Dow gains, S&P close to flat, Nasdaq falls 0.5%
Dollar gains but heads for weekly losses
STOXX ends close to flat but gains for the week
Oil falls, gold flat
NEW YORK/LONDON, Nov 25 (Reuters) - The Nasdaq closed
Friday's shorter session lower with pressure from Apple Inc
, while the dollar gained as investors shied away from
risk as they worried about consumer spending and monitored
China's reaction to a resurgence of COVID cases.
Frustration simmered among residents and business groups in
China as the government set stricter COVID-19 control curbs just
weeks after hopes for easing restrictions had been raised.
And market heavyweight Apple's shares were weighed down by
concerns about its manufacturer Foxconn. Foxconn's
flagship iPhone plant in China was expected to show a November
shipment slowdown as thousands of employees left in the latest
bout of unrest, Reuters reported, citing an unnamed a source
with direct knowledge of the matter.
"The biggest news item is what's going on in China, the
protests against the zero-covid-tolerance policies," said Brian
Jacobsen, senior investment strategist at AllSpring.
"Investors are in a holding pattern waiting for some
catalyst even though we're not quite sure what that catalyst
will be," said Jacobsen noting that an easing of China's
restrictions would promote a risk-on mood while tightening or
keeping restrictions would have the opposite effect.
In the United States, trading was also likely impacted by
lower volume as many traders take vacation for the market
half-day due to Thursday's Thanksgiving holiday.
The mood was cautious as the all-important gift-buying
season kicked off. With inflation soaring, investors are
watching out for signs of weakness in consumer spending.
And while shoppers often turn out in record numbers for
Black Friday discounts, so far on Friday, Reuters reported that
crowds were thin outside stores on what is historically the
busiest shopping day.
The Dow Jones Industrial Average rose 152.97 points,
or 0.45%, to 34,347.03, the S&P 500 lost 1.14 points, or
0.03%, to 4,026.12 and the Nasdaq Composite dropped
58.96 points, or 0.52%, to 11,226.36.
MSCI's gauge of stocks across the globe shed
0.15% on the day but added about 1.5% for the week.
Europe's retailers, while fearing the shopping season could
be the worst in at least a decade, were also offering Black
Friday deals in hopes of boosting spending against the backdrop
of high inflation and the distraction of the soccer World Cup.
Europe's STOXX 600 ended down 0.02% on Friday but
boasted a 1.7% weekly percentage gain, marking six weekly
advances in a row for the first time since late 2021.
The U.S. dollar crept higher across the board in what looked
like a quiet session but it remained near multi-month lows as
the prospect of the Federal Reserve moderating the pace of its
policy tightening weighed on the U.S. currency.
"Today has all the indicators of another session dominated
by USD consolidation in lieu of any major cross-asset drivers,"
said Simon Harvey, senior FX analyst at Monex Europe adding that
"liquidity is quite limited."
The dollar index rose 0.21%, while the euro
was down 0.07% to $1.0401.
The Japanese yen weakened 0.33% versus the greenback at
139.08 per dollar, while Sterling was last trading at
$1.2082, down 0.23% on the day.
U.S. Treasury yields gave up earlier gains after already
falling on Wednesday after the Fed's November meeting minutes
indicated agreement that rate hiking could be slowed.
Benchmark 10-year notes were down 1.5 basis
points to 3.694%, from 3.709% late on Wednesday.
The 30-year bond was last up 1.3 basis points to
yield 3.7554%, from 3.742%. The 2-year note was last
down 1.4 basis points to yield 4.469%, from 4.483%.
Oil prices fell on Friday in thin market liquidity, closing
a week marked by worries about Chinese demand and haggling over
a Western price cap on Russian oil.
U.S. crude futures settled down 2.13% at $76.28 per
barrel while Brent settled at $83.63, down $1.71, or 2% on the
Gold prices retreated after the precious metal posted gains
in the previous three sessions on expectations the U.S. Federal
Reserve would scale back its rate-hiking stance.
Spot gold dropped 0.1% to $1,753.61 an ounce. U.S.
gold futures gained 0.40% to $1,751.90 an ounce.
(Reporting by Sinéad Carew, Saqib Iqbal Ahmed and Carolina
Mandl in New York, Ankika Biswas and Shubham Batra in Bengaluru,
Alun John in London, and Kevin Buckland in Tokyo; Editing by
Christina Fincher, Kirsten Donovan, Deepa Babington, Philippa