Wall Street hardly moved
Apple stock falls after Foxconn struggles
11/25/2022, 8:23 p.m
Even on Black Friday, investors on the US stock exchanges hardly dare to get out of their reserves. While the major indices are stagnating, Apple has lost some ground among the individual stocks. Reason are the difficulties at the supplier factory in China.
After the Thanksgiving break, US investors returned to the stock markets with the handbrake on. Of the Dow Jones Index the standard values closed 0.5 percent higher at 34,347 points after a shortened trading session. The tech-heavy one Nasdaq fell 0.5 percent to 11,226 points. The broad one S&P 500 closed almost unchanged at 4026 points.
Investors focused on retailer sales figures in the discount battle at the start of the Christmas season. “The Black Friday deals are now in full swing and retailers are hoping to shed some of their excess inventory,” said Russ Mold, investment manager at wealth manager AJ Bell.
“While this should free up some space in their warehouses, it won’t necessarily be good for their profit margins,” says Moud. After all, consumers are under significant financial pressure and the only way to get them to keep spending is to slash prices massively. Target, Macy’s and best buy had warned of even more discounts in November and December than in the previous two years.
Apple stock among the losers
Among the losers were shares of Apple, which slipped almost two percent. More than 20,000 employees have left the Apple supplier Foxconn plant in Zhengzhou, China. The Taiwanese company admitted “technical errors” in the processing of new hires on Thursday and apologized after frustration at withheld wages and bonuses and the far-reaching corona restrictions caused riots at the plant on Wednesday.
It went down about four percent for Activision Blizzard. According to a newspaper report, the US antitrust authority FTC is taking a closer look at Microsoft’s multi-billion takeover of the “call-of-duty” video game manufacturer. Microsoftshares, on the other hand, hardly changed.
Before the first weekend in Advent, Europe’s stock exchanges were looking for a direction. Investors lurked on Black Friday, the online sales day, for clues about consumer sentiment amid high inflation. Of the dax closed almost unchanged with 14,541 points, the EuroStoxx50 also closed unchanged.
You can read more about what is happening on the stock exchanges in today’s stock market day.