CNBC Business News Update - Market Close: Stocks Lower But Still Near Record Highs, Wall Street Closed On Thanksgiving But Open Friday Until 1pm ET 11/27/24

Episode Date: November 27, 2024

From Wall Street to Main Street, the latest on the markets and what it means for your money. Updated regularly on weekdays, featuring CNBC expert analysis and sound from top business newsmakers. Anchored by CNBC's Jessica Ettinger.

I'm Jessica Ettinger, CNBC. Wall Street opens Friday morning after Thanksgiving for a half day of trading. The markets will close at 1 p.m. Eastern and wrap up the month of November. The bond markets are closed until Monday morning. Now, on Wednesday before the holiday, stocks were lower but still very near record highs. The Dow's on pace for its best year since 2019. The S&P 500 index for its best year since 2021. It's been tough to knock the S&P 500 off course from this uptrend,

even with the tariff headlines and things like that. It's been pretty locked in. You have the bullish bias for the year-end tailwinds, as well as holiday week, and then just the general sense out there that the fundamentals are pretty supportive. CNBC's Mike Santoli. On Wednesday, the Dow slipped 138 points, dragged lower by shares of Salesforce, which were down 3.8 percent. The S&P 500 index was down 22 points, slipping below 6,000 and the Nasdaq down 115 points and video shares were lower. If you have a retirement account and there's an S&P 500

index fund in there, you are up almost 26% so far this year. One thing that is trading right now, cryptocurrencies. You can buy things like Bitcoin anytime you want 24-7 because that market never closes. Friday, of course, is Black Friday. Pretty much gone are the days of consumers lining up at 3 a.m. in front of stores for screaming deals like a $5 TV set. But some of that is happening again. CNBC's Courtney Reagan. Black Friday is still expected to be the busiest store shopping day of the year, according to Sensormatic, though not as big as years ago. However, now that most large retailers are again closed on Thanksgiving, that sort of happened during COVID and we continued it, it's now pushed those store doorbusters into Friday morning again,

and that does help to lift traffic on Black Friday. Deloitte says spending during the stretch between Thanksgiving and Cyber Monday will hit a new record high of $6 bucks per person. That's a 15% from last year. Interestingly, all household income groups do plan to spend more than last year during this stretch. CNBC's Courtney Reagan. Could be a lot of talk over the long Thanksgiving holiday weekend about tariffs. America's farmers are now worried. President-elect Trump says on day one of his administration, here they come. We're starting to see tweets out of the president talking about putting 25% tariffs on all goods from Mexico and Canada. That really gets the agriculture community quite concerned.

Fertilizer Institute economist Veronica Nye on CNBC. Potash, which is potassium, which is one of the three macronutrients that all plants need to grow and thrive. We get 98% of all of that fertilizer that comes into the United States. Canada is our largest supplier. Farmers ultimately, she says, will have to pass on their costs to packaged goods producers and consumers. On Friday's watch list, there is a half day of stock trading. on their costs to package goods producers and consumers. On Friday's watch list, there is a half day of stock trading. While it's Black Friday for retailers, it's Brown Friday in the plumbing industry.

When calls for plumbers spike with clogged kitchen sinks from extra Thanksgiving food scraps and clogged toilets with extra people in the house, according to USA Today. Amazon has a Black Friday NFL game Friday afternoon. Raiders will be in Kansas City at Arrowhead to face the Chiefs only on Amazon Prime. Friday night's Mega Millions jackpot, more than a half billion dollars at 514 million dollars. I'm Jessica Ettinger, CNBC.