Dow opens little changed as Wall Street looks to close out winning week
Retail expert says in-person shopping is in this year
Telsey Advisory Group CEO Dana Telsey expects more in-store shoppers and a movement away from spending on home improvement to clothing and beauty on Black Friday.
“I think this holiday season’s gonna be about in-person shopping,” Telsey said on “Squawk Box” Friday morning. “They’re opening later, they’re opening at 6 am, we have more promotions this year than we had last year. It’s a world of difference, and I’m looking to see what the promotional triggers are as we go forward. “
But not all retailers will fare the same. CNBC Pro subscribers can read her list of winners and losers here.
— Alex Harring
Stocks open little changed ahead of short trading day
Stocks opened little changed on Friday ahead of the short trading day as Wall Street looks to close out a winning holiday week.
The Dow Jones Industrial Average rose 19 points, or 0.09%. The S&P 500 lost 0.03% and the Nasdaq Composite slipped 0.48%, weighed down by shares of Activision Blizzard, which fell nearly 4% on news that the FTC could block Microsoft from taking over the gaming company.
Stock futures flat ahead of market open
Stock market futures moved back to the flatline ahead of Friday’s opening bell.
Futures on the Dow Jones Industrial Average rose 18 points, or 0.05%. S&P 500 futures lost 0.07% and Nasdaq 100 futures slipped 0.40%, weighed down by shares of Activision Blizzard, which fell in premarket trading on news that the FTC could block Microsoft from taking over the gaming company.
Dow stretches well above key moving average
The Dow’s steady comeback is reaching a key technical level, according to Bespoke Investment Group.
The Dow is 9.1% above its 50-day moving average, Bespoke said in a tweet on Friday. That is the highest since June 2020 and only the eight time since 1990 that it has been at least 9% above the moving average.
The 50-day moving average is one benchmark that traders use to predict short-term market moves. When an average is abnormally above its moving average, it could be a sign that it is overbought.
The Dow is up 4.5% in November.
— Jesse Pound
Tesla, Manchester United: Stocks making the biggest premarket moves
Here’s some of the stocks making the biggest premarket moves Friday during a shortened trading day.
Tesla (TSLA) – Tesla ticked up 2% in premarket trading after saying its Full Self Driving Beta software is now available to everyone in North America. The company is still awaiting regulatory approval for cars to be driven without human control.
Manchester United (MANU) – Shares of the soccer team jumped another 10.8% after posting two double-digit rallies on Tuesday and Wednesday following reports earlier in the week that it was considering strategic options, including a possible sale.
Read more here.
—Carmen Reinicke, Peter Schacknow
Amazon workers plan Black Friday protests
Amazon workers in the US and roughly 30 countries around the world are planning to protest on Black Friday to call for better pay from the online retailer.
The campaign, organized as the Make Amazon Pay initiative, is planning to target the retail giant during one of the busiest shopping periods of the year.
Shares of Amazon were little changed in Friday premarket trading.
— Sarah Min
Activision Blizzard falls on news that the FTC could block Microsoft takeover
Activision Blizzard shares shed 3.7% before the bell Friday on news that Microsoft’s roughly $69 billion takeover of the company faces potential antitrust scrutiny.
Politico reported earlier this week that the Federal Trade Commission will likely file a lawsuit blocking the acquisition, citing people familiar with the matter.
— Samantha Subin
European markets slightly lower to close out winning week on dovish Fed bets
European markets were muted on Friday to close out an otherwise upbeat week, as the US Federal Reserve’s latest meeting minutes added to expectations that monetary policy tightening may slow down.
The pan-European Stoxx 600 slipped 0.2% below the flatline in early trade, with basic resources and retail shedding 0.7% as most sectors and major buyers traded in mildly negative territory.
– Elliot Smith
CNBC Pro: UBS says recession in 2023 will be an inch deep but a mile wide — and that’s not priced into stocks.
Global economic conditions will shift next year and that’s going to flip which markets and sectors underperform, according to the chief strategist of UBS Investment Bank.
“It’s an inch deep but it’s a mile wide,” he said of the expected recession. “Global growth is at 2% and that is not priced into stocks,” Bhanu Baweja told CNBC’s “Squawk Box Europe” Wednesday.
He also named which sectors he expects to perform next year.
CNBC Pro subscribers can read more here.
— Jenny Reed
CNBC Pro: Outperforming asset manager picks the stocks set to win as margins get squeezed
Patrick Armstrong, chief investment officer at Plurimi Wealth, believes margin squeeze is the ‘biggest risk’ for equities. But he thinks some stocks could beat the trend.
“Own sectors with defendable margins or that are creating margin squeeze elsewhere,” he added, naming the sectors and stocks he likes best.
Pro subscribers can read more here.
— Zavier Ong