Thanksgiving Week Boosts Stock Market: Microsoft's Record High and Governance Changes Drive Momentum

Thanksgiving week propels stock market gains. Microsoft's record high and OpenAI governance changes drive momentum. Stay updated on Black Friday retail activity.

Nov 23, 2023 - 09:28
Nov 23, 2023 - 09:29
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Thanksgiving Week Boosts Stock Market: Microsoft's Record High and Governance Changes Drive Momentum
Thanksgiving Week Boosts Stock Market: Microsoft's Record High and Governance Changes Drive Momentum

Heading into the Thanksgiving holiday, the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all saw gains, spurred by Microsoft's fresh record and significant governance changes at OpenAI.

Microsoft, as the largest investor in OpenAI, benefited from the reinstatement of Sam Altman and Greg Brockman, along with a revamped board of directors. CEO Satya Nadella expressed optimism about the move, highlighting its significance for stable and effective governance.

Trading Schedule:

On Thursday, U.S. equity and Treasury markets will be closed for Thanksgiving. However, on Black Friday, U.S. stocks will follow an abbreviated schedule from 9:30 a.m. to 1 p.m. ET. Retail stocks like Walmart, Target, Amazon, and Macy's may see activity as consumer spending data emerges leading up to Cyber Monday.

Shopping Season Kickoff:

Black Friday marks the official start of the shopping season, with attention shifting to retail stocks. Following this, Small Business Saturday promotes support for local brick-and-mortar businesses during the holiday shopping rush.

Also Read: Stock Market Update: Nvidia Soars, OpenAI's Surprise, and Thanksgiving Anticipation!

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