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Markets Update: Wall Street Takes a Memorial Day Pause as Asian Stocks Surge to Records

It's a split-holiday Monday for global investors. While American traders step away from their screens for Memorial Day — leaving the NYSE and Nasdaq dark until Tuesday — the Toronto Stock Exchange is open for business , and markets across Asia are delivering some of the most dramatic moves of the year. Here's everything you need to know before the North American week kicks into full gear. Canada — TSX Open While the US Rests The S&P/TSX Composite Index closed Friday, May 22 at 34,471.36 , up a modest 0.18%, as financials provided support heading into the long weekend. With Victoria Day already behind us (it fell on May 18 this year), the TSX is the only major North American exchange open today, which could translate into lighter-than-usual volumes as cross-border activity slows. The loonie was last quoted near CAD/USD 0.7242 , holding relatively steady as oil prices — a key driver of Canada's export revenues — remain in focus amid evolving Middle East negotiations. Wa...
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Black Friday shoppers pulling back on spending

 

 According to a survey by the National Retail Federation, Black Friday sales in the U.S. dropped by 28% compared to 2019, as shoppers avoided crowded stores and opted for online shopping instead.

Here ate the main reasons cited for this trend:

  • Online shopping surge: Online sales on Black Friday reached a record $9 billion, up 21.6% from last year, according to Adobe Analytics. Cyber Monday is expected to be the biggest online shopping day in U.S. history, with sales projected to reach $10.8 billion.
  • Pandemic impact: The coronavirus pandemic has changed consumer behavior and preferences, as people seek convenience, safety, and value. Many retailers have extended their sales period and offered curbside pickup or free delivery options to attract customers.
  • Holiday season outlook: Despite the lower turnout on Black Friday, the NRF predicts that overall holiday sales will increase by 3.6% to 5.2% over 2019, reaching between $755.3 billion and $766.7 billion. However, the uncertainty around the pandemic and the economy could affect consumer confidence and spending.
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