**Wall Street Aims for a Strong November Finish**
Wall Street is looking to end November on a positive note after four straight weeks of gains. The Dow Jones Industrial Average rose by 1.3%, the S&P 500 increased by 1%, and the Nasdaq Composite gained 0.9%. The recent climb in equities is attributed to the retreat in bond yields. Investors will be keeping an eye on holiday retail spending trends, new home sales data, and personal consumption expenditures inflation data expected later in the week. These factors, among others, could serve as potential catalysts for the market.
**Cyber Monday Marks the End of a Pivotal Shopping Period**
Despite Black Friday deals beginning earlier than usual, retailers are looking towards Cyber Monday to gauge consumer spending habits during the important holiday shopping stretch. E-commerce spending on Black Friday itself saw a 7.5% increase year over year. The current climate of persistent inflation has required retailers to become more creative in attracting consumers to spend.
**More Hostages Released by Hamas**
Seventeen more hostages held by Hamas in Gaza were freed on Sunday. This release brings the total number of hostages released to 41 over the first three days of a four-day ceasefire with Israel. The U.S. President is pushing for a longer pause in fighting to facilitate the release of more captives. Meanwhile, Elon Musk’s visit to Israel has stirred controversy following his promotion of an antisemitic post on social media. Musk reportedly aims to set up his company SpaceX’s Starlink satellite internet service in the Gaza Strip.
**Thanksgiving Box Office Turnout**
The box office saw impressive numbers over Thanksgiving. “Hunger Games: The Ballad of Songbirds and Snakes” led the five-day period with an estimated $42 million, while Apple’s epic biopic “Napoleon” took in about $32.5 million. However, Disney’s latest animated film, “Wish,” fell short of analysts’ expectations, earning $31.7 million, below the projected $45-$55 million.
**ByteDance Cuts Gaming Jobs**
TikTok’s parent company, ByteDance, is set to cut hundreds of jobs from its gaming division, Nuverse. Despite having invested billions of dollars in the gaming unit to compete with market leader Tencent, ByteDance is now looking to streamline its operations due to the challenges faced by mobile gaming companies amid the ongoing Covid pandemic.
This news article was put together with contributions from CNBC’s Jesse Pound, Rebecca Picciotto, Matt Clinch, Sarah Whitten, and Arjun Kharpal.
