Breaking News
Investing Pro 0
Cyber Monday Extended SALE: Up to 60% OFF InvestingPro+ CLAIM OFFER

Nasdaq falls and dollar rises on investor caution

Economy Nov 25, 2022 02:26PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: A man wearing a protective mask, amid the coronavirus disease (COVID-19) outbreak, walks past an electronic board displaying various countries' stock indexes including Russian Trading System (RTS) Index which is empty, outside a brokerage in
 
XAU/USD
+0.18%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
US500
-1.35%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DJI
-0.93%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
HK50
-0.40%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
AAPL
-1.71%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DX
+0.09%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Sinéad Carew and Alun John

NEW YORK/LONDON (Reuters) - The Nasdaq closed Friday's shorter session lower with pressure from Apple Inc (NASDAQ:AAPL), while the dollar gained as investors shied away from risk as they worried about consumer spending and monitored China's reaction to a resurgence of COVID cases.

Frustration simmered among residents and business groups in China as the government set stricter COVID-19 control curbs just weeks after hopes for easing restrictions had been raised.

And market heavyweight Apple's shares were weighed down by concerns about its manufacturer Foxconn. Foxconn's flagship iPhone plant in China was expected to show a November shipment slowdown as thousands of employees left in the latest bout of unrest, Reuters reported, citing an unnamed a source with direct knowledge of the matter.

"The biggest news item is what's going on in China, the protests against the zero-covid-tolerance policies," said Brian Jacobsen, senior investment strategist at AllSpring.

"Investors are in a holding pattern waiting for some catalyst even though we're not quite sure what that catalyst will be," said Jacobsen noting that an easing of China's restrictions would promote a risk-on mood while tightening or keeping restrictions would have the opposite effect.

In the United States, trading was also likely impacted by lower volume as many traders take vacation for the market half-day due to Thursday's Thanksgiving holiday.

The mood was cautious as the all-important gift-buying season kicked off. With inflation soaring, investors are watching out for signs of weakness in consumer spending.

And while shoppers often turn out in record numbers for Black Friday discounts, so far on Friday, Reuters reported that crowds were thin outside stores on what is historically the busiest shopping day.

The Dow Jones Industrial Average rose 152.97 points, or 0.45%, to 34,347.03, the S&P 500 lost 1.14 points, or 0.03%, to 4,026.12 and the Nasdaq Composite dropped 58.96 points, or 0.52%, to 11,226.36.

MSCI's gauge of stocks across the globe shed 0.15% on the day but added about 1.5% for the week.

Europe's retailers, while fearing the shopping season could be the worst in at least a decade, were also offering Black Friday deals in hopes of boosting spending against the backdrop of high inflation and the distraction of the soccer World Cup.

Europe's STOXX 600 ended down 0.02% on Friday but boasted a 1.7% weekly percentage gain, marking six weekly advances in a row for the first time since late 2021.

The U.S. dollar crept higher across the board in what looked like a quiet session but it remained near multi-month lows as the prospect of the Federal Reserve moderating the pace of its policy tightening weighed on the U.S. currency.

"Today has all the indicators of another session dominated by USD consolidation in lieu of any major cross-asset drivers," said Simon Harvey, senior FX analyst at Monex Europe adding that "liquidity is quite limited."

The dollar index rose 0.21%, while the euro was down 0.07% to $1.0401.

The Japanese yen weakened 0.33% versus the greenback at 139.08 per dollar, while Sterling was last trading at $1.2082, down 0.23% on the day.

U.S. Treasury yields gave up earlier gains after already falling on Wednesday after the Fed's November meeting minutes indicated agreement that rate hiking could be slowed.

Benchmark 10-year notes were down 1.5 basis points to 3.694%, from 3.709% late on Wednesday.

The 30-year bond was last up 1.3 basis points to yield 3.7554%, from 3.742%. The 2-year note was last down 1.4 basis points to yield 4.469%, from 4.483%.

Oil prices fell on Friday in thin market liquidity, closing a week marked by worries about Chinese demand and haggling over a Western price cap on Russian oil.

U.S. crude futures settled down 2.13% at $76.28 per barrel while Brent settled at $83.63, down $1.71, or 2% on the day.

Gold prices retreated after the precious metal posted gains in the previous three sessions on expectations the U.S. Federal Reserve would scale back its rate-hiking stance.

Spot gold dropped 0.1% to $1,753.61 an ounce. U.S. gold futures gained 0.40% to $1,751.90 an ounce. [GOL/]

Nasdaq falls and dollar rises on investor caution
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (4)
Paul Reid
Paul Reid Nov 27, 2022 2:04PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
How may barrels are left to be released from last 15 mill barrel announcement through December?
Mike ND
Mike ND Nov 25, 2022 3:42PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
China collapse soon
Muhamad Salsabil
Muhamad Salsabil Nov 25, 2022 3:42PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Bullshit
Sunil Rai
Sunil Rai Nov 25, 2022 12:35PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
fake news
Assad Malikk
Assad Malikk Nov 24, 2022 10:37PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
These are trying times for everyone and we sympathize with Europe and the rest of the world it’s a time we probably makes income by our self’s. only for a few with nice mind consciousness should notify Thank you..
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email