Dow Closes More Than 150 Points Higher. Stocks Notch Gains for Holiday Week

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The Dow Jones Industrial Average rose Friday, notching a gain during the holiday-shortened trading week.

The Dow rose 152.97 points, or 0.45% to 34,347.03, marking the third consecutive session of gains. The S&P 500 fell 0.03% to end the day at 4,026.12. The Nasdaq Composite slipped 0.52% to 11,226.36, weighed down by shares of Activision Blizzard, which fell 4% on news that the FTC could block Microsoft from taking over the gaming company.

All three indexes ended the week higher. The Dow is up 1.78%, and the S&P 500 is up 1.53% during the short week. The tech-heavy Nasdaq is lagging the other two indexes but is still up 0.72% in the same timeframe.

Stocks were muted at the start of the week as traders waited for minutes from the Federal Reserve's November meeting. The minutes showed that the central bank anticipates slowing the pace of interest rate hikes going forward, which gave stocks a boost into the end of the week even amid choppy sessions due to low trading volumes.

"A substantial majority of participants judged that a slowing in the pace of increase would likely soon be appropriate," the minutes stated.

A slew of solid retail earnings reports signaling some consumer strength even amid worries of economic weakness also lifted stocks.

Worries about continued lockdowns in China kept markets in check. The country is ramping up Covid restrictions after seeing climbing case counts in recent days. Earlier in the week, China reported its first Covid deaths since May.

Next week, investors will be watching for more earnings reports from companies such as Kroger and Ulta Beauty on deck. On the economic front, traders will be watching further comments from Fed officials, as well as the release of the personal consumption expenditure report on Thursday — the central bank's preferred inflation indicator. The November jobs print is due Friday.

Dow ends Friday higher

Stocks closed mixed Friday, with the Dow notching its third consecutive session of gains during the short holiday week. On the week, however, all three major averages rose.

The Dow Jones Industrial Average rose 152.97 points, or 0.45% to 34,347.03, marking the third consecutive session of gains.

The S&P 500 fell 0.03% to end the day at 4,026.12 and the Nasdaq Composite slipped 0.52% to 11,226.36.

All three indices ended the week higher. The Dow is up 1.78% and the S&P 500 is up 1.53% during the short week. The tech-heavy Nasdaq is lagging the other two indices but is still up 0.72% in the same timeframe.

—Carmen Reinicke

China internet ETF slides

The KraneShares CSI China Internet ETF has dropped more than 4% on Friday as investors fret about the path of the Chinese economy.

China continues to be more strict in its fight against Covid than other major countries. Many apartment buildings in Beijing have told residents to stay in their homes in recent days. A citywide lockdown has not been announced, however.

Of the ETF's top holdings, lost 5.4%, while Tencent and Alibaba each fell more than 3%. The fund is down 34% year to date.

— Jesse Pound

There are 'crosscurrents' with the consumer, but also good investing opportunities, says Cowen's Chen

Retail sales data and corporate earnings have offered investors a mixed picture, but the landscape has some bright spots for investors, according to Cowen.

"There are many crosscurrents with the consumer," Oliver Chen, senior equity research analyst at Cowen covering retail and luxury goods, said on CNBC's "Squawk on the Street" Friday.

"Inflation is certainly hurting the middle- to lower-income consumer.," he added "However, there's a tight labor market at 3.7% unemployment. There are lots of positives about the consumer, too. The consumer is going out again; inflation is negatively impacting consumer discretionary categories."

Chen named three stocks as some of the firm's favorite picks for this shopping season that offer "very strong value" to the consumer. Read the full story on CNBC Pro.

— Tanaya Macheel

Activision Blizzard and Apple among stocks moving midday

These are some of the stocks making the biggest moves during Friday's shortened trading session:

Apple — Apple's stock shed 2% on Friday after protests occurred at the iPhone maker's major Foxconn supplier in China earlier this week. Analysts and investors have also feared that recent manufacturing shutdowns could dent supply this holiday season.

Activision Blizzard – Shares of the video game company slid more than 4% after Politico reported the Federal Trade Commission is likely to sue to block Microsoft's $69 billion acquisition of Activision Blizzard. Microsoft shares traded flat.

Coupa Software – Shares of the software company popped 7, building on a 28.9% surge on Wednesday after Bloomberg reported that Vista Equity Partners is exploring an acquisition of Coupa.

Read the full list of stocks moving midday here.

— Samantha Subin

Grindr slides after post-SPAC pop last week

LGBTQ dating platform Grindr, which was listed under new ticker GRND following its SPAC a week ago, has seen shares tumble despite experiencing a surge on listing day.

The company began trading on the NYSE at $16.90 per share on Nov. 18 and closed at $36.50. It reached a high of $71.51 during its first session under the new ticker after merging with blank-check company Tiga Acquisition.

But shares have tumbled in the days since. The stock was down to $9.47 midday Friday, which is about 44% off where it opened on listing day and 74.1% down from where it closed that day.

— Alex Harring

S&P 500's performance up to Thanksgiving was worst since 2008, Carson Group says.

The S&P 500 was down 15.5% when the market closed for Thanksgiving Thursday. That marks the worst year to that point since 2008, according to Carson Group.

Chief strategist Ryan Detrick said 2008 surpassed the current year's downturn, with the index down 39.5% at the same point that year. The rest of the year brought an upside of 1.8% as markets typically tend to perform well toward the end of the calendar year.

The only other year since 2000 with a worse year-to-date performance than 2022 was 2002, when the S&P 500 was down 18.2%. But unlike 2008, there was no holiday rally as the S&P 500 lost another 6.3% in the remainder of the year.

— Alex Harring

November leaders and laggards

There are clear leaders and laggards in the markets so far in November. While stocks have gained overall, that hasn't lifted all sectors.

November leaders up 10% or more month to date:

  • China & Asia (KWEB/FXI/MCHI/EWH/VPL/EWY)
  • Metals (GDX/COPX/SIL/SLX)
  • Emerging Mkts (TUR/EEMA/EFG/EEM/IEMG)
  • Semis (SMH/SOXX)
  • Europe (VGK/IEV/EWQ/EWU)
  • Solar & Clean Energy (TAN/ICLN)

November laggards month to date:

  • Cloud Computing (WCLD) down -9% MTD
  • Cyber (BUG) down -8% MTD
  • Brazil (EWZ) down -8% MTD
  • FinTech (FINX) down -6.2% MTD
  • ARK Innovation (ARKK) down -6% MTD
  • Renaissance IPO ETF (IPO) down -5.5% MTD

—Carmen Reinicke, Gina Francolla

All three major averages on pace for weekly gain

Stocks were on pace for a weekly gain in midday trading Friday, during a shortened day and week due to the Thanksgiving holiday.

So far on the week, the Dow is up 1.75% and the S&P 500 is up 1.66%. The tech-heavy Nasdaq is lagging the other two indices but is still up nearly 1% on the week.

—Carmen Reinicke

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 a.m., 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.

—Carmen Reinicke

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.

—Carmen Reinicke

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 U.S. 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 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 U.S. 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 bourses 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 outperform next year.

CNBC Pro subscribers can read more here.

Jenni Reid

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

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