--- title: "U.S. Stock Market Outlook | CME Futures Trading Suspended, \"Black Friday\" Kicks Off Shopping Season" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/267837425.md" description: "On November 28th, before the US stock market opened, CME suspended futures trading due to cooling issues at CyrusOne data centers, affecting US Treasury and S&P 500 index futures. SPY, QQQ, and DIA ETFs rose in pre-market trading. European stock markets showed mixed results. Black Friday marks the start of the shopping season, with US retail growth expected to slow to 3.7%-4.2%, but sales are projected to exceed $1 trillion for the first time" datetime: "2025-11-28T12:31:03.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/267837425.md) - [en](https://longbridge.com/en/news/267837425.md) - [zh-HK](https://longbridge.com/zh-HK/news/267837425.md) --- > 支持的语言: [English](https://longbridge.com/en/news/267837425.md) | [繁體中文](https://longbridge.com/zh-HK/news/267837425.md) # U.S. Stock Market Outlook | CME Futures Trading Suspended, "Black Friday" Kicks Off Shopping Season 1. On November 28th (Friday) before the US stock market opened, trading was suspended by the Chicago Mercantile Exchange (CME) due to cooling issues at the CyrusOne data center, leading to continued suspension of stock index futures on Friday. However, ETFs tracking major stock indices rose in pre-market trading: SPY +0.26%, QQQ +0.42%, DIA +0.11%. 2. As of the time of writing, the German DAX index fell 0.03%, the UK FTSE 100 index rose 0.11%, the French CAC 40 index rose 0.10%, and the Euro Stoxx 50 index fell 0.02%. ![image.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20251128/1764330293365103.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) ## Market News **CME suspends derivatives trading due to technical issues, potentially causing market volatility.** A spokesperson for the Chicago Mercantile Exchange in Singapore stated that futures and options trading was suspended on Friday due to technical issues at its data center. The spokesperson said in an email statement: "Due to cooling issues at the CyrusOne data center, our markets are currently suspended. The support team is working to resolve the issue as soon as possible and will notify customers immediately once pre-opening details are confirmed." Contracts, including US crude oil, gasoline, and palm oil traded on the Malaysian Exchange through the CME electronic platform, were affected during the Asian early session on Friday following the US Thanksgiving holiday. Traders indicated that US Treasury bonds and S&P 500 index futures contracts were also impacted. According to the latest news, the CME stated that trading on the BrokerTec US Treasury futures platform has resumed, while other markets remain suspended. **"Black Friday" kicks off the shopping season, retail growth expected to slow.** "Black Friday" (the day after Thanksgiving) marks the beginning of the holiday shopping season, which typically accounts for one-third of US retailers' annual profits. The National Retail Federation (NRF) in the US expects that 186.9 million Americans will shop during the five days from Thanksgiving to Cyber Monday, setting a record, surpassing last year's 183.4 million. Sales in November and December are expected to exceed $1 trillion for the first time, but sales growth is projected to slow to 3.7% to 4.2%, down from last year's 4.8% increase. The NRF stated that consumers plan to spend an average of $890.49 per person. The slowdown in sales growth aligns with other major data companies' more pessimistic forecasts for the holiday shopping season. The holiday shopping season typically accounts for one-third of US retailers' annual profits. **As non-farm employment continues to languish, Trump unveils "nuclear-level" immigration restrictions! Attempting to close the door on third-world labor.** US President Donald Trump announced a comprehensive plan to tighten US immigration regulations on Thursday evening local time, which includes suspending immigration from "third-world countries" and eliminating all federal benefits and policy subsidies for "non-federal citizens" in the US Trump's latest stance on illegal immigration in the United States means that, while the non-farm employment data report has significantly weakened, the future labor market supply may be further tightened by Trump's policies. Therefore, the U.S. labor market in the short term resembles a "chronic recession," not collapsing abruptly but enough to push the U.S. economy into a long-term slow or even negative growth range. **Goldman Sachs warns: Layoff wave continues to spread, signs of weakness in the U.S. job market intensify.** Goldman Sachs warned in its newly released report that the U.S. labor market may begin to soften, as private sector data shows an increasing wave of layoffs across multiple industries. Goldman stated that WARN filings related to planned large-scale layoffs in U.S. states have surged to the highest level since 2016 (excluding the spike during the pandemic), marking the most rapid growth tracked by the firm in nearly a decade. The report pointed out that data compiled by Challenger, Gray & Christmas, which specializes in tracking corporate layoffs, shows that as of October, the number of layoff announcements has reached levels never seen outside of economic recession periods, with layoffs in technology, industrial products, and food and beverage sectors being the main driving factors. **Cryptocurrency market turmoil impacts "Digital Asset Treasury" companies, industry consolidation imminent.** Recent turmoil in the cryptocurrency market has significantly dragged down the stock prices of publicly traded companies holding tokens like Bitcoin, putting pressure on the rapidly growing but niche "Digital Asset Treasury" (DAT) sector. Despite a surge of publicly traded companies entering cryptocurrency investments earlier this year due to Trump's crypto-friendly stance and successful cases from Michael Saylor's Strategy company, concerns over the AI bubble and uncertainties regarding Federal Reserve interest rate cuts have caused Bitcoin to drop to its lowest point since April, leading to a sharp decline in related company stock prices, with Strategy falling nearly 36% in November. As of last Friday, at least 15 Bitcoin treasury companies have seen their stock prices fall below their token net asset values. Currently, DAT companies collectively hold 4% of Bitcoin, 3.1% of Ethereum, and 0.8% of Solana, and their movements may have a significant impact on coin prices, with Standard Chartered Bank expecting the industry to accelerate consolidation. **Trump drops the "zero income tax" bombshell! Aims to fill a $2.4 trillion gap with tariffs.** In a Thanksgiving speech to U.S. troops stationed overseas, President Trump stated that due to government revenue from tariffs, his administration may completely eliminate income tax in the coming years, undoubtedly a "bombshell" that shocks the economics community. In a video call, Trump told military personnel, "In the coming years, I think we will significantly reduce or even completely eliminate income tax because the total tax revenue we will receive will be very large, so we may almost completely eliminate income tax." This is not the first time Trump has mentioned this concept. As early as during his campaign, he expressed a longing for the 19th-century U.S. fiscal model—before the introduction of income tax in 1913, the main source of revenue for the U.S. federal government was tariffs ## Individual Stock News **The aftermath of First Brands' bankruptcy continues! The SEC launches an investigation into Jefferies (JEF.US).** Two insiders revealed that the U.S. Securities and Exchange Commission is investigating Jefferies Group (JEF.US) in connection with the bankrupt auto parts supplier First Brands. The SEC is examining whether Jefferies Group adequately disclosed its risk exposure to First Brands to investors in its Point Bonita fund. The regulatory agency is also reviewing Jefferies Group's internal controls and potential conflicts within and between the bank's departments. Insiders noted that the SEC's investigation is still in its early stages, and it is unclear whether any allegations of misconduct will arise. **Bawang Chaji (CHA.US) releases Q3 financial report, overseas GMV surges over 75%.** As of the third quarter ending September 30 this year, Bawang Chaji's global store count reached 7,338. The total GMV for the third quarter was 7.93 billion yuan, with net revenue of 3.208 billion yuan and adjusted net profit of 503 million yuan. As of September 30, the number of registered members on Bawang Chaji's mini-program reached 222 million, a year-on-year increase of 36.7%. Notably, the company's overseas business continued to grow this quarter, with overseas GMV exceeding 300 million yuan, a year-on-year increase of 75.3% and a quarter-on-quarter increase of 27.7%. Overseas GMV has seen year-on-year growth of over 75% for two consecutive quarters. Financial report information shows that Bawang Chaji has achieved profitability for 11 consecutive quarters. As of September 30, 2025, the company had cash, cash equivalents, restricted cash, and time deposits totaling 9.142 billion yuan, with no interest-bearing debt, indicating healthy cash flow. **The EU launches a review, Apple (AAPL.US) advertising and mapping services may face strict regulation under the Digital Markets Act.** The EU antitrust regulator stated that it will assess whether Apple's (AAPL.US) advertising service platform Apple Ads and mapping service Apple Maps should be subject to the strict provisions of the EU's Digital Markets Act after reaching key thresholds. In response, the American tech giant argues that its services should be exempt. **Meta turns to Google TPU, disrupting the AI landscape, OpenAI negotiates a massive $38 billion loan to strengthen its ecosystem.** Insiders revealed on Friday that multiple banks are in talks regarding a new loan of up to $38 billion with Oracle (ORCL.US) and data center developer Vantage Data Centers, which will be used to expand OpenAI's infrastructure. This news quickly shifted market attention back to the ecosystem built by OpenAI and its partners (such as Oracle, Microsoft, and Amazon). Recently, news of Meta purchasing TPU chips from Google has stirred the market. This development not only prompted a reassessment of Google's strength in the AI field but also sparked heated discussions about the "Google AI chain." As a result, some companies with relatively high associations with OpenAI have also faced significant pressure **Dalio warns of AI bubble, but Bridgewater sees a "golden" opportunity in CoreWeave (CRWV.US).** The world's largest hedge fund, Bridgewater, made an unexpected investment last quarter—spending $37 million to acquire 270,556 shares of CoreWeave. This investment timing is particularly noteworthy, as the fund's founder, Dalio, recently warned that the artificial intelligence (AI) sector is in a bubble trading zone. Interestingly, Dalio did not advise investors to panic sell. He offered a more nuanced insight: while current stock prices are indeed far above the intrinsic value of the companies, bubbles do not burst spontaneously; they often require catalysts such as policy shifts or wealth taxes to be punctured. His real concern is the subsequent challenges that steadfast investors will face. Historical experience shows that when market enthusiasm reaches such levels, investment returns over the next decade are often disappointing. ## Important Economic Data and Event Forecast Beijing time 23:00: U.S. September seasonally adjusted new home sales annualized total (in ten thousand units). Thanksgiving market will close early at 02:00 Beijing time on the 29th. Trading of U.S. Treasury futures contracts will end early at 03:30 Beijing time on the 29th. Trading of precious metals, U.S. crude oil, and foreign exchange futures contracts will end early at 03:45 Beijing time on the 29th, while stock index futures contracts will end early at 02:15 Beijing time on the 29th. Trading of Brent crude oil futures contracts will end early at 04:00 Beijing time on the 29th ## 相关资讯与研究 - [07:00 ETBybit Alpha Trading Fiesta Returns with 600,000 USDT in Rewards](https://longbridge.com/zh-CN/news/281630273.md) - [Avity Investment Management Inc. 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