by Carolina Mandl and Ankika Biswas
(Reuters) – The New York Stock Exchange ended in disarray on Friday as investors watched retail stocks on Black Friday.
The Dow Jones Industrial Average gained 0.45%, or 152.97 points, to 34,347.03 points.
The broader S&P-500 lost 1.14 points, or 0.03% to 4,026.12 points.
The Nasdaq Composite fell for its part by 58.96 points (-0.52%) to 11,226.36 points.
Closed Thursday for the Thanksgiving holiday, Wall Street closed earlier this Friday, and investors turned their attention to retail stocks, waiting to see if inflation and the economic slowdown would weigh on “Black Friday.”
Many consumers were expected to take advantage of the promotions, but the inclement weather seemed to have somewhat discouraged buyers at the start of the day.
The distribution sector now serves as a barometer of consumer confidence in a context of galloping inflation. The S&P 500 retail trade index has been down just over 30% since the start of the year.
Retailers like Target, Macy’s and Best Buy ended in mixed order while the consumer discretionary index was up slightly.
“Trading is weak today with most people staying home. I never factor in the Friday after Thanksgiving,” said Ed Cofrancesco, president of International Assets Advisory.
Investors will continue to watch retail sales next week, they will also watch closely the effects of the resurgence of the coronavirus epidemic in China and the upcoming decisions of the Federal Reserve, he added.
The Nasdaq was hurt by poor performance from Apple, which fell 1.95% on reports that iPhone production at Foxconn’s factory in Zhengzhou, China could fall by at least 30% in November.
Activision Blizzard also ended lower (-4.07%) after news site Politico reported that the Federal Trade Commission (FTC) was likely to block its takeover by Microsoft.
(With contributions by Shubham Batra; French version Camille Raynaud, edited by Tangi Salaün)