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Stocks Open Mixed on a Holiday Discounted Trading Day

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Stocks opened mixed on the short Black Friday trading day.

At 9:35 a.m. ET, the S&P 500 was down less than 0.1%, the Dow was down 0.2%, and the Nasdaq was down about 0.5%.

US stock markets close Friday at 1:00 PM ET; US financial markets were closed on Thursday for Thanksgiving.

Stocks ended the week’s last full trading session with gains on Wednesday after minutes from the Fed’s latest meeting hinted at a potential slowdown in the pace of rate hikes at the central bank’s meeting in December.

US Federal Reserve Chairman Jerome Powell attends a press conference on November 2, 2022 in Washington, DC, United States. The U.S. Federal Reserve made its fourth consecutive three-quarter point rate hike on Wednesday amid its worst inflation in four. decade. (Photo Liu Jie/Xinhua via Getty Images)

No major economic data or earnings reports are expected in the US, although investors and analysts are looking forward to early reports on how consumer demand is holding up over the Black Friday holiday.

Data from Adobe Analytics earlier this week showed consumer spending was up 0.1% in the first three weeks of November compared to last year.

Energy markets remain the focus for investors, with WTI crude up nearly 0.5% after rising nearly 3% early Friday, a rebound that brought oil prices back to 2022 lows after Wednesday’s plunge.

In overseas markets, stocks in Europe were on track to record a sixth win in a row.

Investors also braced for overnight news that the People’s Bank of China would cut its reserve requirement for the second time this year in a bid to stimulate the economy.

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After weakening earlier in the week, the dollar moved up slightly early in Friday’s trading session.

In company news, shares of Manchester United (MANU) were up 9% at the start of Friday trading after gaining 25% on Wednesday as reports continue to surface of a possible sale of the English football club by the Glazer family, who also owner. Tampa Bay Buccaneers.

As investors in the US look forward to late November and the end of a challenging year for financial markets, Yahoo Finance’s Jared Blickrey writes in Friday’s Morning Brief that history suggests more positive times are ahead of a market rally. Could

The story continues

From the Tuesday before Thanksgiving to the second trading day of the new year, the S&P 500 is up 81% since 1950.

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Source: news.google.com

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