On November 28th (Friday) local time, the day after Thanksgiving, U.S. stock markets closed 3 hours early. The three major U.S. stock indices all closed higher: the Dow Jones rose 0.61%, the Nasdaq rose 0.65%, and the S&P 500 rose 0.54%. All recorded their fifth consecutive day of gains.

Most large-cap tech stocks in the U.S. advanced, with the "Magnificent Seven" index rising 0.36%. Among individual stocks, Meta (Facebook) rose over 2%, while Amazon and Microsoft each gained over 1%. Nvidia fell nearly 2%.

U.S. memory chip concept stocks led the gains. SanDisk surged about 6% at one point before paring gains, closing up 3.83%. Western Digital rose over 3%, and Micron Technology closed up 2.71. According to a report by CCTV Finance, a research institution predicts that, affected by the chip shortage, memory chip prices are expected to rise by about 50% from current levels by the second quarter of 2026.

Regarding individual stocks, Intel closed up over 10%. Ming-Chi Kuo, an analyst at TF International Securities, stated that Intel is expected to start shipping Apple's lowest-tier M-series processors as early as 2027.

Regarding Chinese assets, most U.S.-listed Chinese stocks rose, with the Nasdaq Golden Dragon China Index up 0.54%. Among popular Chinese stocks, Youdao surged over 10%, while XPeng Motors and Xunlei gained over 3%. On the downside, Niu Technologies fell over 4%, Viomi Technology dropped over 3%, and Meituan declined over 2%. The FTSE China A50 futures continuous contract rose 0.42% in the overnight session.

Among these, Chabaidao (霸王茶姬) rose over 6%. On the news front, on the evening of November 28th, Chabaidao released its Q3 2025 financial report. As of September 30th this year, Chabaidao had 7,338 global stores. Its total GMV for Q3 reached RMB 7.93 billion, with net revenue of RMB 3.208 billion and an adjusted net profit of RMB 503 million.

In the commodities market, metal prices surged on Friday, with silver and copper hitting record highs. Spot silver jumped 5.7% at one point to $56.46 per ounce, surpassing the peak set during the historic tightness in the London market in October, and was last up 5.66%. London copper futures rose 2.5% at one point, reaching a record high of $11,210.50 per ton.

Other precious metals also showed significant strength. At the time of writing, spot gold was up 1.48% at $4,218.55 per ounce, its highest level in nearly two weeks; spot platinum also gained nearly 3%.

International oil prices fell on Friday, marking their fourth consecutive monthly decline in November. The main U.S. crude oil contract fell 1.05% to settle at $58.48 per barrel; the main Brent crude contract fell 0.87% to settle at $62.32 per barrel. According to data from the U.S. Energy Information Administration, U.S. crude oil production rose to a record 13.8 million barrels per day in September.

According to a report by Cailianshe, earlier in the day, trading across all platforms at the CME Group was suspended due to a cooling issue at the CyrusOne data center, causing futures prices for gold, silver, copper, and others to halt. Most trading has now returned to normal.

Analysis suggests that silver prices have received strong support due to increased market expectations for a Fed rate cut in December, inflows into physically-backed silver ETFs, and persistent supply tightness.

According to the CME "FedWatch Tool," as of 6:30 AM Beijing Time on November 29th, the probability of the Fed cutting interest rates by 25 basis points in December is 86.4%. A week ago, this probability was around 40%. The probability of maintaining the current interest rate is 13.6%.

According to a report by National Business Daily, following silver's recent record high, and after silver was listed as a "critical mineral" by the U.S. Geological Survey in November, traders are closely watching whether tariffs might be imposed on silver in the future. Since early October, approximately 75 million ounces of silver have been withdrawn from vaults in the New York Comex futures exchange. However, concerns about a potential sudden premium on domestic U.S. silver prices have made some traders more cautious about shipping physical silver out of the United States.