Index Logs Record Close in Black Friday Session

Major U.S. equities indexes ticked higher in an abbreviated Black Friday session that closed out trading for November.

In addition to digesting yesterday’s Thanksgiving meal and monitoring the kickoff of the holiday shopping season, investors continued to weigh the implications of the incoming presidential administration’s trade and tariff policies.

The S&P 500 added 0.6%, printing an all-time closing high to finish out the month. The Dow also notched a record close with a gain of 0.4%, while the Nasdaq added 0.8% to end November just below record levels posted in the wake of the election.

Shares of premium apparel retailer Ralph Lauren (RL) enjoyed the strongest gains of any S&P 500 stock, jumping 3.9%. In its most recent earnings report, released earlier this month, the company posted better-than-expected quarterly profits and lifted its sales guidance, highlighting gains in direct-to-consumer sales. Ralph Lauren’s store in New York City has drawn attention for its holiday display featuring an interactive version of the brand’s Polo Bear that can blow kisses and take selfies with passing shoppers.

Tesla (TSLA) shares added 3.7% following positive commentary from Wedbush Securities, which reiterated its “outperform” rating and $400 price target on the EV maker’s stock. Analysts believe Tesla is positioned to benefit from a proposed federal framework for autonomous vehicles under the incoming Trump administration, which could serve as a catalyst for the company’s artificial intelligence and self-driving goals.

Shares of semiconductor equipment makers pushed higher following reports that the Biden administration is considering updated restrictions on exports to China that would be less stringent than previously proposed rules. Lam Research (LRCX) shares gained 3.2%.

Casino operators received a boost as China announced a loosening of visa restrictions, making it easier for residents of certain regions to travel to gaming hotspot Macau. In addition, a report from Zacks Equities Research highlighted Las Vegas Sands (LVS) for its strong strategic positioning and capital return plans. Las Vegas Sands shares jumped 3.2%, while shares of fellow hotel and casino company Wynn Resorts (WYNN) added 3%.

Shares of server and data storage provider Super Micro Computer (SMCI) fell 6.9%, the steepest decline in the S&P 500 on Friday. Although the company submitted a plan last week aimed at addressing delays in its financial reporting and avoiding the delisting of its stock from the Nasdaq, Supermicro has not provided a specific timeline for releasing its overdue annual report. It may take time for the newly named auditor to revise financial statements, and Supermicro prepaid debts with a provision that the annual report be filed by year-end.

VeriSign (VRSN) shares sank 2.3%, reversing a portion of the gains posted by the stock in the previous session after the internet infrastructure company renewed its agreement with Internet Corporation for Assigned Names and Numbers, the internet organization that oversees online domain names. While the renewed deal is a positive sign for the company’s capacity to maintain its revenue streams, VeriSign remains the subject of antitrust concerns regarding a perceived monopoly in the domain registry industry.

Shares of Texas Pacific Land Corp. (TPL) also gave back some of their pre-Thanksgiving gains, slipping 2.2%. The company has drawn attention for establishing innovative uses for its land holdings in the oil-rich Permian Basin, including bitcoin mining, solar installations, and water and wastewater services for fracking operations.