Thanksgiving online sales in the United States rose nearly 3% year-on-year, the "Black five" shopping festival growth may be halved, the market digested the minutes of the Federal Reserve meeting said it would soon be appropriate to slow down interest rate hikes, U. S. stocks only closed higher on Friday, collective gains throughout the week, but the Nasdaq rose the smallest.
Yields on 10-year Treasuries continued to fall on Friday, falling more than 10 basis points throughout the week, while the dollar fell nearly 1 per cent throughout the week. Crude oil fell for three weeks in a row; more than 2 per cent of US oil rose to close down more than 2 per cent, down nearly 5 per cent for the whole week.
On Friday, Nov. 25, during the "Black five" shopping day after Thanksgiving, U. S. stocks closed at 2 a.m. Beijing time on Saturday.
The market is watching US consumer shopping data from Thursday to Cyber Monday to get a glimpse of the impact of high inflation and slowing economic growth on household spending.
According to Adobe Inc Analytics, online sales on Thanksgiving Day in the United States rose 2.9% year-on-year to $5.29 billion, and online sales on Black Friday (the day after Thanksgiving Day) are expected to grow by only 1% to $9 billion.
In terms of economic data, the cooling of the US housing market accelerated, with transaction cancellation rates and price cuts hitting record highs in October. Japan's core CPI in Tokyo rose 3.6 per cent in November from a year earlier, exceeding market expectations and hitting a 40-year high and exceeding the central bank's 2 per cent inflation target for the sixth month in a row. Germany's final GDP rose 0.4% month-on-month in the third quarter and 1.3% year-on-year, both slightly higher than expected, easing fears of a severe recession.
Only the Dow and small-cap stocks closed higher on Friday, while technology stocks fell further in late trading. The index rose collectively throughout the week, but the Nasdaq rose the least.
Us stocks were mixed at the start of trading on Friday, with only the Dow opening slightly higher, with the Nasdaq falling as much as 0.7 per cent to session lows at the start of the session. The S & P 500 rose in less than an hour of trading, and the Dow extended its gains to more than 190 points. The S & P fell again in late trading, with the Dow and Russell leading gains:
The S & P 500 closed down 1.14 points, or 0.03%, at 4026.12, up 1.5% for the week. The Dow closed up 152.97 points, or 0.45%, at 34347.03, up 1.8 per cent for the week. The Nasdaq closed down 58.96 points, or 0.52%, at 11226.36 points, up 0.7% for the week. The Nasdaq 100 index fell 0.70%, while Russell 2000 small-cap stocks rose 0.3%.
The 11 S & P sectors closed mixed, with telecommunications and technology all down 0.7%, energy down 0.3%, raw materials down 0.1%, optional consumer and consumer goods up nearly 0.1%, industry and finance up about 0.4%, and health care, utilities and real estate up more than 0.6%.
Only the Dow and small-cap stocks closed higher on Friday, rising collectively throughout the week, but the Nasdaq rose the least.
Star technology stocks fell and the decline widened in late trading. Yuan Universe's Meta fell 0.7%, Amazon.Com Inc fell more than 1%, Apple Inc and Netflix Inc fell 2%, Microsoft Corp rose 0.5%, Alphabet Inc-CL C's parent company Alphabet fell 1%, and Tesla, Inc. fell 1.4%.
On the face of the news, the US Federal Trade Commission FTX may file an antitrust lawsuit against Microsoft Corp's $69 billion acquisition of Activision Blizzard, which fell more than 4 per cent to a two-week low. Tesla, Inc. recalled more than 80, 000 cars because of problems with software and rear seat belts, and said his fully self-driving Beta software was fully available in North America. Amazon.Com Inc employees in the United States and about 30 countries around the world plan to hold protests on Black five Shopping Day to demand a raise.
Chip stocks also fell and mostly closed near the day's lows. The Philadelphia semiconductor index fell 1.3%, falling from its lowest level in more than a week. Intel Corp fell by more than 1% and Yingweida fell by 1.7% and 1.5%, respectively, missing an one-week high.
Among the other stocks with large changes:
Manchester United ADR rose 22% after closing up nearly 13%, the highest since September 2018, the report said that there is ample evidence that Apple Inc will not buy Manchester United at this stage, "refuting yesterday's rumors." Manchester United are up more than 61% this week after announcing a possible strategic sale.
Coupa Software, a cloud spending management software company, rose more than 6 per cent to its highest level since early October, and this week it was reported that private equity firm Vista Equity Partners was considering buying it, having soared 29 per cent on Wednesday.
Credit Suisse's European shares fell nearly 6 per cent and US stocks fell nearly 8 per cent, setting new intraday and closing lows this week, although shareholders approved a restructuring plan to raise $4.2 billion from outside investors such as Saudi National Bank.
In the hot spot, it will fall. ETF KWEB is down 4.4%, and the NASDAQ Golden Dragon China Index (HXC) is down more than 3%. Among the four constituent stocks on Nasdaq, JD.com fell by more than 5%, Baidu, Inc. by nearly 4%, NetEase, Inc and Pinduoduo by more than 1.4%. Among other stocks, BABA fell nearly 4%, Tencent's ADR fell nearly 5%, and the "car-building three fools" all fell about 3%. Lufax Holding fell 20%, revenue fell 17% year-on-year in the third quarter, and net profit fell 67% year-on-year. Net profit this year is expected to nearly halve. Zhihu Inc. fell 2% CEO Zhou Yuan sent an open letter to share the vocational education business for the first time, saying that Zhihu Inc. has been in this position for three years and will officially go online to know the school APP in December.
The pan-European Stoxx 600 index fell slightly after hitting a three-month high for three consecutive days and rose 1.7 per cent this week, the first six-week gain since October last year. The UK stock index closed up nearly 0.3 per cent on Friday, leading the main index in western Europe and leading the way this week with gains of about 1.4 per cent.
The yield on 10-year Treasuries fell to a seven-week low, falling throughout the week, and the yield curve of 2-year German bonds was the deepest in 30 years.
In U. S. stocks on Friday, yields on all-maturity Treasuries collectively rose at one point and fell again at the end of the day.
The yield on 10-year Treasuries rose 5 basis points to 3.76 per cent, then fell 3.70 per cent, falling 13 basis points this week and hitting a new seven-week low of 3.65 per cent earlier on Friday. The two-year yield, which is more sensitive to monetary policy, rose 4 basis points to 4.52% at one point, traded 4.47% after falling, and fell 6 basis points this week.
Us bond yields rose at the beginning of the session and fell again at the end of the day, falling tired throughout the week.
European sovereign bond yields have jumped sharply and are off multi-week lows. The yield on the euro zone's benchmark 10-year German bond rose 13 basis points to 1.98 per cent after hitting a seven-week low and still falling 4 basis points this week. The yield on 10-year Italian bonds jumped 21 basis points to 3.89%. The yield on 10-year gilts rose 8 basis points to 3.12 per cent.
Two-year / 10-year German bond yields hovered upside down by 23 basis points, close to Thursday's nearly 28 basis points, the deepest since October 1992. Meanwhile, 10-year German bond yields have fallen for three weeks in a row, with two-year short-term bond yields rising 9 basis points this week. Analysts said this not only shows that investors expect the ECB to raise interest rates further in the short term, but also worry that Germany, Europe's largest economy, is heading for recession.
Oil prices fell in intraday trading for three weeks and natural gas in Europe and the United States rose sharply throughout the week.
WTI January crude oil futures closed down $1.66, or 2.13%, at $76.28 a barrel, down 4.8 per cent this week and hitting a 10-month intraday low in mid-week. Brent January crude oil futures closed down $1.71, or 2%, at $83.63 a barrel, down 4.6% this week. NYMEX December u.s. natural gas futures fell nearly 4% to $7.02 per million British thermal units, up more than 11% this week.
Before US stocks turned lower in intraday trading on Friday, WTI rose nearly $2 or 2.5%, the daily high pushed $80 round digits, the international Brent rose $1.54 or 1.8%, the daily high pushed $87, and both refreshed two-month lows after falling.
On the news, Saudi Arabia and Iraq, an important oil producer of OPEC, said in a joint statement that they would adhere to OPEC+ 's recent production reduction decision and refute market rumors that it would increase production. The market continues to wait for a final western decision on the level of Russian oil price ceiling, which has yet to reach a consensus and may be much higher than the cost of Rosneft oil production, triggering a fall in oil prices. Morgan Stanley cut its Brent and WTI oil price forecasts for the first quarter of 2023 by $5 a barrel respectively. Oil prices are also under pressure from the global economic stall and concerns about the demand outlook.
The European benchmark TTF Dutch natural gas futures closed 0.47 per cent higher at 124.37 euros per megawatt hour, falling off Wednesday's highest level since November 4 on Thursday and still up 7.67 per cent this week. ICE British natural gas closed down 1.11% at 288.46 pence per kcal, continuing to fall from Wednesday's highest level since Nov. 3, up 6.24% this week.
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