Investing.com - U.S. stocks opened mixed in light trade on Friday, as expectations the Federal Reserve could begin tapering its stimulus program in the near future grew stronger after Thursday's positive U.S. data.
During early U.S. trade, the Dow Jones Industrial Average fell 0.17%, the S&P 500 index dipped 0.04%, while the Nasdaq Composite index rose 0.22%.
U.S. equities found support after preliminary data on Thursday showed that U.S. manufacturing activity improved to an eight-month high of 54.3 in November from a reading of 51.8 in October.
A separate report showed that the number of people filing for initial jobless benefits last week fell by 21,000 to a seasonally adjusted 323,000, beating expectations for a decline of 9,000.
The minutes of the Fed's October meeting showed earlier in the week that the central bank could start scaling back the USD85 billion-a-month asset purchase program in the “coming months” if the economy continues to improve as expected.
Among financial stocks, Goldman Sachs retreated 0.40% after the lender said its currency trading business didn’t incur a loss in the last quarter, contradicting previous reports.
Reuters had reported on Thursday that the bank posted more than USD1 billion in market-making losses on currency products in the third quarter.
In earnings news, discount retailer Ross Stores warned of intense competition and discounting during the holiday shopping season, and forecast fiscal fourth-quarter profit beneath market expectations, sending shares down 7.79%.
Also in the retail sector, Target, which opened its first stores in Canada in March, posted third-quarter profit on Thursday that trailed analysts’ estimates after the loss in its Canadian unit was wider than expected.
Target shares declined 0.87% at the open of the U.S. trading session.
Gap shares tumbled 1.22% as the specialty-apparel retailer maintained an annual profit forecast range signaling that the crucial holiday-shopping quarter may fall short of analysts’ expectations.
In the tech sector, Intel lost 2.89% amid reports it is providing increased access to its manufacturing plants for other chipmakers, in a move to boost its revenue sources as it faces greater competition.
Other stocks expected to be in focus included Foot Locker and PetSmart, scheduled to report earnings later in the day.
Across the Atlantic, European stock markets were mixed to higher. The EURO STOXX 50 added 0.18%, France’s CAC 40 gained 0.51%, Germany's DAX edged up 0.15%, while Britain's FTSE 100 eased 0.09%.
During the Asian trading session, Hong Kong's Hang Seng Index climbed 0.49%, while Japan’s Nikkei 225 Index edged up 0.10%.
During early U.S. trade, the Dow Jones Industrial Average fell 0.17%, the S&P 500 index dipped 0.04%, while the Nasdaq Composite index rose 0.22%.
U.S. equities found support after preliminary data on Thursday showed that U.S. manufacturing activity improved to an eight-month high of 54.3 in November from a reading of 51.8 in October.
A separate report showed that the number of people filing for initial jobless benefits last week fell by 21,000 to a seasonally adjusted 323,000, beating expectations for a decline of 9,000.
The minutes of the Fed's October meeting showed earlier in the week that the central bank could start scaling back the USD85 billion-a-month asset purchase program in the “coming months” if the economy continues to improve as expected.
Among financial stocks, Goldman Sachs retreated 0.40% after the lender said its currency trading business didn’t incur a loss in the last quarter, contradicting previous reports.
Reuters had reported on Thursday that the bank posted more than USD1 billion in market-making losses on currency products in the third quarter.
In earnings news, discount retailer Ross Stores warned of intense competition and discounting during the holiday shopping season, and forecast fiscal fourth-quarter profit beneath market expectations, sending shares down 7.79%.
Also in the retail sector, Target, which opened its first stores in Canada in March, posted third-quarter profit on Thursday that trailed analysts’ estimates after the loss in its Canadian unit was wider than expected.
Target shares declined 0.87% at the open of the U.S. trading session.
Gap shares tumbled 1.22% as the specialty-apparel retailer maintained an annual profit forecast range signaling that the crucial holiday-shopping quarter may fall short of analysts’ expectations.
In the tech sector, Intel lost 2.89% amid reports it is providing increased access to its manufacturing plants for other chipmakers, in a move to boost its revenue sources as it faces greater competition.
Other stocks expected to be in focus included Foot Locker and PetSmart, scheduled to report earnings later in the day.
Across the Atlantic, European stock markets were mixed to higher. The EURO STOXX 50 added 0.18%, France’s CAC 40 gained 0.51%, Germany's DAX edged up 0.15%, while Britain's FTSE 100 eased 0.09%.
During the Asian trading session, Hong Kong's Hang Seng Index climbed 0.49%, while Japan’s Nikkei 225 Index edged up 0.10%.