HomeBusinessStocks open mixed on the holiday-shortened trading day
Stocks open mixed on the holiday-shortened trading day
November 25, 2022
Stocks opened mixed on a shortened trading day on Black Friday.
By 9:35 a.m. ET, the S&P 500 was down less than 0.1%, the Dow was up 0.2% and the Nasdaq was down about 0.5%.
The US stock market closes at 1:00 PM ET on Friday; Financial markets in the United States were closed on Thursday for Thanksgiving.
Stocks ended higher on Wednesday, the last full trading session of the week, after minutes from the Fed’s latest meeting signaled a likely slowdown in the pace of rate hikes at the central bank’s December meeting.
No major economic data or earnings reports are expected in the US, although investors and analysts are likely to pay attention to early reports on how consumer demand is holding up during the Black Friday holiday.
Data from Adobe Analytics released earlier this week showed that consumer spending rose 0.1% over last year during the first three weeks of November.
Energy markets remain in focus for investors, with WTI crude up about 0.5% after an earlier gain of nearly 3% early Friday, a rebound that follows Wednesday’s drop in oil prices back toward 2022 levels.
In the overseas markets, shares in Europe were in the process of registering a sixth consecutive winning week.
Investors also traded overnight on news that the People’s Bank of China would cut its reserve requirement for the second time this year in a bid to stimulate the economy.
After weakening earlier in the week, the dollar staged a modest rally early in Friday’s trading session.
In corporate news, shares of Manchester United ( MANU ) rose as much as 9% early Friday after a 25% gain on Wednesday, as rumors continue about a possible sale of the English soccer club by the Glazer family, which also owns the Tampa Bay Buccaneers .
As investors in the United States look toward the end of November and the end of a challenging year in the financial markets, Yahoo Finance’s Jared Blikre writes in Friday’s Morning Brief that history suggests there may be more positive times ahead for the market bulls.
In the period covering the Tuesday before Thanksgiving through the second trading day of the new year, the S&P 500 has been higher 81% of the time since 1950. And this year, when stocks are rising during this period, the index is up 3.8% d. average.
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