Stocks were subdued on Friday in a shortened trading session for Thanksgiving, while investors focused on retailers to assess consumer health as Black Friday sales kicked off amid signs of slowing economic conditions.
The Dow Jones Industrial Average advanced 109 points, or 0.3%, to 35,383, the Nasdaq slipped 0.2% and the S&P 500 was flat.
The main three US stock indexes were still set for their fourth consecutive weekly gains, driven by hopes that the Federal Reserve is done hiking interest rates and signs the US economy remains resilient.
The benchmark S&P 500 is about 1% away from setting a new high for the year.
Focus will be on retailers preparing for what they hope will be yet another record-setting global shopping spree on Black Friday, which usually marks the unofficial start of the Christmas shopping season.
“The drop in oil prices and the decline in inflation both increase purchasing power for consumers, which bodes very well for retailers,” said Greg Bassuk, chief executive officer of AXS Investments in New York.
Macy’s Santa Claus appears on the NYSE trading floor on Wednesday.
REUTERS
“Greater consumer spending and a strong earning season is going to be a strong foundation to reverse some of that retailer cautionary sentiment that we heard in the recent earnings report.”
US stock markets were shut on Thursday for the Thanksgiving holiday, and Friday’s session ends at 1 p.m. ET. The market ended higher on Wednesday after reports on jobless claims, durable goods, and consumer sentiment seemed to suggest the economy is easing but may stay strong enough to avoid a recession.
Traders digested the S&P Global’s flash US Composite Purchasing Managers Index (PMI), which showed factory and services sector activity held steady in November.
Focus will be on retailers preparing for what they hope will be yet another record-setting global shopping spree on Black Friday
REUTERS
Among single stocks, Nvidia fell 1.1% after Reuters reported the chipmaker told customers in China it was delaying the launch of a new artificial intelligence chip to comply with US export rules until the first quarter of next year.
iRobot rallied 30.1% following a report that Amazon is set to win unconditional EU antitrust approval for its $1.4 billion acquisition of the robot vacuum maker.
Vista Outdoor added 4.8% after Czech gunmaker Colt CZ Group made a nearly $1.7 billion cash-and-stock merger offer to the sporting and outdoor goods group on Thursday.
US-listed shares of Chinese EV maker Xpeng rose 4.9% after Volkswagen said it will develop a new platform for entry-level electric vehicles in China.
News Related
-
TAIPEI – A five-month rally in MediaTek looks set to extend as booming demand for smartphones and a promising new AI chip brighten the company’s outlook. The Taiwanese tech firm’s stock has soared almost 40 per cent since the end of June, outperforming a 2 per cent advance in the ...
See Details:
AI chip boom fuels MediaTek’s 40% rally, beating Qualcomm and peers
-
-
SINGAPORE – The Chinese Swimming Club (CSC) has secured a 30-year lease renewal for its sports complex at Amber Road. The move comes after four years of negotiations with the authorities, and was fully funded by the club’s reserves, CSC said on Monday. The announcement comes a week after news ...
See Details:
Chinese Swimming Club renews lease of Amber Road site for another 30 years
-
SEATTLE – US shoppers will spend as much as US$12.4 billion (S$16.6 billion) online during Cyber Monday (Nov 27), according to Adobe, which adjusted its initial forecast of US$12 billion upward based on stronger-than-expected spending on Black Friday (Nov 24) and the popularity of buy-now-pay-later features that let shoppers stretch ...
See Details:
Cyber Monday forecast boosted after record online holiday sales
-
Philanthropy can be a source of catalytic and patient capital, and as such, can play a big role in the net zero transition. Blended finance is an avenue where philanthropists can join forces with public and private funds. Genevieve Cua speaks to Anthony Gao, head of philanthropy services Asia with ...
See Details:
WealthBT Podcast: Powering up philanthropy for climate goals
-
NEW YORK – Wall Street stocks ticked down Monday, coming off a fourth straight week of gains, as investors eye retail spending and other upcoming economic data. The Dow Jones Industrial Average slipped 0.2 per cent to 35,333.47. The broad-based S&P 500 dipped 0.2 per cent to 4,550.43, while the ...
See Details:
US stocks pull back after weeks of gains
-
NEW YORK – Binance Holdings former chief executive officer Zhao Changpeng can’t return to his home in the United Arab Emirates for now, a federal judge in Seattle ruled. US District Judge Richard Jones on Monday put on hold a ruling granting the billionaire’s request to return to the UAE ...
See Details:
Former Binance CEO Zhao Changpeng must stay in US for now, judge says
-
-
-
-
Sports Illustrated scrubbed its site of AI-generated content that included bylines and photos for authors that don’t exist, according to a report.The publication — once home to authors like John Updike, Hunter Thompson and Frank DeFord – used artificial intelligence to produce poorly written product reviews and posted them under ...
See Details:
New York's cannabis board votes to settle lawsuits that have stalled legal dispensaries
-
-
Sports Illustrated scrubbed its site of AI-generated content that included bylines and photos for authors that don’t exist, according to a report.The publication — once home to authors like John Updike, Hunter Thompson and Frank DeFord – used artificial intelligence to produce poorly written product reviews and posted them under ...
See Details:
Cyber Monday sales set to reach $12.4 billion thanks to deal-hunters
-
Sports Illustrated scrubbed its site of AI-generated content that included bylines and photos for authors that don’t exist, according to a report.The publication — once home to authors like John Updike, Hunter Thompson and Frank DeFord – used artificial intelligence to produce poorly written product reviews and posted them under ...
See Details:
Texas' new power grid problem
OTHER NEWS
A Shein Group Ltd. pop-up store inside a Forever-21 store in the Times Square neighborhood of New York, US, on Friday, Nov. 10, 2023. Yuki Iwamura | Bloomberg | Getty Images ...
Read more »
EU regulators say Amazon's acquisition of vacuum maker iRobot may harm competition European regulators say Amazon’s proposed acquisition of robot vacuum maker iRobot may harm competition ByHALELUYA HADERO AP business ...
Read more »
Argentina's right-wing president-elect to meet with a top Biden adviser Argentine President-elect Javier Milei is getting a meeting with a top Biden aide ByAAMER MADHANI Associated Press and DANIEL POLITI ...
Read more »
Texas CEO and his 2 children were among 4 killed in wreck before Thanksgiving The CEO of a construction company and his two young children were among four people killed ...
Read more »
How major US stock indexes fared Monday, 11/27/2023 Stocks edged lower on Wall Street as markets look ahead to updates on inflation and how American consumers are feeling about the ...
Read more »
Moderna has hired a former FBI agent to compile internal company reports about “high-risk” celebrities — including tennis star Novak Djokovic, tech mogul Elon Musk and actor Russell Brand — ...
Read more »
Meta CEO Mark Zuckerberg and other top brass at the social media giant were well aware that millions of users on Instagram are underage, according to newly released claims in ...
Read more »