AVN 65.45 Increased By ▲ 0.50 (0.77%)
BAFL 30.65 Decreased By ▼ -0.86 (-2.73%)
BOP 4.83 Increased By ▲ 0.04 (0.84%)
CNERGY 3.72 Decreased By ▼ -0.12 (-3.13%)
DFML 14.26 Decreased By ▼ -0.15 (-1.04%)
DGKC 41.06 Decreased By ▼ -0.54 (-1.3%)
EPCL 46.56 Decreased By ▼ -0.14 (-0.3%)
FCCL 11.35 Increased By ▲ 0.06 (0.53%)
FFL 5.03 Decreased By ▼ -0.02 (-0.4%)
FLYNG 5.78 Decreased By ▼ -0.04 (-0.69%)
GGL 10.28 Decreased By ▼ -0.17 (-1.63%)
HUBC 67.03 Increased By ▲ 1.39 (2.12%)
HUMNL 5.68 Increased By ▲ 0.02 (0.35%)
KAPCO 27.85 Increased By ▲ 0.10 (0.36%)
KEL 2.19 Increased By ▲ 0.04 (1.86%)
LOTCHEM 24.83 Increased By ▲ 0.48 (1.97%)
MLCF 21.37 Decreased By ▼ -0.11 (-0.51%)
NETSOL 84.20 Decreased By ▼ -0.59 (-0.7%)
OGDC 85.94 Decreased By ▼ -1.31 (-1.5%)
PAEL 11.01 Increased By ▲ 0.03 (0.27%)
PIBTL 4.17 Decreased By ▼ -0.05 (-1.18%)
PPL 74.56 Decreased By ▼ -1.14 (-1.51%)
PRL 13.40 Decreased By ▼ -0.25 (-1.83%)
SILK 0.92 Increased By ▲ 0.03 (3.37%)
SNGP 40.44 Decreased By ▼ -0.89 (-2.15%)
TELE 5.86 Increased By ▲ 0.01 (0.17%)
TPLP 15.42 Decreased By ▼ -0.22 (-1.41%)
TRG 111.63 Decreased By ▼ -0.07 (-0.06%)
UNITY 13.76 Decreased By ▼ -0.22 (-1.57%)
WTL 1.14 Decreased By ▼ -0.02 (-1.72%)
BR100 4,037 Decreased By -26.9 (-0.66%)
BR30 14,412 Decreased By -56.6 (-0.39%)
KSE100 40,471 Decreased By -262.4 (-0.64%)
KSE30 15,163 Decreased By -67.2 (-0.44%)
Follow us

Wall Street’s main indexes were set for a subdued open on Friday, with investors closely monitoring the major retailers as Black Friday sales began against the backdrop of stubbornly high inflation and worries about a potential recession next year.

US retail stocks, a barometer of consumer confidence as inflation bites, remain under pressure after a lull in October and November sales figures.

Retailers have been compelled to offer steep discounts to lure shoppers, threatening their profit margins.

In fact, retailers across Europe fear the overall Christmas trading season could be the worst in at least a decade.

Target Corp, Macy’s Inc and Best Buy Co Inc have warned of steeper discounts this November and December than in the previous two years. Their shares were mixed in light premarket trading.

Focus will also be on consumer discretionary stocks, a group whose members range from Amazon.com Inc to automaker Tesla Inc and retailer Target, for greater insight into the extent that consumers are opening their wallets.

An estimated 166.3 million people are planning to shop from Thanksgiving Day through Cyber Monday this year, according to the National Retail Federation.

“It’s a very competitive environment for retail, both price cutting and who’s best positioned for inventory will play a big part in how you do over the season,” said Rick Meckler, partner at Cherry Lane Investments in New Vernon, New Jersey.

“Margins will be squeezed and profits will be lower bigger question will be company forecasts for next year and whether investors think this is a reciprocal bottom or start of a new trend and reduced spending.”

Wall street’s main indexes have rallied strongly since hitting their early October lows, with the S&P 500 up more than 12% on a boost a from better-than-expected earnings season and more recently on hopes of less aggressive interest rates hikes by the US Federal Reserve.

Expectations are now of a 63.5% chance that the Fed will increase its key benchmark rate by 50 basis points in December, with the rates peaking in June 2023.

At 08:30 a.m. ET, Dow e-minis were up 38 points, or 0.11%, S&P 500 e-minis were up 1 point, or 0.02%, and Nasdaq 100 e-minis were down 28.5 points, or 0.24%.

Wall Street rises on gains in Walgreens, Best Buy

Activision Blizzard dipped 3.2% on a media report that the US Federal Trade Commission is likely to file an antitrust lawsuit to block Microsoft Corp’s $69-billion takeover bid for the video game publisher.

Apple Inc slipped 1.1% after news of reduced iPhone shipments in November from a Foxconn plant in China.

US stock markets will remain open for a half session on Friday till 1 p.m. ET, after being closed on Thursday for Thanksgiving.

Comments

Comments are closed.

Wall Street eyes subdued open with Black Friday sales in focus

At least five injured in explosion near Quetta Police Lines

PM vows ‘zero tolerance’ to terrorism

Pakistan expresses unflinching support for Kashmiris on Solidarity Day

Foreign authorities seeking properties/bank accounts info: FBR won’t intimate concerned taxpayer about request

UK's shortest-serving PM Liz Truss blames economic 'orthodoxy' for downfall

Dar chairs meeting on role of PDFL, SOEs

WB board to consider $78m ‘digital economy’ project next month

Saudi non-oil private sector activity jumps in January on higher output, orders

PM directs PD to recover Rs1.13bn royalty amount from 2 oil, gas cos

India to ban Chinese-linked betting and loan lending apps