micro being delisted from the Nasdaq. 

Applied Materials, Lam Research, KLA Corp. - Chip-equipment-making stocks rose Friday after a Bloomberg report said the Biden administration’s crackdown on semiconductor sales to China could be less severe than some had expected. Applied Materials rose 2%, Lam Research gained 3.2%, and KLA Corp. was up 2.4%.

MicroStrategy - MicroStrategy fell 0.4% after trading higher earlier in the session. The largest corporate holder of Bitcoin—the company owns 386,700 bitcoin—has ridden the cryptocurrency’s more than doubling in price this year to gains of more than 500% for its stock.

Walmart, Amazon - Shares of Walmart, the world’s biggest retailer, rose 0.7% on Black Friday. Amazon.com, the online retailing giant, gained 1.1%.

Applied Therapeutics - Applied Therapeutics dropped 76.3% after the company received a letter from the Food and Drug Administration in which the agencydeclined to approvea drug to treat the metabolic disorder Classic Galactosemia. The company said the FDA had cited “deficiencies in the clinical application” of the drug, which it is marketing as govorestat.

Market News

US Equity Funds Attract Inflows for Fourth Successive Week

U.S. investors poured money into equity funds in the week ended Nov. 27, buoyed by the naming of officials for the new Trump administration and a fall in Treasury yields, which alleviated concerns about the prospects for growth stocks.

Investors bought $12.78 billion worth of U.S. equity funds, a sharp jump in net purchases from the around $3.03 billion worth a week earlier, LSEG Lipper data showed.

The large-cap and small-cap funds segments drew inflows totaling $5.27 billion and $3.11 billion, respectively. Multi-cap and mid-cap funds, however, saw net outflows of $419 million and $137 million, respectively.

U.S. sectoral funds were in big demand, attracting about a net $4.72 billion, thanks to notable $2.08 billion, $990 million and $962 million net purchases in the financials, consumer discretionary and technology sectors, respectively.

Trump's Tariffs Could Cost Carmakers up to 17% of Combined Core Profits, S&P Says

European and American carmakers are set to lose up to 17% of their combined annual core profits if the U.S. imposes import tariffs on Europe, Mexico and Canada, S&P Global said in a report on Friday, warning of potential credit downgrades.

Premium automakers Volvo and Jaguar Land Rover, who mostly produce in Europe, and groups General Motors and Stellantis, who assemble high volumes of cars in Mexico and Canada, are most exposed to the threat of higher tariffs, S&P said.

President-elect Donald Trump on Monday said he would impose a 25% duty on imports from Canada and Mexico until they clamped down on drugs and migrants crossing the border, a move that would appear to violate a free-trade deal between the three countries.