Nasdaq Declines, Covid in China and Black Friday
2022.11.25 14:19
Nasdaq Declines, Covid in China and Black Friday
Budrigannews.com – Apple Inc.’s pressure led to a lower Friday close for the Nasdaq.as investors watched Black Friday sales and COVID-19 cases in China in a subdued holiday-shortened Wall Street trading session.
Apple fell 2.0% following news that Foxconn’s China-based Foxconn plant was experiencing reduced iPhone shipments in November due to COVID-related worker unrest.
As Black Friday sales began, the session focused on retailers against the backdrop of persistently high inflation and slowing economic growth.
On Black Friday, which is typically the busiest shopping day of the year, people were expected to come out in record numbers to look for deals. However, due to the inclement weather, there were few people outside of stores.
As inflation mounts, retail stocks in the United States have emerged as a gauge of consumer confidence.Up until this point this year, the retail record is down somewhat more than 30%, while the S&P 500 has fallen 15%.
Portions of retailers Target Corp (NYSE:),The Macy’s Inc.and Best Buy Co., Inc.were mixed, with a slight rise for the S&P consumer discretionary index.
Ed Cofrancesco, chief executive officer of International Assets Advisory in Orlando, Florida, stated, “I never count Friday after Thanksgiving” because “it’s such a low volume trading day as most people are at home.”
4.54 billion shares were traded on U.S. exchanges, down from 11.25 billion shares traded per full session over the previous 20 trading days.
According to Cofrancesco, investors will focus on retail sales beginning next week, China’s latest COVID outbreak, and the Federal Reserve’s next steps.
The S&P 500 is up more than 15% from its lows in early October thanks to a boost from a better-than-expected earnings season and, more recently, hopes of less aggressive interest rate hikes by the United States Federal Reserve.
The probability of the Federal Reserve raising its key benchmark rate by 50 basis points in December is now 71.1 percent, with rates peaking in June 2023.
To 34,347.03, the gained 152.97 points, or 0.45%;At 4,026.12, the S&P 500 lost 1.14 points, or 0.03%;and fell to 11,226.36 by 58.96 points, or 0.52%.
The Dow, which gained 1.78 percent, led all three indexes in ending the Thanksgiving week with gains.
Activision Snowstorm Inc (NASDAQ:)on news that the U.S. Federal Trade Commission was likely to file an antitrust lawsuit to block Microsoft Corp. (NASDAQ:) plunged 4.07 percent’s $69 billion offer to acquire the publisher of video games.
Following the Thanksgiving holiday on Thursday, U.S. stock markets were closed at one o’clock ET.
Propelling issues dwarfed decliners on the NYSE by a 1.81-to-1 proportion;on Nasdaq, a 1.35-to-1 proportion inclined toward advancers.
There were no new 52-week lows in the S&P 500;There were 89 new highs and 83 new lows on the Nasdaq Composite.
