Dow +0.42%, S&P 500 +0.56%, NASDAQ +0.83%, and Russell 2000 +0.35%. Eurozone inflation rose to 2.3% in November, as expected. Black Friday sales boost retail and tech stocks. Meta faces a 551m euro complaint, trial in October 2025. STOXX 600 +0.35%, FTSE 100 +0.07%, CAC 40 +0.78%, and DAX +1.03%.

US equities closed out a shortened trading session higher as treasury yields came off multi-month highs. The S&P 500 and Dow Jones booked record closing highs advancing 0.56% and 0.42% respectively. Gains in tech and retail stocks boosted the indices in response to Black Friday sale discounts. Adobe Analytics estimated consumers spent a record $10.8bn in online purchases +9.9% YonY. Apple, Amazon and Nvidia up over 1% each, while Target, Hasbro and Macy’s rose between 1.7%-1.9%. The NASDAQ rose 0.83%, and small caps Russell 2000 gained 0.35%. For the week, Dow +1.39%, S&P 500 +1.06% and NASDAQ +1.13%, and for the month Dow +7.54%, S&P 500 +5.73% and NASDAQ +6.21%. Treasury yields dropped amid thin holiday trading. 10Y yield off 7.2bps and 2Y yield down 6.0bps. USD Index fell 0.31%, the Aussie dollar gained 0.31%, and Bitcoin rose near 3%, trading above $97k again. The probability of a 25bps December rate cut from the Fed remains unchanged at 66%.

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