Week Ending 25th November 2022
When the closing bell rang on Friday, the S&P 500 was down 0.03%, the Dow was up 0.45%, and the Nasdaq fell 0.52%.
The U.S. stock market closed at 1:00 p.m. ET on Friday; financial markets in the U.S. were closed on Thursday for Thanksgiving.
Stocks finished with gains on Wednesday, the week’s final full trading session, after the minutes from the Fed’s latest meeting signaled a likely slowdown in the pace of rate hikes at the central bank’s December meeting.
No major economic data or earnings reports were released in the U.S.
Energy markets remain in focus for investors, with WTI crude oil down about 1.5% after an earlier move higher by nearly 3% early Friday, a rebound that follows Wednesday’s slide in oil prices back towards 2022 lows.
Europe finished off their sixth-straight winning week.
Investors were also trading news out overnight that the People’s Bank of China would cut its reserve requirement for the second time this year in an effort to stimulate the economy.
After weakening earlier this week, the dollar staged a modest rally early in Friday’s trading session.
In company news, shares of Manchester United (MANU) were up 13% on Friday after a 25% gain on Wednesday as reports continue to swirl about a possible sale of the English football club by the Glazer family, which also owns the Tampa Bay Buccaneers.
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.
Main Markets Close Friday 25th…