Both the S&P 500 ETF (SPY) and the Nasdaq 100 ETF (QQQ) closed Friday’s shortened trading session on higher ground ahead of the Thanksgiving holiday weekend.
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The gains come after an unexpected outage at the Chicago Mercantile Exchange (CME) that disrupted futures and options trading in the early morning hours. The CME attributed the blame to a cooling issue at a data center facility and said that normal operations resumed at 8:30 a.m. Eastern Time.
In the wake of an attack on two National Guard members in Washington, D.C., President Trump has vowed to restrict immigration into the U.S. from Third World countries.
“I will permanently pause migration from all Third World Countries to allow the U.S. system to fully recover, terminate all of the millions of Biden illegal admissions, including those signed by Sleepy Joe Biden’s Autopen,” he said in a Truth Social post. Trump added that he would cancel federal benefits and subsidies to non-U.S. citizens and stressed a solution of “REVERSE IMMIGRATION.” In June, Trump partially or fully suspended visa issuances from 19 countries, including Afghanistan, Iran, and Sudan.
Meanwhile, Adobe (ADBE) expects U.S. online sales during the holiday season, which stretches from November 1 to December 31, to grow by 5.3% year-over-year to a record $253.4 billion. As of November 27, holiday spending had risen by 6.8% to $99.6 billion, with mobile spend growing by 6.4% to $52.2 billion.
In other news, U.S. equity funds snapped a six-week winning streak of net inflows that began on October 15. For the week ended November 15, the funds saw net outflows of $4.56 billion. Mid-cap funds faced net outflows of $1.69 billion, followed by small-cap funds at $885 million and large-cap funds at $144 million. Furthermore, U.S. bond funds received $4.11 billion in net inflows, while U.S. money market funds added $25.28 billion, possibly signaling a risk-off sentiment from investors.
The S&P 500 (SPX) closed with a 0.54% gain, while the Nasdaq 100 (NDX) returned 0.78%.
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