AIRLINK 86.21 Decreased By ▼ -0.99 (-1.14%)
BOP 4.97 Decreased By ▼ -0.05 (-1%)
CNERGY 4.08 Decreased By ▼ -0.01 (-0.24%)
DFML 37.22 Decreased By ▼ -0.68 (-1.79%)
DGKC 91.20 Decreased By ▼ -2.68 (-2.85%)
FCCL 22.99 Decreased By ▼ -0.78 (-3.28%)
FFBL 33.74 Increased By ▲ 1.07 (3.28%)
FFL 9.19 Decreased By ▼ -0.06 (-0.65%)
GGL 10.05 Increased By ▲ 0.02 (0.2%)
HASCOL 6.25 Decreased By ▼ -0.29 (-4.43%)
HBL 126.25 Increased By ▲ 4.33 (3.55%)
HUBC 158.29 Increased By ▲ 12.64 (8.68%)
HUMNL 11.08 Increased By ▲ 0.58 (5.52%)
KEL 4.64 Decreased By ▼ -0.10 (-2.11%)
KOSM 4.09 Decreased By ▼ -0.10 (-2.39%)
MLCF 38.25 Decreased By ▼ -0.55 (-1.42%)
OGDC 133.40 Decreased By ▼ -1.61 (-1.19%)
PAEL 25.40 Increased By ▲ 0.32 (1.28%)
PIBTL 6.22 Decreased By ▼ -0.05 (-0.8%)
PPL 119.25 Decreased By ▼ -0.43 (-0.36%)
PRL 24.58 Increased By ▲ 0.48 (1.99%)
PTC 12.28 Increased By ▲ 0.06 (0.49%)
SEARL 59.32 Decreased By ▼ -0.48 (-0.8%)
SNGP 65.60 Increased By ▲ 0.60 (0.92%)
SSGC 9.87 Decreased By ▼ -0.18 (-1.79%)
TELE 7.85 Decreased By ▼ -0.02 (-0.25%)
TPLP 9.49 Decreased By ▼ -0.25 (-2.57%)
TRG 63.80 Decreased By ▼ -0.50 (-0.78%)
UNITY 27.26 Increased By ▲ 0.21 (0.78%)
WTL 1.28 Decreased By ▼ -0.04 (-3.03%)
BR100 8,341 Increased By 31.1 (0.37%)
BR30 26,457 Increased By 506.8 (1.95%)
KSE100 78,810 Increased By 9 (0.01%)
KSE30 25,474 Increased By 35.6 (0.14%)

NEW YORK: US stocks ended little changed in holiday-shortened trading on Friday, with low volume and conviction as investors watched the start of the seasonal shopping season for signs of consumer resiliency.

The S&P 500 closed essentially unchanged, while the Dow eked out a modest gain. The Nasdaq was dragged slightly lower by weakness in megacap momentum stocks.

All three indexes notched their fourth consecutive weekly gains.

“We had mixed macroeconomic data and the post-Thanksgiving session is only half a day, so there aren’t that many participants,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

“But we’re seeing a market that’s on the right path of a year-end rally.” Retailers around the world were attempting to attract millions of shoppers, many offering steep “Black Friday” discounts the day after the US Thanksgiving holiday.

“Consumers are being very frugal and while they might spend, they’re looking for bargains,” Cardillo added. “The higher cost of money is hitting consumers’ pocketbook.”

A survey by NRF, a US retail trade group, showed US shoppers are planning to spend an average of $875 on holiday purchases this year, an annual increase of about 5%.

S&P Global’s advance purchasing managers’ index (PMI) showed steady US business activity in November, but private sector employment declined for the first time in almost 3-1/2 years, possibly due to the Federal Reserve’s restrictive monetary policy.

Next week’s most anticipated data include the Commerce Department’s second estimate on third-quarter gross domestic product on Thursday, followed on Friday by its wide-ranging Personal Consumption Expenditures (PCE) report, which will provide further clues on the extent of the Fed’s rate-hike impact.

The focus has increasingly shifted to the likely timing of the US central bank’s first rate cut, which will be largely determined by the rate at which inflation cools down toward the Fed’s average 2% target.

New and pending home sales, home prices, consumer prices and ISM PMI are also expected next week.

Unofficially, the Dow Jones Industrial Average rose 117.58 points, or 0.33%, to 35,390.61, the S&P 500 gained 2.72 points, or 0.06%, to 4,559.34 and the Nasdaq Composite dropped 15.00 points, or 0.11%, to 14,250.86.

Nvidia dipped after Reuters reported a delay in the launch of the company’s new China-focused AI chip designed to comply with US export rules until the first quarter of 2024.

IRobot surged in the wake of a report that Amazon is set to win unconditional EU antitrust approval for its $1.4 billion acquisition of the robot vacuum maker.

Vista Outdoor advanced after Czech gunmaker Colt CZ Group’s cash-and-stock merger offer worth nearly $1.7 billion.

US-listed shares of Chinese EV maker Xpeng jumped after Volkswagen said it will develop a new platform for entry-level electric vehicles in China.

Comments

Comments are closed.