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Nasdaq ends down as investors eye Black Friday sales, China infections

Stock Markets Nov 25, 2022 05:45PM ET
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© Reuters. FILE PHOTO: The Wall Street entrance to the New York Stock Exchange (NYSE) is seen in New York City, U.S., November 15, 2022. REUTERS/Brendan McDermid/File Photo
 
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By Carolina Mandl and Ankika Biswas

(Reuters) - The Nasdaq closed lower on Friday with pressure from Apple Inc (NASDAQ:AAPL) in a subdued holiday-shortened trading session for Wall Street, as investors watched Black Friday sales and COVID-19 cases in China.

Apple fell 2.0% on news of reduced iPhone shipments from a Foxconn plant in China in November as production was hit by COVID-related worker unrest.

The session focused on retailers as Black Friday sales kicked off against the backdrop of stubbornly high inflation and cooling economic growth.

Shoppers were expected to turn out in record numbers to shop for Black Friday deals, but with inclement weather, crowds outside stores were thin on the traditionally busiest shopping day of the year.

U.S. retail stocks have become a barometer of consumer confidence as inflation bites. So far this year, the S&P 500 retail index is down a little over 30%, while the S&P 500 has fallen 15%.

Shares of retailers Target Corp (NYSE:TGT), Macy's Inc (NYSE:M) and Best Buy Co Inc (NYSE:BBY) were mixed, while the S&P consumer discretionary index rose slightly.

"It's such a low volume trading day as most people are at home that I never count Friday after Thanksgiving," said Ed Cofrancesco, chief executive officer of International Assets Advisory, in Orlando, Florida.

Volume on U.S. exchanges was 4.54 billion shares, compared with the 11.25 billion full-session average over the last 20 trading days.

Starting next week, investors will focus on retail sales, China's newest COVID outbreak and the Federal Reserve's next steps, Cofrancesco said.

Wall street's main indexes have rallied strongly from their early October lows, with the S&P 500 up more than 15% on a boost from a better-than-expected earnings season and more recently on hopes of less aggressive interest rates hikes by the U.S. Federal Reserve.

Analysts now see a 71.1% chance that the Fed will increase its key benchmark rate by 50 basis points in December, with rates peaking in June 2023.

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%, at 4,026.12; and the Nasdaq Composite dropped 58.96 points, or 0.52%, to 11,226.36.

All three indexes ended the Thanksgiving week with gains, led by the Dow, which rose 1.78%.

Activision Blizzard Inc (NASDAQ:ATVI) plunged 4.07% on a media report that the U.S. Federal Trade Commission was likely to file an antitrust lawsuit to block Microsoft Corp (NASDAQ:MSFT)'s $69 billion takeover bid for the video game publisher.

U.S. stock markets closed at 1 p.m. ET, after Thursday's Thanksgiving holiday.

Advancing issues outnumbered decliners on the NYSE by a 1.81-to-1 ratio; on Nasdaq, a 1.35-to-1 ratio favored advancers.

The S&P 500 posted 22 new 52-week highs and no new lows; the Nasdaq Composite recorded 89 new highs and 83 new lows.

Nasdaq ends down as investors eye Black Friday sales, China infections
 

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Comments (7)
Crane Financial
Crane Financial Nov 26, 2022 1:49AM ET
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Be interesting to see if the news has any effect on the stock market Monday.
Mike ND
Mike ND Nov 25, 2022 3:43PM ET
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Accelerating Chinas collapse at least
Dave Jones
Dave Jones Nov 25, 2022 1:56PM ET
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Hard to distinguish between the spam posts and the so called news articles....Wash rinse repeat.
First Last
First Last Nov 25, 2022 1:56PM ET
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The news article is at the top of the webpage.  If you see this post, youi're looking at the bottom of the webpage.
Dave Jones
Dave Jones Nov 25, 2022 1:56PM ET
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Ahhhhhh!
Arno Pfohl
JackR3acher Nov 25, 2022 12:05PM ET
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Inches higher, INSANITY.. 0.05%
Steve Bucher
Steve Bucher Nov 25, 2022 11:45AM ET
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Any one going long at this point is guaraunteed to be a bagholder.
Elvis Durant
Elvis Durant Nov 25, 2022 10:00AM ET
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dead out there for sure
Ying Yu
Ying Yu Nov 25, 2022 9:50AM ET
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Let's see another black Friday as last year. Crash this manipulated stock market
 
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