Tech Sector Navigates Thanksgiving Week Volatility as Amazon Smashes Black Friday Records
The tech sector navigated a volatile Thanksgiving week, with the NASDAQ Composite ending the holiday-shortened week down -0.2%. Trading volumes were thin, which led to some sharp price swings. However, the week ended on a high note, with Amazon (AMZN) reporting record-breaking Black Friday sales.
| Metric | Value | Weekly Change |
|---|---|---|
| NASDAQ Composite | 17,687.70 | -0.2% |
| QQQ (NASDAQ-100 ETF) | 486.90 | -0.2% |
| Amazon (AMZN) | 220.50 | +4.5% |
| VIX (Volatility Index) | 14.80 | +9.6% |
A Volatile Week
Thanksgiving week is notoriously volatile, and this year was no exception. With many traders on vacation, trading volumes were thin, which led to some sharp price swings. The NASDAQ Composite was down as much as -1.5% at one point, but it managed to rally into the close to end the week nearly flat.
Amazon Smashes Black Friday Records
The big news of the week was Amazon’s (AMZN) record-breaking Black Friday sales. The e-commerce giant reported that it sold over $14.2 billion worth of goods on Black Friday, up +18% from last year. The strong sales are a positive sign for the consumer and for the broader economy. The stock jumped +4.5% on the news.
A Look Ahead to Cyber Monday
All eyes are now on Cyber Monday, which is expected to be another record-breaking day for online sales. A strong showing from consumers on Cyber Monday would provide another boost to the tech sector and the broader market.
Looking Ahead
Thanksgiving week was a volatile one for the tech sector, but the week ended on a high note with Amazon’s record-breaking Black Friday sales. The upcoming holiday shopping season will be a key test of consumer spending, and a strong showing from consumers could provide another catalyst for the market.
