Wall Street Heads for 4th-Straight Weekly Win

Retail earnings were fully in focus

Deputy Editor
Nov 24, 2023 at 11:00 AM
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Wall Street's week was short, with the Thanksgiving holiday and Black Friday muting trading, but there was still plenty to unpack. The technology sector helped the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) log five-straight wins by Monday's close, while blue-chip earnings boosted the Dow Jones Industrial Average (DJIA). Meeting Minutes from the Federal Reserve, however, brought Wall Street's momentum to a halt. The Dow went on to snag a triple-digit win, however, alongside solid gains from the SPX and IXIC on Wednesday. As of Friday morning, stock futures were modestly higher to start a shortened session, as the major benchmarks paced for their fourth-straight winning week.

Retail Earnings Before Holiday Shopping

With the unofficial start of the holiday-shopping season here, retail stocks were firmly in focus. Urban Outfitters (URBN) eyed its worst day since May 2022 after its current-quarter forecast missed expectations. Sector peers American Eagle Outfitters (AEO) and Dick's Sporting Goods (DKS) also stepped into the earnings confessional and made outsized gains. Kohl's (KSS) stock staged a dramatic post-earnings move, while semiconductor firm Nvidia (NVDA) beat third-quarter estimates.

 

The Holiday Shopping Season is Here

This short week marks the Black Friday holiday. Plenty of retail earnings are due out alongside updates from the Federal Reserve. Plus, here's a list of stocks to watch during Black Friday, and what sideline cash will do for Wall Street's rally.

 

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