1:16pm: Equities and yields both trending in the right direction
The Dow ended the Friday half-day up 117 points, 0.3%, at 35,390, the Nasdaq Composite lost 15 points, 0.1%, to 14,251 and the S&P 500 added 3 points, less than 0.1%, to 4,559. The small-cap Russell 2000 index climbed 11 points, 0.6%, to 1,806.
Despite the mixed day, the major indexes all achieved their fourth consecutive winning week.
Meanwhile, US Treasury yields hit their lowest point in multiple months this week, driving hopes that the Federal Reserve may opt not to further increase interest rates. The 10-year rate ticked up six basis points on Fruday
“The market’s expectation for the volatility of interest rates is continuing to collapse,” said Scott Ladner, chief investment officer at Horizon Investments. “That’s telling us that the market is coming on board finally with this idea that ... 4% to 5% rates is the right level for 2024 across the curve, that the equity market can handle.”
12:05pm: Wall Street sees fourth straight winning week
US stocks were mixed in noon trading as retail investor optimism continues and Treasury yields hit multi-month lows this week.
At midday, the Dow gained 67 points to 35,340, while the S&P 500 eased a single point at 4,556 and the tech-heavy Nasdaq slipped 22 points to 14,244.
"Based on our checks, we forecast flat traffic trends this Black Friday as a budget-conscious consumer pulls back and prioritizes gifts for others vs. self," TD Cowen retail analyst Oliver Chen wrote.
Notable movers included shares of iRobot Corporation, which soared 39% on a media report that Amazon is about to receive regulatory approval in the European Union to move forward with its $1.4 billion acquisition of the robot vacuum maker.
9:40am: Stocks mixed ahead of PMI figures
US markets made a steady start to a shortened session on Friday as investors awaited flash PMI figures for a gauge of how the world's largest economy is performing.
Shortly after the opening bell, the Dow Jones Industrial Average was up 54.52 points, 0.2%, at 35,327.55, the S&P 500 was little changed at 4,555.93 and the Nasdaq Composite was down 14.61, 0.1%, at 14,251.25.
Figures from S&P Global are expected to show an unchanged composite reading at 50.7, with manufacturing expected to head from 50 to 49.8 with services climbing to 50.6 to 50.4.
The data comes on the back of figures that showed improvments in the private sector in both the UK and Europe.
Retailers were in the spotlight as Black Friday got underway with Walmart and Amazon up 0.3% but reports that Nvidia will delay the launch of an AI chip in China pulled the shares dwon 0.9%.
IRobot surged 30% after Reuters reported that Amazon is about to win regulatory approval in the European Union to move forward with its $1.4 billion acquisition of the robot vacuum maker.
7:00am: Subdued start expected in shortened session
US stocks are expected to make cautious early progress although volumes may be light in a shortened trading session following Thanksgiving.
In pre-market trading, futures for the Dow Jones Industrial Average were up 0.2%, while those for the S&P 500 were 0.1% higher, and contracts for the Nasdaq 100 futures eased 0.1%.
Retailers will be in the spotlight with hopes that a strong Black Friday will provide a solid backdrop for firms heading into the key festive period.
Joshua Mahoney at Scope Markets said: “US markets return from their Thanksgiving break today, with retailers hoping that the spirit of giving translates into a strong Black Friday and Cyber Monday spending spree.”
“Earnings from the likes of Walmart and Best Buy have noted a weakening demand environment, signalling the potential for a disappointing fourth quarter on the high-street.”
“Nonetheless, with spending habits having remained strong throughout this year, there is a good chance that we see consumers take advantage of sales where possible in a bid to maintain their standard of living.”
Friday’s main focus will be PMI data which comes in the wake of yesterday’s rebound in both eurozone and UK composite PMI surveys which eased fears of a deepening economic crisis under the weight of elevated interest rates.
Stocks to watch include Nvidia which eased 1.9% in pre-market trading after Reuters reported the chipmaker told customers in China it was delaying the launch of a new artificial intelligence chip to comply with US export rules until the first quarter of next year.