Wall Street Today | Market Chugs Along on Sleepy Post-Holiday Volume, Await Black Friday Results
RECAP
U.S. stock indexes changed a little after Friday's shortened post-Thanksgiving session, which typically sees low volume as many traders opt to take the day off. The week saw a slight pullback from a booming market after inflation figures came in low, and the Fed showed interest rates are not going up soon. FOMC meeting minutes Tuesday illustrated that the Fed would raise rates again if they had to.
The $S&P 500 Index(.SPX.US$ barely moved 0.06% Friday and up 1% for the week, to 4,559. The $Nasdaq Composite Index(.IXIC.US$ dropped 0.11% on the day, but rose 0.89% for the week to 14,250. The $Dow Jones Industrial Average(.DJI.US$ rose 0.33% on the day, and 1.27% for the week at 35,390. It reached its highest point since Aug. 1.
Investors returned from Thursday's Thanksgiving Day break to a shortened day of trading on Friday. Major U.S. stock exchanges closed 1 pm Est.
An abbreviated trading session is also expected for the bond market, which saw yields rising across the board on the heels of a selloff of European bonds due to concerns over higher interest rates and borrowing woes for Germany. The yield on the 10-year Treasury note rose 7 basis points to 4.482%. Crude oil and futures dropped all week, down Friday 1.52% to $75, after OPEC delayed its scheduled Sunday meeting. MarketWatch reported that Thanksgiving week traditionally sees lighter volumes, down about 40% on Friday, which can make markets choppier.
Although results from Nvidia, which saw its shares drop despite forecast-beating results, have dampened some of the market's enthusiasm, November is the best month for the S&P 500 since July 2022, according to FactSet data. Retailers such as Amazon, Walmart, Target, and payment providers like Mastercard and Visa will be in focus next week as the Black Friday shopping spree kicks off. Some analysts expect the 2023 holiday shopping period to resemble the pre-COVID years, and sales will not be as impressive, MarketWatch reported.
MACRO
The S&P PMI Data Showed a Drop
In economic news, employment declined at US service providers and manufacturers in November for the first time since mid-2020 amid tepid demand and elevated costs, a survey from S&P Global showed.
The headline S&P Global Flash US PMI Composite Output Index posted at 50.7 in November, matching the figure seen in October. This indicated a marginal rise in business activity that was the joint-fastest since July.
Although manufacturing firms signaled a slower pace of expansion, service providers saw a fractional uptick in the output growth rate. Manufacturing firms noted greater efficiency in production processes supported the increase in output, while demand conditions stagnated. Meanwhile, the upturn in services activity was the quickest since July, as companies noted growth in customer bases following successful marketing campaigns.
SECTORS
Oil Swings as OPEC+ Seeks to Resolve Pre-Meeting Output Dispute
Oil struggled for direction in a low-volume session as OPEC+ tried to resolve a disagreement over output quotas that forced the group to postpone a pivotal meeting.
According to a delegate, the Organization of Petroleum Exporting Countries and its partners are reviewing the demands made on African members by an earlier deal, working to tweak the 2024 targets set for Angola and Nigeria. Meanwhile, Hamas released a group of 24 hostages held in Gaza under a four-day truce agreement with Israel, eroding the risk premium generated by the war.
COMPANIES
Apple's China Demand Remains Firm Heading Into the Holidays. There Is No 'Growth Demise'
Apple stock is nearing record highs again having risen steadily through November. The latest data on iPhone demand in China should reassure bulls it can keep climbing, according to Wedbush's Dan Ives. $Apple(AAPL.US$ caused some concern in its latest earnings report when it said its September-quarter revenue in China dropped.
Volkswagen Targets China With Entry-Level Electric Vehicle Platform
In an effort to regain market dominance in China, $VOLKSWAGEN A G(VWAGY.US$ has announced plans to create a platform specifically for entry-level electric vehicles within the region.
Nvidia Stock Under Pressure After Reuters Reports AI Chip Delay for China
Shares of $NVIDIA(NVDA.US$ fell in early trading on Friday, following a Reuters report that the tech giant will delay the launch of one of its new artificial intelligence chips destined for China.
Source: Bloomberg, Dow Jones, CNBC
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