Dow, S&P 500 and Nasdaq futures are trending higher, with monthly gains in sight

U.S. stocks rose slightly on Friday ahead of a shortened trading session, with focus on new President Donald Trump’s tariff agenda and the crucial Black Friday shopping rush for retailers.

Dow Jones Industrial Average futures (YM=F) rose about 0.3%, while S&P 500 futures (ES=F) rose 0.2%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) also rose around 0.2% after all three indexes fell from their record highs on Wednesday.

On the final trading day of November, key indicators are on track for monthly gains despite a pullback in the rally sparked by Trump’s decisive election victory. The S&P 500 (^GSPC) is holding close to its recent record high and will post its best month since February if the suggested 5% rise continues.

However, a quiet session is expected on Wall Street as markets reopen after the Thanksgiving break and Friday trading is expected to end at 1 p.m. ET.

Investors continued to weigh the likely consequences – and inflation impact – of the president-elect’s promise to impose steep new tariffs on key U.S. trading partners Mexico, Canada and China. Hopes for a weakening of that plan got a boost when Mexican President Claudia Sheinbaum said after a phone call with Trump that she was confident a tariff war could be averted.

Elsewhere on the trade front, optimism grew that looming U.S. restrictions on China chips will be less severe than expected. ASML (ASML) and other European chip stocks rose after Bloomberg reported Thursday that the Biden administration is considering new restrictions that would fall short of previous proposals.